Friday, July 01, 2011

China to Acquire Chunk of Facebook

Business Insider reported China was in process of acquiring huge chuck of Facebook. One source indicated a fund was hired to buy stocks of Facebook from former employees, and another source traced to Citibank, whom was in talk to acquiring as much as $1.2 billion representing a sovereign wealth fund of China.

The leads coincident with Facebook showing attention of entering Chinese market. Mark Zuckerberg visited China at the end of last year to meet senior officials there. It is rumored Facebook might work with its knock-off brand as a form acceptable to Chinese censorship requirement. While it looks if China feel comfortable on its influence with sizable Facebook stocks, the company might be granted the entrance as an exception. As of today, Facebook is blocked in mainland China. Google's attempt on social network Google+ was blocked within hours after it was launched.

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