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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Tencent Holdings Ltd    0700   KYG875721634

TENCENT HOLDINGS LTD

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Tencent : Reddit valued at $3 billion after raising $300 million in latest funding round

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02/11/2019 | 01:30pm EDT
Reddit mascots are displayed at the company's headquarters in San Francisco

(Reuters) - Social media network Reddit Inc said on Monday it raised $300 million in its latest funding round, led by Tencent Holdings Ltd, giving it a market valuation of $3 billion.

The series D funding round saw a $150 million investment from Tencent and the company's former investors, including Sequoia, Fidelity, Tacit and Snoop Dogg.

The investment from a China-based company, news of which started making the rounds around five days ago, quickly ignited censorship fears on Reddit, which calls itself the "front page of the internet." Reddit is banned in China under the country's censorship laws. http://bit.ly/2Gl7J9E

Barring the latest funding, San Francisco, California-based Reddit has raised more than $250 million in three other funding rounds. Its last funding was on Aug. 1, at a valuation of around $1.8 billion. The company has over 20 investors, including Advance Publications, which owns Conde Nast, Reddit's one-time parent company.

The company recently faced a user data breach where a hacker broke into its systems and accessed data, including current email addresses and a 2007 database backup containing old encrypted passwords. However, Reddit largely shrugged it off, saying the attacker gained read-only access to some systems that contained the backup data.

Reddit has more than 330 million average monthly active users, with 14 billion screenviews per month, as of Nov. 12, 2017, it said on its website.

(Reporting By Aparajita Saxena in Bengaluru; Editing by James Emmanuel)

Stocks mentioned in the article
ChangeLast1st jan.
ONE STOP SYSTEMS INC -1.21% 1.63 Delayed Quote.-15.98%
TENCENT HOLDINGS LTD 1.74% 362.8 End-of-day quote.15.25%
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Financials (CNY)
Sales 2019 393 B
EBIT 2019 123 B
Net income 2019 93 932 M
Finance 2019 49 691 M
Yield 2019 0,31%
P/E ratio 2019 32,8x
P/E ratio 2020 27,5x
EV / Sales2019 7,55x
EV / Sales2020 5,77x
Capitalization 3 016 B
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Mean consensus BUY
Number of Analysts 46
Average target price 376,57  CNY
Last Close Price 318,87  CNY
Spread / Highest target 40,3%
Spread / Average Target 18,1%
Spread / Lowest Target -1,89%
EPS Revisions
Managers
NameTitle
Hua Teng Ma Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Yu Xin Ren COO & President-Interactive Entertainment Group
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
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