"We are interested in setting up an innovation hub in Zhejiang to support Chinese developers, innovators and start-ups", the company said in a statement. Facebook has before set up similar hubs in France, Brazil, India and South Korea where they train and host workshops to help developers and companies to innovate and grow.
The subsidiary company Facebook set up in China for the center is called Lianshu Science & Technology, which is a literal translation of Facebook into Mandarin Chinese: lian (臉) meaning face and shu (書) meaning book. 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.
The subsidiary has been successfully registered in the southern Chinese city of Hangzhou on 18 July, with an investment of US$30 million.
"Having a wholly foreign-owned enterprise does not change our approach in China", a Facebook spokesperson said on Tuesday after announcing the venture. That would require not only managing to sway Chinese higher-ups, but also the company promising to censor content that the government finds objectionable and agreeing to store user data inside China.
Shares of Facebook reversed course to trade marginally down at $214.40 after touching a record high earlier in the session.
1,012 migrant parents reunited with children after latest hearing, USA says
The government said 711 children remained in government custody away from their parents as of Thursday afternoon. Most of the reunifications in the coming days will occur in Karnes, Texas, the government said.
The Chinese government has ordered the social media site to move portals offline for a week after spreading "obscene and wrongly oriented content".
Facebook is reportedly opening a subsidiary in China. "Right now, there isn't an intersection".
WhatsApp is the latest service to be blocked in China, according to a report, as President Xi Jinping continues to tighten internet controls and restrictions.
Despite registration of Facebook Chinese subsidiary now, it seems very hard for the Silicon Valley enterprise to navigate China so easily.