Meta 收购 Manus 案撤销路径详解：20 亿美元需退回，数据需隔离和删除

marsbitPublished on 2026-04-27Last updated on 2026-04-27

来源:AI 瑞普斯

4月 27 日消息,国家发改委外商投资安全审查工作机制办公室正式作出禁止投资决定,叫停了 Meta对 AI 智能体公司 Manus 的收购。

这笔一度被视为 Meta 史上第三大并购案的交易,从 2025年 12 月官宣到 2026年 4 月被禁,历时仅四个月。

Manus 收购案关键时间线

去年 3 月,Manus 正式发布。Monica.im 团队推出全球首款通用型 AI 智能体,上线即引爆市场,邀请码炒至高价,年化收入快速突破 1.25 亿美元。

去年 12月 30 日,Meta 宣布以 30-50 亿美元收购 Manus 母公司蝴蝶效应,谈判仅耗时十余天,创始人肖弘将出任 Meta 副总裁。

1月 8 日,监管启动调查,商务部联合相关部门展开评估,核查技术出口、数据跨境、外资申报等合规性。

3 月,国家发改委约谈双方高管,指出技术转移与数据安全风险,要求暂停推进。

4月 27 日,外商投资安全审查工作机制办公室正式禁止交易,要求撤销收购、恢复原状。

撤销交易:从股权到数据的全面复原

根据《外商投资安全审查办法》第十二条,国家作出禁止投资决定后,核心要求是限期恢复到投资实施前的状态,消除对国家安全的影响。具体分为三个模块:

(一)股权与交易主体层面

各方签署书面终止协议,撤销收购并终止所有配套文件(股东协议、技术转让协议等)。

若 Meta 已完成股权交割,需将持有的 Manus 股权全部转回原股东/境内主体,完成工商及境外主体变更登记。

监管部门将监督股权变更,确保无"变相控制"(如协议控制、代持等方式)。

(二)资金与对价返还

Meta 需将已支付的约 20 亿美元(含定金、预付款等)全额退回交易相关账户。

原股东收到资金后,需按监管要求完成外汇原路退回、申报外汇监管部门。

双方处理中介费用、违约金等,禁止通过"补偿款""咨询费"等名义变相完成对价支付。

外汇管理部门全程核查资金路径,防止以"终止交易"为名的资金外逃。

(三)数据与技术安全

数据隔离与删除:

Meta 需删除所有获取的 Manus 境内用户数据、训练数据、业务数据,出具删除证明并接受核查;Manus 需恢复数据本地化存储,终止所有数据跨境传输通道。

技术与代码恢复:

终止所有向 Meta 的技术授权、代码移交,收回核心 AI 技术与算法模型控制权,禁止 Meta 使用任何 Manus 技术成果;已移交的技术文档、代码副本需销毁。

人员与管理隔离:

Meta 派驻的管理、技术人员全部撤离,终止所有涉及控制权的管理协议,确保境内主体完全自主管理。

核心原因:踩中三条红线

1. 技术与数据安全

Manus 的核心技术由中国籍团队在境内研发,交易过程中主体架构迁往新加坡,被监管部门重点核查是否存在"技术洗白"、规避中国技术出口管制的行为。核心算法、训练数据、用户数据可能通过并购流向境外,直接威胁数据主权与技术安全。

2. 外资并购合规性漏洞

这笔"美国公司收购新加坡企业"的交易,本质上是中国本土 AI 技术通过境外主体变更被外资收购,未履行中国外商投资安全审查程序。监管部门认定,此举属于典型的"绕开审查的跨境并购"。

3. 架构重组规避监管

《外商投资安全审查办法》明确要求,涉及关键技术、数据的外资并购必须申报安全审查。Manus 方面试图通过"境内研发+境外换壳+外资收购"的路径转移控制权,未申报的交易被认定无效。

监管监督与后续约束

当事人需在监管部门规定的期限内完成上述所有操作。工作机制办公室将会同发改、商务、网信、外汇等部门进行现场核查,确认交易已完全恢复原状。

若未按要求撤销,监管部门可依法采取罚款、限制境内业务、禁止相关主体开展外商投资活动等处罚,相关负责人也将承担法律责任。

更重要的是,Manus 及原股东后续开展任何跨境合作、融资活动,均需履行外商投资安全审查、数据出境安全评估等法定程序,不得再通过规避审查的方式向境外转移控制权、数据或技术。

AI 跨境并购再无灰色地带

本次禁止投资决定并非针对单一个案,而是向 AI 行业划出明确边界:

即明确禁止"境内研发+境外换壳+外资收购"的转移路径;AI 领域跨境并购必须履行完整的安全审查、数据评估程序;中国境内研发的 AI 技术,控制权不得未经审查转移至境外。

对 Meta 而言,收购计划终止意味着错失关键 AI Agent 技术资产,已支付款项需全额退回;对 Manus 团队而言,需恢复境内主体控制权,终止与 Meta 的所有合作,回归国内合规运营。

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