Social media

Beijing withdraws Facebook venture approval – report


Government in Beijing withdrew approval which Facebook had gained to establish a subsidiary in Chinese eastern province of Zhejiang, the New York Times reported on Wednesday, citing an unnamed source familiar with the matter.

An earlier report stated that a corporate registration vanished from the Chinese government’s website yesterday. Previously, the tech and social media giant acquired consent from Beijing last week, investing $30 million in the subsidiary designated to be a support hub for developers in China.

Facebook shares were up 0.07% at 4:52 pm CET, during early trading on Wednesday, as market watchers await earnings results after the closing bell.


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