US CEOs seek China business gains from Trump-Xi summit

• Meta seeks to address China's April order to unwind its $2+ billion acquisition of AI startup Manus, while Tesla needs regulatory clearance for Full Self-Driving expansion and faces potential Chinese export restrictions on solar manufacturing equipment for its planned $2.9 billion purchase.
• Payment giants Mastercard and Visa aim to deepen their footprint in China's tightly regulated payments market, with Visa seeking unprecedented 100% ownership of a future joint venture license and Mastercard hoping for a higher stake in its existing joint venture.
• BlackRock faces scrutiny over its consortium's planned acquisition of ports near the Panama Canal, while Citigroup awaits approval for a wholly owned securities brokerage license and deals with a $27 million sanctions-related payment dispute.

Summary: US CEOs Seek China Business Gains from Trump-Xi Summit

President Trump will meet Chinese President Xi Jinping on May 14-15, accompanied by executives from over a dozen major U.S. companies including Tesla, Meta, BlackRock, Mastercard, Visa, Illumina, and Coherent. Unlike Trump's 2017 visit focused on trade deals, this delegation primarily seeks to resolve specific regulatory and market access issues in China.

Key Company Objectives:

Financial Services: Mastercard aims to increase its stake in its Chinese joint venture after becoming the first foreign payments network approved for domestic yuan transactions in 2023. Visa seeks unprecedented 100% ownership of a clearing license. Citigroup awaits approval for a wholly-owned securities brokerage and faces a $27 million dispute with Haiyue Energy Group. Goldman Sachs and BlackRock are pursuing deeper capital market access, though BlackRock faces scrutiny over a planned acquisition of ports near the Panama Canal.

Technology & Manufacturing: Meta must address China's demand to unwind its $2+ billion acquisition of AI startup Manus. Tesla needs regulatory approval for its Full Self-Driving system and export clearance for $2.9 billion in solar panel manufacturing equipment from Chinese suppliers amid potential export restrictions. Illumina seeks to rebuild operations after being removed from an export ban but remains on China's "unreliable entity" list.

Market Context:

Companies required a "tangible ask" to join the delegation, viewing the summit as a political opening to accelerate regulatory discussions rather than secure formal announcements. The visit reflects broader U.S.-China tensions over technology, investment scrutiny, and supply chain dependencies. Traditional trade deals are expected to be limited, potentially covering agricultural purchases of grains and meat.