There are rumors that Manus rejected state-owned investments from various regions mid-year, but that's not true. Manus initially sought investments in US dollars, naturally employing a VIE structure. Why would it consider RMB investments midway through the process? They probably wouldn't even discuss it. The real reason Manus went global was: After securing investment from Benchmark in its Series B funding round, the US began tightening restrictions on US investment institutions investing in Chinese startups. Benchmark is a top-tier Silicon Valley VC, and receiving their investment provided strong backing in the European and American venture capital circles. Furthermore, having the team based in mainland China was disadvantageous for subsequent US dollar fundraising (US policies were becoming increasingly restrictive). Therefore, it had to go completely overseas, transforming itself into a fully foreign company to circumvent US restrictions on investment in Chinese AI startups.

Actually, its application model also relies heavily on AI from American companies. If they were to contain it, we'd be finished. 😅

Yes, that's an important reason too.

Among the companies currently listed on the A-share market, Moore Threads, which also received funding from Sequoia Capital, should be able to exit its investment. Additionally, we can also examine why MetaQuotes was willing to take the risk of acquiring a company "related to China."

Sequoia Capital has a RMB fund, and many USD VCs now have RMB funds. However, startups typically raise USD funding initially through a VIE structure, unless they feel that future USD financing is hopeless, in which case they dismantle the VIE structure and revert to a domestic company structure to receive RMB investment. For Manus, he probably wouldn't be thinking about dismantling the VIE structure by mid-year.