![]() ![]() "While Facebook had hoped to dip a toe in the market and work with Chinese developers, its very presence appears to have become a large, and incendiary, political question," said Daniel Morgan, a portfolio manager at Synovus Trust, which holds 73,386 Facebook shares.įacebook said on Tuesday that owning the China company would not change its approach to China, where it was still understanding and learning how to operate. Other Chinese officials could not be reached outside business hours. The Chinese internet regulator was not immediately available for comment. and China were best buds maybe it could have affected this decision but I don't think so," he said. China has wanted to control what gets into the public hands which has made Google and Facebook's entry difficult there," Elazar Advisors analyst Chaim Siegel said. "At first blush it looks like it's not trade-war related but more free-speech related. The decision to take down the approval came after a disagreement between officials in Zhejiang and the national internet regulator, the Cyberspace Administration of China, which was angry that it had not been consulted more closely, according to the New York Times.Ĭhina strictly censors foreign news outlets, search engines and social media including content from Twitter Inc and Alphabet Inc's Google. While the about-face does not definitively end Facebook's chances of establishing the company, it makes success very unlikely, a source told the New York Times. tech companies as this tariff battle heats up between China and the Beltway, coupled by the Qualcomm-NXP saga continuing," GBH Insights analyst Daniel Ives said.įacebook, which said on Tuesday it planned to create an "innovation hub" to support local start-ups and developers, did not respond to multiple requests for comment. "If China blocks this move by Facebook it's another shot across the bow at U.S. ![]() ![]() The companies have said they will call off the deal if they do not win China approval. chipmaker Qualcomm Inc's deal to buy NXP Semiconductors NV has yet to win approval from Chinese regulators, the only holdout from eight of nine global regulators required to approve the deal. The move is a setback for Facebook, which has been struggling to gain a foothold in China, the most populous country in the world, where its website and messaging app Whatsapp remain blocked.Īnd it makes the social networking company the latest to get caught in the middle of U.S.-China trade tensions. (Reuters) - China has withdrawn its approval for Facebook Inc's plan to open a venture in the eastern province of Zhejiang, the New York Times reported on Wednesday, citing a person familiar with the matter.Ī Chinese government database showed that Facebook had gained approval to open a subsidiary, but the registration has since disappeared, according to checks made by Reuters. ![]()
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