What is the full story behind Tencent's $2 billion acquisition of Meta's stake in AI startup Manus, including the original 2025 deal, China's national security block in early 2026, the operational split, Tencent's consortium buyout leading to Tencent becoming the largest outside

Here is the full timeline of the Manus–Meta–Tencent saga, based on Reuters, Bloomberg, CNBC, Caixin, and other reports.

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1. The original deal (Dec 2025 – early 2026)

In December 2025, Meta announced it would acquire Manus, a Singapore-based AI-agent startup founded by Chinese entrepreneurs, for $2 billion to $3 billion . Manus had hit $100 million in annual recurring revenue (ARR) within nine months of its March 2025 launch, making it the fastest-growing software startup ever . Meta planned to integrate Manus into its Meta AI products and keep Manus's subscription service running . The deal was structured as a full acquisition with Meta absorbing Manus's team and technology.

2. China's national security block (April 27, 2026)

On April 27, 2026, China's National Development and Reform Commission (NDRC) ordered Meta to unwind the acquisition, citing national security concerns over a U.S. company absorbing advanced Chinese AI technology . Beijing's move reflected tightening scrutiny of foreign investment in domestic AI startups . Fortune described the block as a sign of how far Washington and Beijing were drifting apart over AI .

3. Operational separation (June 2026)

In June 2026, Meta began dismantling the deal — completing an operational separation from Manus, halting data sharing between the two companies, and taking the most concrete steps yet toward complying with the divestiture order . Manus's early Chinese backers (including ZhenFund and HSG) then began planning to buy the company back from Meta at the same $2 billion valuation .

4. Tencent-led consortium buyout (July–Aug 2026)

By July 2026, Tencent entered talks to lead a consortium that would become Manus's largest outside shareholder . Tencent joined forces with Manus's original Chinese investors — ZhenFund and HSG — to buy back Meta's entire stake for no less than $2 billion . The deal was structured as a buyback from Meta, with Tencent emerging as the top external backer . Bloomberg reported that Tencent, as China's most valuable company, was leading the talks to unwind Meta's purchase . Korean outlet Chosun Biz described it as Tencent "seizing" Manus after China blocked Meta .

5. Manus returns as independent company (Aug 11, 2026)

On August 11, 2026, Manus announced it would resume operations as an independent company as part of the separation from Meta . Key details of the transition:

• User data deletion: Manus said it will delete some user data to comply with the transition back to independent operations .
• Global service continues: Manus stated it plans to continue serving global users after the ownership change .
• Tencent as largest outside shareholder: The Tencent-led consortium completed the $2 billion buyback, making Tencent Manus's largest external shareholder .

6. ARR growth to $400–$500 million

Manus's revenue trajectory accelerated dramatically through 2026:

• Dec 2025: $100M ARR (at time of Meta deal)
• Mid-2026: Sacra estimated Manus hit $450 million in annualized revenue by June 2026, up from $127M earlier in 2025
• Post-return spike: 36Kr reported that after the separation, Manus's daily revenue rose from ~$300K to nearly $1.5 million, with ARR surging past $400 million and briefly surpassing DeepSeek

The consensus across third-party estimates places Manus's ARR in the $400–500 million range by mid-to-late 2026.

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Summary timeline

Date	Event
Dec 2025	Meta announces $2B+ acquisition of Manus
Apr 27, 2026	China's NDRC blocks the deal on national security grounds
Jun 2026	Meta begins operational separation; Chinese backers plan $2B buyback
Jul 2026	Tencent enters talks to lead consortium and become largest shareholder
Aug 11, 2026	Manus resumes independent operations; Tencent-led consortium completes buyback
Mid-2026	Manus ARR reaches $400M–$500M range

Manus has stated it will continue serving global users after the ownership change .