Meta announced last week it was buying Manus, which is Singapore-based with Chinese roots, as the California tech giant behind Facebook and Instagram expands its AI offerings across its platforms. It is a rare acquisition by a U.S. tech group of an AI company with Chinese roots, at a time of heightened frictions between Washington and Beijing.

Chinese artificial intelligence startup MiniMax Group said on Thursday it raised HK$4.82 billion ($618.60 million) in its Hong Kong initial public offering after pricing shares at HK$165 each.