Here's the deal: Manus's people are stuck domestically, and they only hold about 50% of the shares themselves. But the VCs are overseas, and they’re not willing to cooperate on refunding that $1 billion. So this round of fundraising is essentially about finding someone to take over the VCs' shares and pay back Meta. As for choosing to IPO in Hong Kong, it already says a lot about the central government's stance Only those with real technical value can secure a precious A-share listing spot