Facebook-related stocks soar on Hangzhou hub plans

Chinese companies that have business dealings with Facebook Inc saw their shares surge on Wednesday after the United States-based social networking heavyweight confirmed it has set up a local unit.

Shares of Blue Focus Intelligent Communications Group Co Ltd, an advertising agent for Facebook in China, were up 10 percent, the maximum daily rise, on the Shenzhen Stock Exchange to 5.89 yuan (87 cents), marking one of its best days in half a year.

Sichuan Xunyou Network Technology Co Ltd and Shenzhen Zhongqing Game, which conduct business with Facebook, also saw their shares skyrocket by the 10 percent limit in Shenzhen.