Facebook Establishes Subsidiary in China Despite Toughened Censorship
The social media major Facebook has established a subsidiary in China, where its sites have remained blocked in the country’s restrictive markets. A subsidiary is being set up for the purpose of creating an ‘innovative hub’ to support and encourage local start-ups and developers.
The subsidiary called Lianshu Science & Technology has been registered in the central Chinese city of Hangzhou and was set up with a registered capital of $30 million. According to the reports, the filing listed Facebook Hong Kong Ltd and no other entities as a shareholder. Zhang Jinghai has been named as the new company's legal representative, on the other hand, David Kling and Susan Taylor are appointed as directors.
A Facebook representative stated that the new subsidiary is expected to give birth to ...