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July 4, 2011

China aiming for significant share in Facebook: report

Citibank trying to buy $1.2bn stock in social networking company on China's behalf, says report

By CBR Staff Writer

China has reportedly approached a fund, which buys stock from former Facebook employees,
to buy a significant stake in the social networking company.

The Business Insider reported, citing a source at the fund, that China is trying to buy a stake in Facebook that is large enough "to matter."

The report also said that another source has revealed that Citibank is trying to buy up to $1.2bn worth of Facebook stock on behalf of two sovereign wealth funds, one in China and the other in the Middle East.

China censors social networking sites and many other sites including Google inside the country. However, Facebook CEO has revealed in the recent past that he is interested to take Facebook to China.

Facebook and Citibank have both not commented on the matter so far.

Meanwhile, Reuters has reported that social networking company Facebook is set to generate $1bn in revenue this year from social gaming.

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The report said that Kevin Ryan, a leading Internet entrepreneur, said that most of that revenue will come from advertising.

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