Facebook Sets Up Subsidiary in China
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Facebook is reportedly trying to increase its presence in China by setting up a subsidiary in the restrictive market, according to official business registration seen this week by Reuters.
The subsidiary, which has a registered capital of $30 million, was registered in Hangzhou. A Facebook representative said that the company is interested in setting up an innovation hub in Zhejiang to provide training and workshops to Chinese developers, innovators and start-ups.
Despite this, Facebook’s main website still remains blocked in China, along with Twitter and Google.
Source: Reuters