The State Council has issued Order No. 837, signed by Premier Li Qiang, titled 'Regulations of the State Council on Outward Investment', which will officially come into effect on July 1, 2026. Combining with the previously halted Manus acquisition case, it feels that the country has completely established the "rules" for overseas enterprises this time. Manus used to be so popular. Originally, it was a technology developed by a domestic team, but it ended up playing the trick of "shedding its shell" and moving its headquarters to Singapore, laying off domestic employees, and finally planning to sell it as a package to Meta in the United States. At that time, everyone thought they had successfully gone abroad, but the National Development and Reform Commission directly issued a red card and banned trading! This is actually telling everyone: don't think that changing a foreign vest can bypass regulation. As long as your core technology and data are grown domestically, its "roots" are in China, and the country can penetrate and scrutinize you at any time. Now this new regulation has directly blocked all the "hidden paths" that were easy to exploit in the past. What does that mean? That is to say, in the future, when people engage in foreign investment, they must not touch any technology, services, or data that are explicitly prohibited from export by the country; If it is a restricted category, one must also apply for permission honestly. The most crucial thing is that the new regulations have even sealed off the path of "disguised transfer". Some bosses may think to themselves, "If I don't sell technology directly, I'll just send a few core engineers abroad for permanent residency, or send people over under the guise of 'technical guidance' or 'cross-border training'. Is this the headquarters That doesn't work either! The new regulations clearly state in black and white that secretly transferring controlled technology and data through the dispatch, guidance, or training of these personnel is still a violation! To put it simply, the country's current attitude is particularly clear: the door to openness is definitely getting bigger and bigger, but the bottom line and red line are also clearly drawn. In the future, if a company wants to go global, don't play with the mentality of luck and engage in "bath style going global" or regulatory arbitrage anymore. Compliance is the lifeblood.