Tech & Science Chinese tech giant takes 12% stake in ailing Snap

14:37  09 november  2017
14:37  09 november  2017 Source:   CNET

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[NEW YORK] Snapchat parent Snap Inc disclosed Wednesday that Chinese tech giant Tencent had taken a 12 per cent stake , in a sign of confidence in the social network which has delivered disappointing results since its share offering this year.

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Chinese tech behemoth, Tencent, has taken a 12 percent stake in Snap, the company that gave us disappearing messages first, reported the Financial Times. Tencent sits among China's three biggest tech companies along with Baidu and Alibaba, collectively known as BAT.

The news, revealed in Snap's quarterly filing with the US Securities and Exchange Commission on Wednesday, comes after the company posted disappointing results of its growth this quarter.

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NEW YORK: Snapchat parent Snap Inc. disclosed Wednesday that Chinese tech giant Tencent had taken a 12 % stake , a sign of confidence in the social network that has delivered disappointing results since its share offering this year.

NEW YORK – Snapchat parent Snap Inc. disclosed Wednesday that Chinese tech giant Tencent had taken a 12 percent stake , in a sign of confidence in the social network that has delivered disappointing results since its share offering this year.

It's not Tencent's first investment in a US company, having bought a five percent stake in Tesla in March. Tencent, the creator of popular Chinese mobile game, Honour of Kings, also owns Riot Games, the makers of League of Legends.

It's no secret that Tencent has been making efforts to expand to the US. Also the owner of Chinese messaging platform, WeChat, Tencent brought its digital payment service, WeChat Pay, to the country earlier this year.

In the filing, Snap said it has "long been inspired by the creativity and entrepreneurial spirit of Tencent."

Tencent president Martin Lau said the company "looks forward to sharing ideas and experiences." This could come in the form of a collaboration between both companies on mobile games and news feed, according to a statement obtained by Reuters.

CNET has reached out to Tencent and Snap for comments.

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