Tencent made RMB751.8 billion of revenue in 2025: 49% from value-added services (games and social networks), 31% from FinTech and business services, and 19% from marketing services. It wholly owns Riot Games, holds 93.48% of Supercell and 53.26% of Tencent Music, and its stakes in other companies were worth over RMB1 trillion at the end of 2025. Prosus/Naspers is its largest shareholder with 22.6%.
Sources: Tencent 2025 Annual Report and results announcement; 2026 Interim Report (tencent.com). Analysis by The Business Engineer.
How we source: figures on this page come from the company’s own filings (SEC 10-K, 10-Q and earnings releases, or its annual report), with the period stated next to each number. Last refreshed October 2026. Our methodology.
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Tencent is a Chinese multinational conglomerate founded in 1998 by Ma Huateng, Zhang Zhidong, and Xu Chenye. Among its various global subsidiaries are companies in the online services, music, and artificial intelligence industries. But it is perhaps best known for its interest in the video game sector โ both as a game developer for the Chinese market and the acquirer of several established gaming companies. Tencent is a vast company with a stake in more than 600 companies. Following is a look at some of the companies and subsidiaries it has a majority stake in.
Tencent Games
Tencent Games is the video game publishing division of Tencent Interactive Entertainment.
In one lineTencent is a Chinese multinational conglomerate founded in 1998 by Ma Huateng, Zhang Zhidong, and Xu Chenye.
Tencent is a vast company with a stake in more than 600 companies.
Epic Games โ the creator of Fortnite โ is also 40% owned by Tencent.
Tencent Pictures has been involved in several notable films, including Men In Black: International and the upcoming Top Gun sequel.
The Tencent division operates game development studios in China and the United States. It produces mostly mobile and browser-friendly games for the Chinese marketplace.
Tencent launched its own gaming platform called WeGame in 2017, allowing gamers to host global games and get access to purchases, downloads, live streaming, and community services.
The Business Engineer view: Tencent owns the attention and charges for it three ways
Tencent is usually described as a games company with a messaging app attached. The numbers say the opposite: the app is the asset. Weixin and WeChat had 1.42 billion monthly users at the end of 2025, and every business line runs through them. Players find games there, advertisers buy that attention (marketing services, RMB145.0 billion) and people pay through it (FinTech and business services, RMB229.4 billion, Tencent’s largest segment).
Games are where the margin is concentrated. Value-added services, which include domestic games (RMB164.2 billion), international games (RMB77.4 billion) and social networks (RMB127.7 billion), earned a 60% gross margin. Abroad, Tencent doesn’t build its own audience: it owns the studios that already have one, with 100% of Riot Games and 93.48% of Supercell.
The third layer is the portfolio. Tencent reported RMB672.7 billion of listed stakes at fair value and RMB363.1 billion of unlisted ones at the end of 2025. That makes it a holding company as well as an operator, and the portfolio moves with markets: listed holdings were down to RMB487.2 billion by June 2026.
The compression: Tencent’s moat is that its customers already live inside its product. Each business line rents out the same 1.42 billion users in a different way: to game studios, to advertisers and to payments. That is why Tencent can afford to own stakes rather than build everything. Prosus/Naspers holds 22.6% of Tencent and Ma Huateng 8.85% (June 2026). Compare with PepsiCo, whose portfolio is built around owning distribution.
Established game developers
Tencent has also acquired several game developers over the years. In 2015, it gained total ownership over Riot Games โ developer of League of Legends.
The company also has majority ownership of Funcom (100%), Leyou (100%), Sharkmob (100%), Supercell (84%), and Grinding Gear Games (80%).
Epic Games โ the creator of Fortnite โ is also 40% owned by Tencent.
WeChat is a multi-purpose messaging, mobile payment, and social media app developed by the company in 2011. Seven years after its release, it became the largest standalone app in the world by total users.
WeChat also offers an extensive digital payment service in line with Chinese government initiatives to support eCommerce development in the country.
Tencent Music Entertainment
The primary function of Tencent Music Entertainment (TME) is the creation of music streaming services specifically for the Chinese market.
In collaboration with Swedish audio streaming service Spotify, TME has created several apps including Kugou, Kuwo, WeSing, QQ Music, and Ultimate Music. Collectively, these apps represent 800 million active users, 15% of which are subscribed to a paid plan.
Tencent Video
Tencent Video is a Chinese video streaming website. The website is complemented by WeTV, the international version of Tencent Video.
It also offers a video-on-demand service and supports television broadcasts by providing video volume amplification, color quality management, and other functional services.
In terms of the content itself, Tencent has a strategic focus on original content in the form of micro movies and homemade dramas. It also offers short-film contests and support plans.
Tencent Pictures
Tencent Pictures is the film production and distribution arm of Tencent. Through subsidiary Tencent Penguin Pictures, the company has a focus on online content and feature film investment.
Tencent Pictures has been involved in several notable films, including Men In Black: International and the upcoming Top Gun sequel.
Key takeaways
- Tencent is a vast Chinese conglomerate founded in 1998. It has a stake in over 600 companies.
- Tencent is perhaps best known for video gaming. It owns and operates a gaming production facility to develop games for the Chinese market. It also has majority ownership of established game developers responsible for titles such as Fortnite and League of Legends.
