Saw some claims about Manus rejecting local state-owned capital mid-year, but that's not the case. Manus started with USD investments, naturally using a VIE structure, so how could they switch to RMB investments halfway through? They probably wouldn't even consider it. The real reason Manus went overseas is: During their Series B funding, they secured investment from Benchmark. However, at that time, the U.S. began tightening restrictions on domestic investment institutions funding Chinese startups. Benchmark is one of the top-tier VCs in Silicon Valley, and getting their investment is like having a strong endorsement in the Western venture capital scene. Meanwhile, the team found it increasingly challenging to secure USD funding while based in mainland China (due to escalating U.S. policies). So, they had no choice but to fully go overseas, transform into a completely foreign company, and bypass the U.S. restrictions on investing in Chinese AI startups.