China's AI startup shuffle: Tencent circles Manus, Moonshot goes state-backed, MiniMax raises $2bn

Three data points on the same afternoon: Tencent in talks to become Manus' biggest shareholder, Moonshot AI takes state-backed money, and MiniMax seeks $2bn. The Chinese AI startup landscape is consolidating around big-money anchors - the era of independence is closing.

Jul 11, 2026 at 11:41 11 7