Manus's financing operations are truly textbook-level. Compared to the traditional IPO route, this capital game has achieved a completely different scale—the financing size and valuation premium are simply not in the same league. No wonder, only tech giants like Meta with strong capital reserves can truly handle this level. Interestingly, if a leading domestic internet company were to take over, the approach might change—first, the issue of USD appreciation conversion, and secondly, by the time due diligence is completed, they might have already developed a comparable alternative internally. This is the reality of giant capital: external investments and independent R&D are often separated only by a contractual agreement.