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Facebook enters Chinese mainland market by setting up local subsidiary

2018-July-25       Source: Global Times Net

Facebook has set up a subsidiary in the Chinese mainland with registered capital of $30 million, according to a filing on China's National Enterprise Credit Information Publicity System, media reported.

Facebook has set up a subsidiary in the Chinese mainland with registered capital of $30 million, according to a filing on China's National Enterprise Credit Information Publicity System, media reported.

The filing listed Facebook Hongkong Ltd as its only shareholder. Facebook's application for the subsidiary was approved on July 18.

Facebook shares rose by 2.08 percent to $215.23 in morning trade on Tuesday (U.S. time).

The subsidiary is registered in Hangzhou, capital of East China's Zhejiang Province, where the domestic e-commerce giant Alibaba Group is located.

Liu Dingding, a Beijing-based industry analyst, told the Global Times on Tuesday intensive moves taken by U.S. companies to enter the Chinese market showed the two countries share more common ground than disagreements even amid the Sino-U.S. trade tensions.

Previously, another U.S. technology giant Google launched an artificial intelligence (AI) game on Tencent Holdings' social media app WeChat on July 18.

"These companies have long been looking to enter the domestic market, so once China loosened market access to foreign investors, they would of course take the chance of re-entering the Chinese market," Liu said.

Liu predicted that moves by Google and Facebook are just the "preludes," and more U.S. companies would come to China despite the escalating trade row.

Editor: Will

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