The same restrictions as last time apply (No HMs, you can’t transfer eggs, and this time, hold items can’t be transferred).
You can't transfer eggs from one generation to the next, so it is impossible to do what you are asking. However, if it were possible, it would hatch into a Mantine, because the Mantine that you used to hatch the egg would not have been holding a Wave Incense, because it did not exist in Generation 3
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