Chinese companies like Moonshot AI are weighing corporate restructuring after the Meta Manus trading reversal

Mars Finance news: According to Benchmark Studio, after the China Securities Regulatory Commission (CSRC) issued inquiries to multiple companies regarding overseas shareholding structure arrangements, Chinese technology startups such as Moonshot AI and DeepRoute.ai are evaluating the feasibility of moving their company registration from overseas back to mainland China. They are currently discussing relevant solutions with lawyers and have not yet made a final decision. Shanghai AI model developer StepFun has taken the lead in initiating the process of dismantling overseas shareholding structures in order to speed up regulatory approval for a Hong Kong IPO.

The direct trigger for this regulatory tightening was Meta’s $2 billion acquisition of Manus, an AI agency founded by Chinese people. Relevant authorities have ordered the cancellation of the acquisition, which has prompted regulators to carry out a systematic review of the “domestic operations, overseas registration” company model. Dismantling red-chip structures is complex and usually takes six months to a year, involving multiple steps such as repurchasing offshore equity, setting up joint ventures, and investors re-entering the shareholding. In addition, after the joint venture company is listed in Hong Kong, the lock-up period is as long as 12 months—twice that for ordinary red-chip shares. Analysts note that if red-chip structures are comprehensively restricted, it will significantly weaken Chinese startups’ ability to obtain US dollar financing from overseas.