Manus to Meta — A Singapore Shortcut to Global Capital? Do Zhipu and MiniMax’s HK Listings Highlight Another Way Forward?
Both Zhipu and MiniMax included Singapore-baased entities within their group structures
In a world where the geopolitics of artificial intelligence are increasingly zero-sum, Manus’ 2025 acquisition by Meta isn’t just a strategic win; it might be writing a new page in the playbook for ‘born in China with global ambitions’ tech startups that have been leveraging Singapore by repositioning their headquarters or key functions there.
Since 2023, Shein, an early mover, has pursued a China-shedding strategy, whereby it downplayed its Chinese origins by shifting its headquarters to Singapore, but as Ivy Yang put it, “everyone already knows Temu and Shein’s Chinese connection. Both have gotten so much press in the past couple of months, and the campaign to shut down Shein is predicated on its China affiliations.” To potential international investors and governments, these affiliations can’t be ignored as their management teams, supply chains, and key operational expertise remain in China.
In June 2025, Manus went one crucial step further by rooting itself in Singapore—substantively, not symbolically. These steps included moving its management team to Singapore, suspending Chinese user access to its core AI assistant product and laying off most of its staff in Beijing in July 2025, according to local media reports. And by doing so, it won trust with the one suitor that mattered and won. For other globalizing Chinese AI companies, however, opting out of their Chinese identity and operations is unlikely to be commercially viable, particularly for those with significant user bases both inside China and globally.
Granted, Manus’ move to Singapore has been occasionally bumpy from regulatory and PR perspectives. Benchmark received a tap on the door from the U.S. Treasury Department for leading the Series B financing round for Manus in April 2025, to verify whether it violated regulations restricting U.S. individuals and companies from investing in advanced Chinese technologies. Zaobao, Singapore’s national Chinese newspaper, also reported that Zhang Tao, a Manus cofounder, delivered a keynote speech at a June 18, 2025 conference, sharing how the company was founded and revealing that its headquarters is now in Singapore, but he did not accept media interviews.
There is no doubt that trust, and ultimately risk management (including regulatory and geopolitical), matters to potential international investors. As part of this deal, Meta will wind down Manus’s limited business operations in China, including relocating relevant employees. As Meta’s spokesperson said, “Meta’s acquisition of Manus AI will enable us to provide the most advanced technology to our users with safeguards in place to eliminate areas of potential risk. There will be no continuing Chinese ownership interests in Manus AI following the transaction, and Manus AI will discontinue its services and operations in China.”
Do Zhipu and MiniMax’s HK Listings Highlight Another Way Forward?
Contrast this with the path to international capital now being taken by China-founded AI players like Zhipu or Knowledge Atlas Technology (HK.2513) and MiniMax (HK.0100). Both companies are pursuing Hong Kong IPOs to start trading on January 8 and 9, 2026 respectively under Chapter 18C, the exchange’s listing framework for specialist technology firms that have not yet reached profitability. Both companies have included Singaporean entities within their group structures—Zhipu with Jingsheng Hengxing Technology Pte. Ltd., and MiniMax with Subsup Pte. Ltd. and Nanonoble Pte. Ltd.
Zhipu’s prospectus states that “Personal information collected or generated by our domestic operating entities in the PRC was stored within the PRC and has not been transferred overseas and personal information collected by our overseas operating entities through our Z.ai website was stored in Singapore.” Similarly, MiniMax’s prospectus states that “Our Directors confirm that, as advised by our PRC legal advisor, U.S. data legal advisor and Singapore legal advisor, we had complied with all applicable laws and regulations relating to data protection and privacy in all material aspects.”
These measures suggest a similar strategic outlook adopted by Manus: a desire to position for international growth, remain compliant with global regulations, and tap into Singapore’s credibility as a global capital hub. Yet Zhipu and MiniMax headquarters, operations, and key markets remain tethered to mainland China. Their Singapore subsidiaries, while not irrelevant, do not appear core to their businesses.
Global investors will continue to chase companies that might provide potential “DeepSeek moments”, guided strongly by the core technology’s innovation and competitiveness. But in today’s investing climate, regulatory and geopolitical risks can’t be ignored. Investors are seeking clarity on governance, decision-making processes, and data sovereignty. By itself, a Singapore entity or Hong Kong listing alone will not cut it if transparency and alignment with global norms are absent.
At its core, PR is foundational, not performative. If Zhipu and MiniMax can match their ambitions with credible, transparent practices and demonstrate that they are building for the world while complying with global regulations, they might offer an alternative, non-Manus and more broadly applicable path forward towards international capital, markets and growth.
About the author
JX (Jaxon) Tan founded Momentum AI Communications, a boutique PR consultancy based in Singapore, with a mission to simplify science and spark engagement. He was previously based in China, where he led international communications for BGI Genomics and was head of content (APAC) for PR Newswire. Reach him on LinkedIn.