What many be happening to

According to Mr Michael Pease, Chairman of American Chamber of Commerce (AmCham) in Vietnam, US company affiliates operating in Vietnam are generally established as stand alone companies and are not directly affected by what many be happening to their parent companies or other related companies.

Source: "Local focus", talk Vietnam.
Link:http://www.talkvietnam.com/2009/04/l.../#.Uy2UtaiSwaw

Today, a friend of mine asked me why it is "what many be happening to..." not "what many are happening to...."
I was really got stuck. I thought it is a mistake and answered it as follows.
Please check if I was wrong. I hope you could help me and my friend.

Below is my answer to that question.

It is possible a mistake. I'd correct it as follows. #1, #2 or #3, maybe, is what the writer wanted to say.

1. "what many be happening to..."
what (the thing which) is happening to
2. "what many be happening to..."
what (the thing which) happens to...
3. "what many be happening to..."
what (the thing which) many (problems) are happening to...

Thanks.