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Snap says China's Tencent holds 12 percent stake


By Supantha Mukherjee and Munsif Vengattil(Reuters) - Snapchat owner Snap Inc on Wednesday revealed that China's Tencent Holdings Ltd has a 12 percent stake in the company, a day after dismal results pummeled the stock.Snap's shares recouped losses in pre-market trade after saying in regulatory filings that the Chinese tech giant owns 145.8 million shares of its non-voting Class A common stock. But the stock fell again after Wall Street weighed in and downplayed the news as just another investment by Tencent, and kept the focus on Snap's slower-than-expected quarter revenue and user ...

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First Published: Wed, November 08 2017. 22:24 IST