Regulators are preparing to lift the travel restrictions imposed on Manus founder and CEO Xiao Hong, according to the Financial Times, which cited two people familiar with the matter. Xiao has already told employees that he plans to return to Singapore soon. The restriction had been in place since March, when Xiao and Manus co-founder and chief scientist Ji Yichao were told to remain in China while authorities examined whether Meta’s roughly $2 billion acquisition of Manus had breached relevant rules. In April, regulators ordered Meta to unwind the deal. Manus said this week that it will resume operating as an independent company. A separation plan has largely taken shape, with existing shareholders including Tencent, ZhenFund and HSG expected to join a buyback. Tencent is also set to take over most of Benchmark’s stake, which would make it the largest single shareholder, though its holding would remain below 50%. Under the current plan, Manus will not be folded into Tencent and will continue to operate independently in Singapore. Final approval is still pending from regulators.
Regulators are preparing to lift the travel restrictions placed on Manus founder and CEO Xiao Hong and others, the Financial Times reported, citing two people familiar with the matter. Xiao has told employees that he plans to return to Singapore soon.
Xiao and Manus co-founder and chief scientist Ji Yichao were told in March to remain in China. At the time, regulators were examining whether Meta’s acquisition of Manus violated relevant rules.
In April, regulators ordered Meta to unwind the roughly $2 billion deal. Manus formally confirmed this week that it will resume operating as an independent company.
A separation plan has largely taken shape
Under the framework now being discussed, existing shareholders including Tencent, ZhenFund and HSG will take part in a buyback.
Tencent is also expected to assume most of Benchmark’s shares, making it the largest single shareholder in Manus. Even so, its stake will remain below 50%.
The current plan does not call for Manus to be merged into Tencent. Instead, the company would continue to operate independently in Singapore. The final arrangement still requires regulatory approval.
Focus remains on unwinding Meta’s acquisition
Based on the plan as it stands, regulators are seeking to dismantle Meta’s acquisition relationship with Manus. They are not requiring Manus to move its operations back.
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