US social media giant Facebook has moved forward to China by setting up a subsidiary in Hangzhou, home to Alibaba, with a registered capital of US$30 million, China’s National Enterprise Credit Information Publicity System said. The company’s shareholder is Facebook Hong Kong Ltd and its chairman is Damian Yeo, who is head of APAC Legal at Facebook. A spokesperson at Facebook said the company is looking to set up an innovation hub in Zhejiang, which will focus on training and …

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