Mainland artificial-intelligence start-up Manus is planning a new funding round of about US$500 million, or roughly HK$3.9 billion, at a target valuation near US$4 billion, or about HK$31.2 billion — double its previous level — according to people familiar with the matter. If completed, the raise would make Manus the highest-valued start-up in China's AI agent field. Talks are still under way, terms may change, and the identities of potential new investors have not been disclosed.

It would be the company's first financing since Chinese regulators ordered it to unwind an acquisition path with Meta Platforms. Existing shareholders include Tencent Holdings, Hong Shan (formerly Sequoia China) and Zhen Fund. Completing a US$500 million round at US$4 billion would both double the prior valuation and reinforce Manus's claim to leadership among domestic AI agent platforms.

Meta had agreed to acquire Manus once the start-up's annualised revenue cleared US$100 million, people said. Beijing later required Manus to sever the takeover agreement and co-operation, citing a need to stop technology flowing to a geopolitical rival, after which Manus spun off related operations and returned to independent management under its founding team. The fresh raise therefore marks Manus's attempt to rebuild on the capital markets after the blocked US deal.