The two founders of Manus have been restricted from leaving the country, and there is one thing that no one has mentioned: China's red chip policy, which has been in operation for 30 years, has also been modified under the influence of Manus. Everyone knows about Manus. The founder was summoned to a meeting with the National Development and Reform Commission and cannot leave the country after the meeting. Meta's $2 billion acquisition has been halted by regulators, and the company is seeking legal assistance. Wanwan recently talked to a friend about the policy change on the red chip side, which is also due to Manus. Simply put, what is a red chip. The company is registered overseas, such as in the Cayman Islands, BVI, etc., with its business and assets in China, and is listed on the Hong Kong or US stock markets for financing. This shell structure has been running for thirty years and is basically the standard posture for Chinese technology companies to go global. It is said that there was verbal communication with the relevant shell companies before the Spring Festival, and they have been notified directly in the filing system in the past two weeks. More than 10 companies have received notifications, including Hong Kong and US stocks, in the consumer, healthcare, technology, and manufacturing industries, with no exceptions. Only a few recognized as national strategic technologies can be retained. Most of them only have the opportunity to obtain registration after dismantling and relocating the architecture back to the country. I feel that the IPO of Chinese concept US stocks is going to enter a difficult stage again. The era of Chinese assets, Chinese users, taxation, and control remaining overseas may have come to an end.