shocked ！！ The latest regulatory directive regarding the Manus incident will eventually arrive: the introduction of US capital is not allowed without approval! The aftermath of the Manus incident is still ongoing, and cross-border AI regulation is rapidly tightening. The core direction has shifted from "encouraging going global" to "strictly preventing capital infiltration in sensitive areas". According to Bloomberg citing informed sources, in recent weeks, several leading private AI companies in China, including unicorns such as Moon's Dark Side and Leap Star, have received guidance from regulatory windows that they must refuse US capital entry for subsequent financing without clear approval. This requirement is not an individual case, and ByteDance has also been included in the scope of similar restrictions. Directly affecting equity transactions: Early investors of ByteDance are not allowed to sell old shares to American investors without government approval in the future, which indirectly blocks the path of American capital penetration through the secondary market. Policy background: Manus incident sounds the alarm!! The direct trigger for this regulatory tightening was the Manus (Butterfly Effect) acquisition case. This AI company, incubated in China and relocated to Singapore, is planned to be sold to Meta at a valuation of over $2 billion by the end of 2025. The transaction was once seen as a "benchmark for AI going global". However, starting from January 2026, the Chinese Ministry of Commerce initiated a technology export review, and the US Treasury Department also intervened with "reverse CFIUS", resulting in a deadlock in the transaction. The regulatory authorities have a clear attitude: "de Sinicization" operations such as relocation, shell replacement, and shareholder cleaning cannot avoid substantive examination. The core criteria for judgment are the technology research and development location, the ownership of the core team, and the relevance to national security, rather than the registration location. Core objective: Build a strong AI security defense line Market analysts generally believe that the core goal of this round of restrictions is clear: to prevent US capital from deeply binding to China's national security priority areas such as AI, semiconductors, and quantum computing. On the one hand, to prevent the outflow of core technologies through capital bonds and avoid the risk of a repeat of Manus style "technology for dollars"; On the other hand, blocking the path for the US to obtain sensitive data and infiltrate the industrial chain through investment, and building a "capital firewall" for China's independent development of AI. Industry Impact: Thoroughly Reconstructing AI Financing Logic Under the new regulations, the financing ecosystem of China's AI industry is undergoing fundamental changes: (1) Early financing: US VC firms (such as Benchmark and Sequoia) were blocked, while state-owned assets and industrial capital (such as Alibaba and Tencent) became the main force. (2) The traditional model of "domestic research and development+overseas listing+US capital exit" has basically come to an end, and independent development, local listing, or non US market exit have become mainstream choices. (3) Compliance cost: Enterprises need to establish a full process compliance system for pre financing approval, shareholder penetration review, and fund flow monitoring. The financing threshold for small and medium-sized AI companies has significantly increased. Finally, let me give you a review: When being a person and doing things, one should always think of the source and consider the overall situation, only focusing on personal interests and disregarding national interests. Betrayal of the core team and forgetting one's roots to the country and nation will eventually lead to self centeredness and backlash. From the Manus incident to comprehensive tightening, China's AI regulation has entered a new stage of "safety first, capital controllable". For creators and businesses, short-term pains are inevitable, but in the long run, a self controlled capital environment will provide a more stable security foundation for the outbreak of AI short dramas, general models, and other fields in China.