Tencent Leads $2 Billion Buyback of AI Agent Company Manus

A dramatic capital reversal is capturing global tech and venture capital attention. According to reports from the UK's Financial Times and The Information, Tencent is leading discussions with Manus' original investors—including ZhenFund and Sequoia China—to repurchase the AI agent company from Meta at a valuation of $2 billion (approximately 13.6 billion RMB), reclaiming control of the firm.

Manus was founded in March 2025 in Singapore by Xiao Hong, Ji Yichao, and Zhang Tao, positioning itself as the 'world's first general-purpose AI agent' capable of autonomously executing complex tasks in the cloud such as booking tickets, conducting research, and processing data.

The company grew rapidly, achieving over $100 million in annual recurring revenue (ARR) in just eight months. By the end of 2025, Meta completed its acquisition for over $2 billion, marking the third-largest deal in Meta's M&A history.

However, in April 2026, Chinese regulators, citing national security and critical technology concerns under the 'Measures for Security Review of Foreign Investment,' unprecedentedly ordered Meta to unwind the acquisition and restore the pre-transaction status. This buyback is seen as a strategic 'comeback against the odds' under regulatory pressure, returning control to Chinese capital.

In this transaction, Tencent is expected to become the largest single shareholder but will not take controlling interest. Manus will continue operating as an independent Singapore-based company, not integrated into Tencent's ecosystem, with a future listing on the Hong Kong Stock Exchange as a goal.

For Tencent, this move carries deep strategic implications. Despite investing 85.75 billion RMB in R&D in 2025 and possessing strong computing power and foundational models, Tencent lacks a cross-platform, autonomous-execution-capable general AI agent product. Manus' engineering-driven architecture can create strong synergies with Tencent's existing WeChat and Enterprise WeChat ecosystems.

Data shows Manus' performance has surged post-acquisition, with current ARR climbing to $400–500 million—over four times the level at the time of Meta's acquisition. At this growth rate, the $2 billion buyback price appears like a 'discount deal' for the original shareholders.

Nevertheless, Manus still faces challenges from open-source competitors like OpenClaw and uncertainty about sustaining growth outside the Meta ecosystem.