China blocks Meta's $2 billion takeover of AI startup Manus

When Meta announced the deal late last year, the tech giant said it would look to accelerate artificial intelligence innovation for businesses and integrate advanced automation into its consumer and enterprise products, including its Meta AI assistant.But in January, China's Ministry of Commerce said it would conduct an assessment and investigation into how the acquisition complied with laws and regulations concerning export controls, technology import and export, and overseas investment.A Meta spokesperson told CNBC that the transaction "complied fully with applicable law," and that it anticipated "an appropriate resolution to the inquiry."When asked about China's move to block Meta's acquisition of Manus, APEC Senior Officials Meeting Chairman Chen Xu told reporters that it is "important that all parties act in a spirit of mutual benefit."While Chen said he did not know the specifics of the issue, he said that "if such an issue can be handled properly, it can help facilitate more substantive discussions in APEC." That's according to an official English translation.— CNBC's Anniek Bao and Dylan Butts contributed to this story.

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