Tencent Holdings Ltd., the rapidly growing Chinese internet giant, is proving a welcome source of capital to America’s fledgling companies, with Snap Inc. the latest beneficiary of its deep pockets.
Tencent, one of the world’s most valuable technology companies and best known in China for its WeChat messaging app, recently purchased a 12% stake in Snap in the open market, becoming one of its largest shareholders, Snap revealed Wednesday.
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