China has blocked Meta’s $2bn acquisition of artificial intelligence platform Manus, as Washington and Beijing vie for dominance over the emerging technology.
After investigating whether the deal violated Beijing’s investment rules, Chinese regulators said in a statement on Monday that they had told the parties involved to cancel the acquisition.
The powerful National Development and Reform Commission (NDRC) said it would prohibit “foreign investment” in Manus and in accordance with the law has “required the relevant parties to cancel the acquisition transaction”.
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