Tencent leads talks on $2bn Manus buyback

Tencent Holdings (0700.HK) is in discussions to become the largest shareholder in Manus, an artificial intelligence company whose ownership is now the subject of restructuring talks. Reports on July 10, 2026 describe Tencent as seeking a leading position in the company’s shareholder base through a new transaction. If completed, the deal would significantly reshape Manus’s ownership by elevating Tencent’s role in the company.

The discussions focus on a buyback of Manus from Meta Platforms (META), which had previously acquired the company. The potential transaction would unwind that acquisition rather than leave Manus under Meta’s control. This shift would reposition Manus under a group of investors that includes its prior backers, with Tencent at the forefront.

Tencent is leading a consortium of earlier Manus investors, including venture firm ZhenFund and investment firm HSG, in negotiations over the company’s future ownership. The group is in talks to support a transaction that would repurchase Manus from Meta. Their aim is to restore the company to an ownership structure anchored by these investors instead of Meta.

Reports state that the proposed buyback would occur at a valuation of approximately $2 billion. This figure aligns with the price Meta paid in its acquisition of Manus. Maintaining that valuation would effectively reverse the prior deal on similar financial terms, while shifting control back to the investor group led by Tencent.

The prospective transaction is described as investor-led, with Tencent positioned to become Manus’s largest shareholder if the deal proceeds. ZhenFund and HSG, which were among Manus’s earlier investors, are reported to be participating alongside Tencent. Together, they would form the core of the reconstituted shareholder base.

By targeting the same roughly $2 billion valuation, the consortium’s plan centers on continuity in Manus’s headline price while changing who holds ultimate control. This approach would unwind Meta’s acquisition but preserve the company’s assessed worth in the deal. As of the July 10, 2026 reports, the negotiations were ongoing and the outcome of the talks had not yet been finalized.