Tencent owns 12% of Snap Inc
Print Edition
TENCENT now owns 12 percent of Snapchat operator Snap Inc, Snap said yesterday, turning over a 20 percent slide in the US company’s share price after badly received third quarter results.
Snap’s announcement of the stake taken by Tencent Holdings Ltd, one of China’s biggest tech and investment firms and among the world’s biggest video games makers, came in a regulatory filing and followed reports dating back to 2012 that the Chinese company had invested in Snap.
Snap shares had slumped nearly 20 percent earlier after disappointing Wall Street with much-slower-than expected advertising revenue and user growth on Tuesday.
They recovered to trade down just 2 percent at US$14.80 in premarket trading from a close of US$15.12 on Tuesday.
Media reported in late 2012 and 2013 that Tencent had bought shares in Snapchat through a series of private rounds, while an additional deal failed to materialize in 2014.
Snap said in its quarterly report yesterday that Tencent had bought 145.8 million shares of its non-voting Class A common stock on the open market.
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