China to pull approval for Facebook's planned venture
Jul 28 2018
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.
The subsidiary has registered capital of around $30m (£23m), according to the filing.
Facebook's main social network remains banned in China.
In contrast, during an interview with Recode a week ago, Zuckerberg indicated that efforts in Beijing had slowed down. "We are still understanding and learning the various approaches on what it takes to be in China".
Shares of Facebook reversed course to trade marginally down at $214.40 after touching a record high earlier in the session. "Right now, there isn't an intersection".
Facebook might not be digitally accessible in China, but that's not stopping it from establishing a physical presence in the country. Moreover, few references to the new unit appeared to be blocked on the platform, reports the Times. For this, it worked on censorship tool and did not attach its name to the app. Image Source: Mark Zuckerberg facebook. This latest news could indicate that it may still be a long time before we see Facebook make a fully operational return to China.
The moves indicated how complicated it remains for Facebook to navigate China, where it has been blocked for nearly 10 years. Apple and Google are investing million dollars to closely work with the Chinese developers.
Over the past year, the search giant has set up an artificial-intelligence research lab in China and introduced several services, including an AI-powered sketching game.