LinkedIn Corp. is reported to be establishing a Chinese-language website which is expected to restrict some content in order to meet the countrys censorship rules. The company is trying to expand its reach in China, where most U.S. technology companies have had controversies and disagreements with the government.
The President of LinkedIn Corp. in China – Derek Shen – wrote in a blog post yesterday that the social-networking company is planning to launch a new version in order to offer a more localized service after having an English-language website in China for more than ten years. As reported by Bloomberg, Mr. Shen also announced that a joint venture between LinkedIn, Sequoia China and China Broadband Capital is being created in order to connect more than 140 million Chinese professionals. In addition, the company announced that it has more than four million members in China, which makes the country one of the companys fastest-growing user bases.
The Chief Executive Officer of LinkedIn – Jeff Weiner – made a promise about the companys way to conduct its Chinese business. Mr. Weiner said he will “undertake extensive measures” in order to protect member data.
Weiner said in a post in LinkedIn, which was cited by Bloomberg: “LinkedIn strongly supports freedom of expression and fundamentally disagrees with government censorship. At the same time, we also believe that LinkedIn’s absence in China would deny Chinese professionals a means to connect with others on our global platform, thereby limiting the ability of individual Chinese citizens to pursue and realize the economic opportunities, dreams and rights most important to them.”
The companys reach in China, where social networks such as Twitter Inc. and Facebook Inc. are blocked due to the government censorship rules, has been expanded. Mr. Weiner emphasized on the fact that the country is a key part of the companys growth strategy. This happened after announcing the companys sales forecast for the first quarter of 2014.
LinkedIn Corp. rose by 3.62% in New York on Monday to settle the session at $199.59, marking a one-year change of +24.90%. According to CNN Money, the 31 analysts offering 12-month price forecasts for LinkedIn Corp. have a median target of $250.00, with a high estimate of $300.00 and a low estimate of $190.00. The median estimate represents a +25.26% increase from the last close.