Geez, Do FaceBook really worth that much? USD 15Billion? That is like double the market capitalization of Genting Berhad or like the IPO market cap of the world largest public listed plantation company, Sime Darby. Is it our local companies worthless or what? Undeniably, FaceBook was a boom in US and perhaps next stop will be in China and India.
And we all know cloning technology in China are as good as rocket science and you shall see more localized copies coming.
HONG KONG--TOM Group, a media company controlled by Hong Kong billionaire Li Ka-shing, denied on Monday reports that it had made any investment in the hugely popular social networking website, Facebook.
"The company advised that it has not made any investment in Facebook," TOM Group, in which the 79-year-old is a majority shareholder, said in a statement issued to the Hong Kong stock exchange.
"The company further advised that from time to time it explores investment opportunities and other commercial alliances," it said, adding it would disclose any deals that would be required to inform the stock exchange.
Over the weekend, the Wall Street Journal's All Things Digital blog reported that Li, Asia's richest man, has invested US$60 million in Facebook with a right to acquire another US$60-million stake.
Citing unnamed sources, the report said the deal came through a Facebook investor, who introduced the company to Solina Chau, director of the Li Ka-shing Foundation and a major stockholder in Tom.com.
It also said Li's investment could lead to closer links between the website and Tom.com and that he was making the investment through another entity rather than via his Hong Kong conglomerates -- Cheung Kong and Hutchison Whampoa.
The two companies hold a total of 37 percent stake in TOM Group.
A spokeswoman for Hutchison Whampoa would not comment on the report.
The news has caused a surge in the company's share prices by as much as 50 percent on Monday.
The report came on the heels of a US$240-million investment in Facebook by Microsoft last month in a deal valuing the website at US$15 billion.
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