Tencent buys 12% stake in Snap

Tencent Holdings has taken a 10 per cent stake in social media software maker Snap.  

In an SEC filing Wednesday, the Snapchat developer said Tencent bought 145.8 million non-voting shares in the company. Snap said Tuesday it’s redesigning its mobile application to reach a broader audience and make more money from ads, as third-quarter financials showed sales growth keeps lagging investor expectation.