Balancing company restructuring after Manus transaction reversal On May 6th, according to Benchmark Studio, following inquiries from the China Securities Regulatory Commission regarding overseas shareholding structures, Chinese tech startups such as Moonshot AI and DeepRoute.ai are evaluating the feasibility of relocating their registered locations back to China from overseas. They are currently discussing relevant plans with lawyers and have not made a final decision yet. Shanghai AI model developer StepFun has taken the lead in initiating the process of dismantling its overseas shareholding structure to accelerate the regulatory approval process for its Hong Kong IPO. The direct trigger for this regulatory tightening was Meta's $2 billion acquisition of Manus, an AI agency founded by a Chinese company. Relevant departments have ordered the revocation of the acquisition and triggered a systematic review of the "domestic operation, overseas registration" company model by regulatory authorities. The process of dismantling the red chip structure is complex, usually taking six months to a year, involving multiple steps such as repurchasing offshore equity, establishing joint ventures, and investors reinvesting. In addition, the lock up period for joint ventures after listing in Hong Kong is as long as 12 months, which is twice that of ordinary red chip stocks. Analysts point out that if the red chip structure is fully restricted, it will significantly weaken the ability of Chinese startups to obtain US dollar financing from overseas.