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Facebook quietly sets up subsidiary in China

Facebook has set up a subsidiary in China and plans to create an "innovation hub" to support local start-ups and developers, the social media company said on Tuesday, ramping up its presence in the restrictive market where its social media sites remain blocked. The subsidiary is registered in Hangzhou, home of e-commerce giant Alibaba Group Holding Ltd (BABA.N), according to a filing approved on China's National Enterprise Credit Information Publicity System last week and seen by Reuters on Tuesday. The filing listed only one shareholder of the new entity, Facebook Hongkong Ltd.

Read More at Business Today News date : 25 Jul 2018, Wednesday

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