Hong Kong billionaire takes $60 million Facebook stake - MarketWatch

HONG KONG (MarketWatch) -- Hong Kong billionaire Li Ka-shing has invested $60 million in social networking Web site Facebook, equivalent to a 0.4% stake, and has the option for an additional $60 million investment, according to a report by a technology blog.

The All Things Digital blog on Friday, citing unnamed sources with knowledge of the transaction, reported that 79-year-old Li would not make the investment through his flagship companies Hutchison Whampoa Ltd.

The investment is likely part of a strategy to forge closer relations between Facebook and Li's media flagship Tom Group, the report said.

Many of Hong Kong-based Tom Group's holding, which include outdoor media, publishing, sports promotion, and internet properties, are geared towards the China market and could help Facebook tap into the fast-growing advertising market there.

Hong Kong billionaire takes $60 million Facebook stake - MarketWatch