Wandering China

An East/West pulse of China's fourth rise from down under.

China tempted as Facebook prepares to float [The Age]

A rumour at this point – China wants to buy a big piece of Facebook (Business Insider, June 30, 2011) to verify the source this article got its information from. And here’s an opinion-piece Why would China want to buy a piece of Facebook (Readwriteweb, July 6, 2011).
– – –

China tempted as Facebook prepares to float
Nathan Olivarez-giles
Source – The Age, published July 7, 2011

LOS ANGELES: The Chinese government is looking into buying a stake in Facebook, ahead of the social network’s widely expected initial public stock offering in 2012.

The possible investment, which was reported by the website Business Insider, would land the communist government a ”huge chunk” of shares in the Palo Alto, California-based company.

Citing an unnamed source ”at a fund that buys stock from former Facebook employees”, the website said China wants an investment ”large enough ‘to matter”’.

A second unnamed source told the site that Citibank is looking to buy about $US1.2 billion worth of Facebook shares for two different wealth funds – one belonging to the Chinese government and another belonging to a group from the Middle East.

Officials at Citibank were unavailable on Tuesday to comment on the report.

Facebook recently sold 225,000 shares, worth about $US6.6 million ($6.2 million), to the GSV Capital Corporation investment fund and added Reed Hastings, Netflix’s chairman and chief executive, to its board of directors.

Facebook, which is the world’s most popular social media service, is believed to be worth as much as $US100 billion.

Advertising rates have held up even after the company added new ways for marketers to promote products, allaying concern that prices would decline as inventory surged, Facebook said on Wednesday.

Rates for so-called self-serve ads, which are sold through an automated auction system and account for most sales, are unchanged since March, when the company completed a redesign to add promotions under photos, and increase the number of spots on some pages to as many as five, Facebook said.

The Facebook chief executive, Mark Zuckerberg, needs to sustain ad prices amid competition from Google Inc. and Twitter Inc.

Los Angeles Times, Bloomberg


Filed under: Beijing Consensus, Bloomberg, Chinese Model, Communications, Economics, Finance, Influence, Media, Social, The Age

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