- Tencent also owns the instant messaging app WeChat and has a significant investment in the production of movies, short films, and dramas for Chinese and international markets.
Subsidiary ยท Key Products/Services ยท Description ยท Integration Strategy
WeChat (Weixin)
Key Products/Services.
- Messaging and social media platform
- Mobile payments
- Mini programs and apps
Description. WeChat, known as Weixin in China, is a multipurpose messaging and social media app with over a billion users. It offers various services, including messaging, payments, and access to mini-programs that function as apps within the platform.
Integration Strategy. WeChat serves as Tencent’s flagship product and ecosystem hub. It integrates various services, including payments, mini-programs, and social networking, creating a comprehensive digital ecosystem. Users can access a wide range of services within WeChat, enhancing user engagement and loyalty.
Tencent Cloud
Key Products/Services.
- Cloud computing services
- AI and data analytics
- Game hosting
Description. Tencent Cloud provides a range of cloud computing services, including infrastructure, AI and data analytics, and game hosting solutions. It serves businesses across various industries with cloud-based technologies.
Integration Strategy. Tencent Cloud complements Tencent’s digital ecosystem by providing scalable and reliable cloud infrastructure. It supports the technological needs of Tencent’s various services and businesses, ensuring seamless integration and performance. Additionally, it offers AI and data analytics capabilities that enhance the overall ecosystem’s data-driven capabilities.
Tencent Video
Key Products/Services.
- Video streaming
- Original content production
Description. Tencent Video is a leading video streaming platform in China, offering a wide range of content, including licensed movies and TV shows, as well as original productions. It competes with platforms like iQiyi and Youku.
Integration Strategy. Tencent Video contributes to Tencent’s content-rich ecosystem. It provides exclusive content and drives user engagement through video streaming. Integration with WeChat and other Tencent services encourages users to consume content within the ecosystem, strengthening user retention and monetization opportunities.
Tencent Music Entertainment
Key Products/Services.
- Music streaming
- Karaoke
- Live streaming concerts
Description. Tencent Music Entertainment owns popular music streaming services like QQ Music, Kugou Music, and Kuwo Music. It also offers karaoke and live streaming of concerts, making it a comprehensive music and entertainment platform.
Integration Strategy. Tencent Music enhances Tencent’s digital entertainment ecosystem. It provides music content that complements Tencent Video and WeChat, promoting user engagement. Integration with social features and platforms facilitates content sharing and enhances the overall entertainment experience within the Tencent ecosystem.
Tencent Games
Key Products/Services.
- Online and mobile games
- Game development studios
- Esports
Description. Tencent Games is one of the world’s largest gaming companies, known for titles like Honor of Kings and PUBG Mobile. It also owns several game development studios and has a significant presence in esports.
Integration Strategy. Tencent Games plays a pivotal role in Tencent’s content and entertainment ecosystem. It provides a wide range of gaming experiences, and its integration with social and streaming platforms like WeChat and Tencent Video enhances user engagement and monetization opportunities. The acquisition of game development studios strengthens the ecosystem’s content offerings.
Tencent Pictures
Key Products/Services.
- Film production
- Investment in the entertainment industry
Description. Tencent Pictures is involved in film production and investment in the entertainment industry. It has produced and invested in various movies and TV series, contributing to Tencent’s presence in the entertainment sector.
Integration Strategy. Tencent Pictures enriches Tencent’s content ecosystem by expanding into the film and entertainment industry. It leverages intellectual property from gaming and other divisions, creating synergies and potential adaptations that appeal to a broader audience. Its investments in entertainment align with Tencent’s strategy to diversify its content portfolio and engage users across multiple media forms.
Tencent AI Lab
Key Products/Services.
- Artificial intelligence research
- Development of AI technologies
Description. Tencent AI Lab focuses on research and development in artificial intelligence. It plays a key role in advancing AI technologies and applications across Tencent’s various products and services.
Integration Strategy. Tencent AI Lab reinforces Tencent’s commitment to innovation and technological advancement. It contributes to the integration of AI capabilities across Tencent’s products and services, enhancing user experiences and efficiency. The lab’s research and developments benefit various Tencent divisions, from gaming to cloud computing, promoting a unified approach to AI integration.
Tencent Finance
Key Products/Services.
- Financial services
- Online banking
- Wealth management
Description. Tencent Finance provides a range of financial services, including online banking, wealth management, and digital payment solutions. It leverages technology to offer innovative financial products.
Integration Strategy. Tencent Finance complements Tencent’s ecosystem by offering financial services that enhance user engagement and convenience. Integration with WeChat Pay and other Tencent platforms facilitates seamless transactions and financial management within the ecosystem. It aligns with Tencent’s goal of becoming a one-stop destination for users’ daily needs, including financial services.
Tencent Mobility
Key Products/Services.
- Ride-hailing (investment in Didi Chuxing)
- Autonomous driving technology
Description. Tencent has invested in ride-hailing giant Didi Chuxing and is actively involved in the development of autonomous driving technology, contributing to the mobility sector’s growth.
Integration Strategy. Tencent Mobility extends Tencent’s reach into the mobility sector, aligning with the broader goal of offering integrated services. Investments in ride-hailing and autonomous
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