China to pull approval for Facebook’s planned venture

NYT reported that China has withdrawn its approval for Facebook Inc’s plan to open a venture in Zhejiang. — Reuters pic

Facebook, which said on Tuesday it planned to create an "innovation hub" to support local startups and developers, did not respond to multiple requests for comment. Zuckerberg's clumsy speech in Mandarin in 2015, launch of the Chinese version of its Moments app called Colourful Balloons in 2017 and the company quietly searching for an office space in Shanghai the same year-all of this seems to be a part of Facebook's plan to re-enter the forbidden land.

According to Facebook's recent filing, the wholly-owned Chinese subsidiary's operations will include network information technology development and related services, investment consultancy and marketing planning. According to the screenshot, Facebook's Hong Kong company is listed as the sole shareholder of the new enterprise, while the registered capital is 30 million Dollars. Hours later, the listing for the $30 million subsidiary had been pulled from the national business-registration webpage.

Facebook has been banned in China for nearly 10 years.

Shares of Facebook reversed course to trade marginally down at $214.40 after touching a record high earlier in the session.

Facebook has always been keen to get back into China, which blocked access to the platform in 2009. "We are still understanding and learning the various approaches on what it takes to be in China".

Facebook is blocked in China.

Facebook's social network has been blocked in China since 2009, leading the Menlo Park, Calif. -based company to pursue other initiatives to gain a foothold.

China strictly censors foreign news outlets, search engines and social media including content from Twitter Inc and Alphabet Inc's Google. Image Source: Mark Zuckerberg facebook.

Facebook's subsidiary in China will be an "innovation hub" to support local tech talent, according to a Facebook spokesperson.

He has attempted to cosy up to Beijing politicians as well, reportedly asking Chinese President Xi Jinping to provide a Chinese name for his daughter.

Significantly, Google has several hundred staff in China and recently launched an artificial intelligence, or AI, lab, while Apple has modified its app stores in line with the country's draconian restrictions.

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