Tik Tok was downloaded more than Facebook in the US last month.
The app has seen its installs increase by 237% year-on-year.
If Facebook enters China it will have to place its servers there and comply with strict local regulations.
Bitmain expects the IPO in Hong Kong could raise up to $18 billion, with a $40 – $50 billion new valuation
The founding team of Renren has finally decided to let go of their efforts to restore the platform to its former glory, leaving the fate of the site in the hands of users and partners instead.
What happened: Facebook’s registration to set up an innovation center in Hangzhou disappeared on Chinese government database after only existing for several hours. According to people familiar with the matter, this came after a disagreement between Zhejiang authorities and China’s national internet regulator, the Cyberspace Administration of China, which was angry that it hadn’t been consulted more closely.
Why it’s important: Facebook has been blocked in China for long and its effort to enter China never ceased. The short-lived success underlines how difficult it is still. Its presence, even not as a social network but a tech innovation center, is troublesome enough fo the authorities.