Core Viewpoint - The Chinese government is conducting a compliance investigation regarding Meta's acquisition of the AI platform Manus, emphasizing the need for adherence to Chinese laws and regulations in cross-border investments and technology transfers [2][3]. Group 1: Acquisition Details - Meta announced the completion of its acquisition of Manus for over $2 billion (approximately 14 billion RMB) by the end of 2025, marking it as Meta's third-largest acquisition [2]. - Manus's CEO, Xiao Hong, will become a Vice President at Meta, and the company will continue to operate in Singapore, providing services to millions of businesses and billions of users on Meta's platform [2]. Group 2: Compliance Investigation - The Chinese Ministry of Commerce is assessing whether Manus's relocation to Singapore and subsequent sale to Meta requires an export license under Chinese law, focusing on the transfer of personnel and technology [3][4]. - The investigation is in its early stages, with concerns about whether Manus's core technology was developed in China and if the personnel transfer constitutes unauthorized technology export [3]. Group 3: Operational Changes - In June 2025, Manus moved its headquarters to Singapore, changing its operational entity to Butterfly Effect Pte, and significantly reduced its domestic workforce from 120 to about 40 core technical staff [3]. - This strategy, referred to as "Singapore washing," aims to detach the company from its "Chinese identity" [3].

商务部8日举行例行新闻发布会，商务部新闻发言人何亚东在回应有关审查Meta收购人工智能平 台Manus的提问时说，中国政府一贯支持企业依法依规开展互利共赢的跨国经营与国际技术合 作。需要说明的是，企业从事对外投资、技术出口、数据出境、跨境并购等活动，须符合中国 法律法规，履行法定程序。 商务部将会同相关部门对此项收购与出口管制、技术进出口、对外投资等相关法律法规的一致 性开展评估调查。 ■ 资料图。本文来源：第一财经、新华社 商务部回应审查Meta收购Manus ...

需要说明的是，企业从事对外投资、技术出口、数据出境、跨境并购等活动，须符合中国法律法规，履行法定程序。 商务部将会同相关部门对此项收购与出口管制、技术进出口、对外投资等相关法律法规的一致性开展评估调查。 商务部8日举行例行新闻发布会，商务部新闻发言人何亚东在回应有关审查Meta收购人工智能平台Manus的提问时说，中国政府一贯支持企业依法依 规开展互利共赢的跨国经营与国际技术合作。 ...

Core Insights - Multinational operations are essential for large enterprises to engage in international competition and become world-class companies, especially under the challenges posed by the complex external environment and economic globalization since the "14th Five-Year Plan" [1] Group 1: Scale and Growth - The threshold for entering the top 100 Chinese multinational companies has increased from 10.939 billion to 22.173 billion, more than doubling since the "14th Five-Year Plan" [1] - Overseas operating revenue has grown from 6.15 trillion to 9.07 trillion, indicating a significant enhancement in market expansion capabilities [1] Group 2: Structural Optimization - The rise of new enterprises, represented by the "new three types," has expanded the breadth and depth of multinational development, with 15 companies in advanced manufacturing sectors like automotive and renewable energy joining the top 100 by 2025, an increase of 3 from the end of the "13th Five-Year Plan" [2] - The number of companies in modern service industries, such as internet services and logistics, has increased to 6, up by 5 from the end of the "13th Five-Year Plan" [2] Group 3: Business Models - Large enterprises are leveraging their hub and platform advantages to drive cluster development across the entire industry and supply chain, establishing both physical "Chinese industrial parks" and digital "industrial parks" [2] - The integration of "artificial intelligence+" is enhancing the supply chain service system, supporting the robust growth of cross-border e-commerce and facilitating the upgrade from "Made in China" to "Chinese brands" [2] Group 4: Technological and Standardization Advancements - The number of invention patents held by the top 100 Chinese multinational companies has increased from 473,000 to 763,000, a growth of approximately 61%, while participation in standard-setting has risen from 53,000 to 62,000, a growth of about 17% [3] - Leading companies in information technology services are transitioning from participants to enablers and shapers in international digital ecological governance by exporting mature business models and technical standards [3] Group 5: Contributions and Responsibilities - Large enterprises are committed to the principle of "consultation, construction, and sharing," actively taking on social responsibilities and pursuing global win-win outcomes, thereby creating jobs and improving livelihoods in host countries [3] - The process of international cooperation is being strengthened through "hard connectivity," "soft connectivity," and "heart connectivity," contributing to the construction of a community with a shared future for mankind [3] Group 6: Future Directions - Large enterprises face multiple tasks, including expanding the breadth of "going out," deepening "going in," and enhancing "going up" in international competition [4] - Key strategies include strengthening core technology development, resource integration, participation in global rule-making, and deepening localization efforts to respect local cultures and laws [4]

Core Viewpoint - Shanghai Shenda Co., Ltd. has successfully improved its financial performance in 2024, achieving revenue growth and turning a profit despite facing external challenges such as complex trade relations and rising costs [1][2][3]. Financial Performance - The company reported a total operating revenue of 11.824 billion yuan in 2024, an increase of 1.34% compared to 2023 [1]. - The total profit reached 107 million yuan, a significant increase of 469 million yuan from the previous year [1]. - The company benefited from foreign exchange gains amounting to 115 million yuan, contrasting with losses in the previous year [1]. Business Segments - The automotive interior business generated a profit of 47.5709 million yuan, marking a growth of 49.3 million yuan compared to 2023, primarily due to improved production efficiency and stable costs [1]. - The new materials segment, particularly Shenda Kebo, faced challenges due to the Russia-Ukraine conflict and domestic overcapacity, resulting in a revenue decline of 3.68% to 165 million yuan and a profit drop of 21.58% to 4.3254 million yuan [2]. - The import-export trade segment achieved a revenue of 3.329 billion yuan, a decrease of 2.55% from 2023, but contributed positively to the automotive interior segment [3]. Governance and Compliance - The board of directors conducted regular meetings and adhered to legal and regulatory requirements, ensuring a transparent decision-making process [4][5]. - The independent directors actively participated in the governance process, reviewing significant transactions and ensuring the protection of minority shareholders' rights [4][5][6]. Future Strategy - The company plans to continue its global expansion strategy, enhancing operational efficiency and cost optimization while focusing on technological innovation [6][7]. - The projected operating revenue for 2025 is set at 10 billion yuan, with operating costs estimated at 9.95 billion yuan [7].