Businessman puts $60 million in site

HONG KONG – Billionaire Hong Kong businessman Li Ka-Shing (second ref: Li) has reportedly invested $60m buying a stake in social networking website Facebook.

Deal would appear to give Li no more than a 0.4% stake in the company, though press reports say that he has an option to invest a further $60 million. Agreement may pave the way for cooperation between Facebook and Tom.com, an Internet group that Li controls.

Microsoft recently paid $240 million for a 1.6% stake, which would value Facebook at $15 billion.

Li appears to have bought the stake through a company other than his main Hutchison Whampoa and Cheung Kong vehicles, though he did not offer any further details.

Follow @Variety on Twitter for breaking news, reviews and more