China’s Tecent bought 10% stake in Snap via open market purchases

Snap (SNAP) disclosed this morning in its quarterly regulatory filing that China’s Tencent Holdings (TCEHY) notified the company in November that it acquired 145,778,246 shares of its non-voting Class A common stock via open market purchases. The stake represents around 10% of Snap’s outstanding shares. Snap explained, “As a result of our ownership structure, Tencent and Snap are not obligated to disclose changes in Tencent’s ownership of our Class A common stock, so there can be no assurance that you, or we, will be notified of any such changes.” The camera company added, “We have long been inspired by the creativity and entrepreneurial spirit of Tencent and we are grateful to continue our longstanding and productive relationship that began over four years ago. For its part, Martin Lau, Tencent’s President, informed us that Tencent is excited to deepen its shareholding relationship with us, and that it looks forward to sharing ideas and experiences.”