From Wrappers to Agents: Why AI Startups Are Cashing Out

In the first 60/40 episode of 2026, the team breaks down one of the most talked-about AI deals in Singapore — Meta’s acquisition of Manus — and asks the uncomfortable question: what if it doesn’t go through?

We unpack why Manus sold at a reported $2B valuation, what Meta is really buying (hint: it’s not just tech), and how geopolitics, export controls, and trust are reshaping the global AI landscape.

From there, we zoom out to the surprising IPO debuts of Chinese AI darlings MiniMax and Zhipu in Hong Kong, why they’re listing earlier and at higher revenue multiples than their Western peers, and what this tells us about “sovereign AI” in 2026.

We close with a look ahead: China, Hong Kong, and India’s IPO pipelines, which markets will stay hot, and what could still derail the AI boom.

If you care about where AI, capital, and power are actually heading — this episode is for you.

Timestamps

00:00 – "We’re all talking about it as if it’s done — but it may not be”

02:10 – Meta acquires Manus: deal overview

03:45 – The revenue math: is a 16× multiple crazy?

06:00 – Why Manus sold now (and not later)

22:10 – Are AI startups selling too early? (Manus vs Groq)

32:30 – Zhipu & MiniMax IPO: what just happened in Hong Kong

39:00 – Sovereign AI and why revenue multiples look “wrong”

42:00 – Why global investors want China AI exposure

47:30 – China vs Hong Kong vs India IPO pipelines

49:00 – India names to watch: PhonePe, Flipkart, OYO

50:40 – What could actually derail the IPO boom

54:30 – Closing thoughts: Asia’s AI moment in 2026

Give us feedback or nominate topics & speakers at 6040podcast@techinasia.com.

60/40 is a bi-weekly podcast co-hosted by Prashanth Ranganathan, Peter Bithos, Aleksey Mironenko, and Maria Li.

A podcast by Tech in Asia, a member of The Business Times.