financetom
Business
financetom
/
Business
/
Facebook is building 'innovation hub' in China
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Facebook is building 'innovation hub' in China
Jul 25, 2018 2:35 AM

Facebook has set up a subsidiary in China to build an "innovation hub" focused on helping local developers and entrepreneurs to innovate and grow, the media reported.

Facebook's application for the China subsidiary in the Zhejiang province was approved on July 18, CNBC reported on Tuesday citing a filing with the country's National Enterprise Credit Information Publicity System.

"We are interested in setting up an innovation hub in Zhejiang to support Chinese developers, innovators and start-ups," a Facebook spokesperson was quoted as saying.

According to a report in Mashable, the subsidiary is entirely owned by Facebook, meaning it did not have to partner with popular Chinese social media sites Weibo or WeChat to get approval.

Facebook has similar hubs in other countries including India, France and Brazil.

As China strictly censors foreign social media and search engines, Facebook's website remains banned in the country. Contents from Google and Twitter also remain blocked in the country.

These strict rules have forced US tech giants to explore new ways to enter the big Chinese market.

Google, which has hundreds of people working in China, recently launched its Artificial Intelligence (AI) lab in the country.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Zoom Q2 Earnings: Revenue, EPS Beat Estimates, Strong Guidance Sends Shares Higher
Zoom Q2 Earnings: Revenue, EPS Beat Estimates, Strong Guidance Sends Shares Higher
Aug 21, 2025
Zoom Communications Inc ( ZM ) reported second-quarter financial results after the market close on Thursday. Here’s a rundown of the report. Q2 Highlights: Zoom reported second-quarter revenue of $1.22 billion, beating the consensus estimate of $1.20 billion. The communications company reported second-quarter adjusted earnings of $1.53 per share, beating analyst estimates of $1.37 per share, according to Benzinga Pro. Total revenue was up...
Quest Diagnostics Insider Sold Shares Worth $829,356, According to a Recent SEC Filing
Quest Diagnostics Insider Sold Shares Worth $829,356, According to a Recent SEC Filing
Aug 21, 2025
04:37 PM EDT, 08/21/2025 (MT Newswires) -- Patrick Plewman, Senior Vice President for Diagnostic Services, on August 19, 2025, sold 4,532 shares in Quest Diagnostics ( DGX ) for $829,356. Following the Form 4 filing with the SEC, Plewman has control over a total of 17,244 common shares of the company, with 17,244 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1022079/000102207925000198/xslF345X05/wk-form4_1755808441.xml ...
Workday to Acquire Paradox
Workday to Acquire Paradox
Aug 21, 2025
04:35 PM EDT, 08/21/2025 (MT Newswires) -- Workday (WDAY) said Thursday it signed a definitive agreement to acquire Paradox, a conversational AI company focused on streamlining the job application and hiring process. The financial terms of the deal were not disclosed. Workday said the addition of Paradox will strengthen its AI-powered talent acquisition suite, particularly for high-volume frontline hiring, by...
Lucid to Implement 1-for-10 Reverse Stock Split on Aug. 29
Lucid to Implement 1-for-10 Reverse Stock Split on Aug. 29
Aug 21, 2025
04:34 PM EDT, 08/21/2025 (MT Newswires) -- Lucid (LCID) said Thursday it will implement a one-for-10 reverse stock split on Aug. 29 after the approval from its board and shareholders on Aug. 18. No fractional shares will be issued, the company said. ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved