Facebook has acquired license to run a subsidiary office in China, with registered capital of $30 million. The platform itself remains censored for most residents, after being barred in China for years. The U.S. social media firm will be ramping up its existence soon in the restrictive market.
It is a major shift for the company but the people of China will still have way for its platform but this will be the first time that Facebook gets its name known in the country after a long struggle. According to a filing permitted on China’s National Enterprise Credit Information Publicity System, the subsidiary office is registered in Hangzhou, reported by Reuters.
The office will be wholly handled by Facebook Hong Kong Limited, a local sales office in Hong Kong which is not subject to the censorship of the mainland. Hangzhou was not a accidental preference, it was all planned because the city already hosts the headquarters of Internet giant Alibaba, an e-commerce giant group.
Zhang Jinghai is will be the new company’s legal representative, while David Kling and Susan Taylor planned as directors. Kling is a Facebook vice president, while Taylor is the internet giant’s chief accountant. The company will operate a set up incubator that will do the investment work and will also advise local businesses.
Facebook’s CEO Mark Zuckerberg just re-stated the interest of the company is in practicing its business in China, regardless of still being blocked for the users: “I think it’s hard to have a mission of wanting to bring the whole world closer together and leave out the biggest country.”
The recent filing also stated that the operations will contain network information technology expansion and connected services, venture consultancy and promotion strategies.
Also read: Nepra licensed Pakistan’s first waste-to-energy plant to build in Lahore
Instagram and WhatsApp and some of the google services are also remain unreachable in China.
Loading ...
