On April 24, Chinese regulators instructed private tech firms to reject U.S. investment in funding rounds unless explicitly approved by the government. The guidance targeted AI startups including Moonshot AI and StepFun, as well as TikTok owner ByteDance regarding secondary share sales. These measures followed Meta's acquisition of AI startup Manus for over $2 billion, which triggered national security investigations. On April 27, China prohibited foreign acquisition of Manus and ordered involved parties to cancel the transaction. Additionally, Chinese battery maker CATL launched a $5 billion share offering in Hong Kong.
