Facebook Makes Friends with Hong Kong Billionaire

05 December 2007

HONG KONG: Billionaire investor Li Ka-shing has shelled out $60 million (€40.7m; £29m) for a 0.4% stake in online social network Facebook.

The move by the chairman of Hong Kong conglomerate Hutchison Whampoa has sparked speculation about possible future tie-ups between US-headquartered Facebook and TOM Group, a media and internet firm backed by Li.

Although all parties remain zip-lipped, many of TOM's businesses are geared toward China, which could allow Facebook to tap into the country's fast-growing advertising market.

Data sourced from Wall Street Journal Online; additional content by WARC staff