中国监管部门据称已要求主要 AI 与科技企业在未经政府事前批准前拒绝美国资本参与融资轮次，包括 Moonshot AI 与 StepFun；并要求 ByteDance 不得在未获批准的情况下批准向美国投资者出售次级股份。此举发生在 Meta 以 20 亿美元收购 Manus 之后，反映了对国家安全、非法外资投资与技术转移风险的担忧。据悉国家发展改革委员会（NDRC）与商务部正主导跨部门调查，关注该交易及相关科技出口合规问题，该问题在12月公告与1月调查后浮出台面。

这种指导加深了中国对外资政策的战略转向。二十年来，中国 AI 产业增长很大程度依赖美国退休金和捐赠基金，但新规现在削弱了曾协助中国企业在境外筹资的香港通道，并延续了对在香港发行所谓“红筹股”IPO 的限制。据悉 StepFun 正在撤销离岸结构并将资本回流内地以符合规定，该重组可能持续数月并产生税务成本。Moonshot 据报可在扩张融资轮中筹得最高 10 亿美元，估值约 180亿美元；StepFun 则曾考虑 5 亿美元的香港发行。

在2025年，Manus（注册于新加坡、由中国创始团队建立）以 7500 万美元完成融资，估值达 5 亿美元，并在约六个月内把年化收入提升至约 1 亿美元。其后公司将总部在中国的员工转移到新加坡，并在12月被 Meta 以 20 亿美元收购；3月有报道称共同创办人出境受到限制。这些事件在西方对该出售提出技术外流批评后，进一步加剧了对本土技术外流的政策忧虑。尽管中国曾鼓励企业对外合作，2025年美国对中国半导体、量子与 AI 投资的限制已降低跨境风险偏好。整体趋势显示监管同时收紧，可能使中国 AI 融资由外资主导轮次转向以国家监管为主导的国内通道。

Chinese regulators have reportedly instructed major AI and technology firms to reject U.S. capital in funding rounds unless government approval is obtained first, including Moonshot AI and StepFun, and to prohibit ByteDance from approving secondary share sales to U.S. investors without consent. The move followed Meta’s $2 billion acquisition of Manus and reflects concerns over national security, illegal foreign investment, and technology leakage. The NDRC and Ministry of Commerce are said to be leading a multi-agency probe into the transaction and related technology-export compliance issues, which became public after a December announcement and January investigation. (Key numbers: 20, 12, 1)

The guidance signals a strategic policy shift in China toward foreign capital. Over two decades, Chinese AI growth has relied heavily on U.S. pensions and endowments, but the new rules weaken the Hong Kong funding route and continue restrictions on so-called “red-chip” IPOs. StepFun is reportedly dismantling offshore structures and onshoring capital to comply, a process that may take months and create tax costs. Moonshot is reported to raise up to $1 billion in an expanded round at about an $18 billion valuation, while StepFun has considered a $500 million Hong Kong float. (Key numbers: 10, 180, 5)

In 2025, Manus, Singapore-incorporated and founded by Chinese entrepreneurs, raised $75 million at a $500 million valuation and reached roughly $100 million annualized revenue in about six months. It later moved China-based staff to Singapore and was acquired by Meta in December for $2 billion; by March, reports said co-founders were restricted from leaving China. These events intensified policy concern over domestic technology leakage after Western criticism of the sale. Although China had previously encouraged global partnerships, U.S. controls introduced in 2025 on Chinese semiconductor, quantum, and AI investment have reduced cross-border risk appetite. The overall trend suggests coordinated tightening that could shift Chinese AI financing from foreign-led rounds toward channels more directly supervised by the state.