Caixin
Nov 09, 2017 04:42 PM
BUSINESS & TECH

Snapchat Parent’s Stock Snaps Back After Reporting Tencent’s Investment

The news that Tencent Holdings Ltd. bought 146 million shares of Snap Inc. came the day after Snap, the parent company of Snapchat, reported a third-quarter net loss of $443 million. Photo: Visual China
The news that Tencent Holdings Ltd. bought 146 million shares of Snap Inc. came the day after Snap, the parent company of Snapchat, reported a third-quarter net loss of $443 million. Photo: Visual China

Shares of Snap Inc. rebound 5% after Chinese internet giant Tencent Holdings Ltd. reported that it had bought a 12% stake in the unprofitable owner of the popular social networking platform Snapchat.

Earlier this month, Tencent notified Snap that it, along with its affiliates, had acquired nearly 146 million Snap shares on the open market, the U.S. company said in a filing to the U.S. Securities and Exchange Commission (SEC) on Wednesday.

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