Recently, there's been a noteworthy case: Manus, a Chinese AI company acquired by Meta for $2 billion, suddenly became embroiled in a regulatory review. The Financial Times revealed that China's Ministry of Commerce has initiated an examination procedure, focusing on whether the company bypassed relevant export control requirements when transferring employees and technology to Singapore.

While the investigation is still in its early stages, if it's ultimately determined that an export license is required, it could directly impact the path forward for this acquisition. In extreme cases, it could even lead to the deal falling through. This is prompting many to reflect on: how many pitfalls do cross-border technology M&A transactions need to navigate in today's complex policy environment.