Piper Jaffray analyst Sam Kemp says Tencent’s (TCEHY) 10% stake in Snap (SNAP) is “not a material thesis changer.”

The analyst does not believe Tencent would be able to acquire Snapchat as the result of Snap’s capital structure. Further, since Tencent has been an investor in Snapchat since its Series B round, its increased investment should not be seen as new interest in the company, Kemp tells investors in a research note. The analyst believes Tencent owning non-voting shares is unlikely to change the narrative around Snap three months from now. Kemp keeps a Neutral rating on Snap shares.

The camera company erased all of last night’s post-earnings selloff after disclosing Tencent acquired a 10% stake, but is now back down 13%, or $1.99, to $13.13 in premarket trading.