Why Snapchat's owner is hiring in China

Snapchat may be banned in China, but that isn't stopping the messaging app's parent company from hiring there. 

Snap Inc. opened a technology center in the southern city of Shenzhen to focus on Spectacles, the company's camera-equipped sunglasses designed to send footage to Snapchat accounts. 

The devices already are assembled in China. The new office is working on research and development. New employees would gain stock in the company, which could be potentially luctrative given Snap's upcoming initial public offering is expected to value the company at $20 billion to $25 billion. 

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