Milestone for Facebook as It Plans to Set-up China Tech Hub

Facebook Seeks to Open China Innovation Hub

Facebook tiptoes into China by opening a startup incubator

According to Facebook spokeswoman Debbie Frost, the subsidiary is established as "an innovation hub" in the Zhejiang province where Hangzhou is the capital, "to support Chinese developers, innovators and start-ups".

This isn't a brand new idea: the piece notes similar Facebook hubs in France, Brazil, India and South Korea. Facebook's photo-sharing service Instagram and its messaging platform WhatsApp are also blocked in China. The goal of this subsidiary is "to support Chinese developers, innovators and start-ups", according to Facebook. Facebook's Hong Kong branch is listed as the sole shareholder.

The Washington Post first reported that Facebook will be opening a $30 million incubator in Hangzhou that will be focused on advising and making investments in businesses.

Interestingly, Facebook is banned from operating in China's closely-guarded network.

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"Having a wholly foreign-owned enterprise does not change our approach in China", a Facebook spokesperson said on Tuesday after announcing the venture.

China has quickly pulled approval for Facebook (NASDAQ:FB) to open a local subsidiary, The New York Times reports.

Facebook, Inc. Common Stock shares were trading at $213.76 per share on Tuesday afternoon, up $2.85 (+1.35%).

Instead, Chinese users can only access domestic social media sites such as Weibo, Renren and YouKu, which the government can monitor. "Right now, there isn't an intersection".

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Facebook is blocked in China.

Significantly, Google has several hundred staff in China and recently launched an artificial intelligence, or AI, lab, while Apple has modified its app stores in line with the country's draconian restrictions.

The legal representative for Facebook's new China subsidiary was the same employee who registered the company that launched Colorful Balloons: Ivy Zhang, Facebook's chief representative in China and head of business development. Founder Mark Zuckerberg has learned Chinese and frequently attended conferences in China. The search giant has also cautiously introduced quite a few apps for the Chinese market in a recent period, including an AI sketching app.

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