China's NDRC Directs AI Firms Including Moonshot and StepFun to Reject U.S. Capital Without Approval

Gate News message, April 25 — China’s National Development and Reform Commission (NDRC) has directed multiple AI companies to reject U.S. capital in recent weeks unless they obtain explicit government approval, according to Bloomberg citing informed sources. Moonshot AI and StepFun, both preparing for IPO listings, have received the NDRC’s guidance. ByteDance has also been instructed not to introduce new U.S. investors through secondary share transfers or other means without prior authorization.

The directive follows Meta’s $2 billion acquisition of Chinese AI agent startup Manus. China has previously imposed travel restrictions on Manus co-founders Xiao Hong and Ji Yichao, and is reviewing whether the deal violates technology export controls and foreign investment regulations.