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Wikipedia

Tencent

March 17, 2024

Tencent Holdings Ltd. (Chinese: 腾讯; pinyin: Téngxùn) is a Chinese multinational technology conglomerate and holding company headquartered in Shenzhen. It is one of the highest grossing multimedia companies in the world based on revenue. It is also the world's largest company in the video game industry based on its equity investments, with Tencent Games being the subdivision of Tencent Interactive Entertainment Group (IEG) focused on publishing of games.[4]

Tencent Holdings Ltd.
Native name
腾讯控股有限公司
Téngxùn Kònggǔ Yǒuxiàn Gōngsī
Company typePublic
ISINKYG875721634
IndustryConglomerate
Founded11 November 1998; 25 years ago (1998-11-11)
Founders
HeadquartersTencent Binhai Mansion, Nanshan District, Shenzhen, Guangdong, China
Key people
Products
Revenue CN¥554.552 billion (US$77.99 billion) (2022)[1]
CN¥235.706 billion (US$33.15 billion) (2022)[1]
CN¥188.709 billion (US$26.54 billion) (2022)[1]
Total assets CN¥1.578 trillion (US$221.94 billion) (2022)[1]
Total equity CN¥782.860 billion (US$110.10 billion) (2022)[1]
Owners
Number of employees
112,771 (2021)[1]
Divisions
SubsidiariesSee § Foreign studio assets for game studios Subsidiaries
ASN
  • 132203
Websitetencent.com
Tencent
"Tencent" in Simplified (top) and Traditional (bottom) Chinese characters
Simplified Chinese腾讯
Traditional Chinese騰訊
Tencent Holdings, Ltd.
Simplified Chinese腾讯控股有限公司
Traditional Chinese騰訊控股有限公司
Transcriptions
Standard Mandarin
Hanyu PinyinTéngxùn Kònggǔ Yǒuxiàn Gōngsī
Yue: Cantonese
JyutpingTang4 Seon3 Hung3 Gu2 Jau5 Haan6 Gung1 Si1

Founded in 1998, its subsidiaries globally market various Internet-related services and products, including in entertainment, artificial intelligence, and other technology.[5] Its twin-skyscraper headquarters, Tencent Seafront Towers (also known as Tencent Binhai Mansion) are based in the Nanshan District of Shenzhen.[6]

Tencent is the world's largest video game vendor,[7] as well as one of the most financially valuable companies.[8] It is among the largest social media,[9] venture capital, and investment corporations.[10][11] Its services include social networks, music, web portals, e-commerce, mobile games, internet services, payment systems, smartphones, and multiplayer online games.[12] It operates the instant messengers Tencent QQ and WeChat, and QQ.com.[13] It also owns Tencent Music.

The company surpassed a market value of US$500 billion in 2018, becoming the first Asian technology company to cross this valuation mark.[14][15][16] It has since then emerged as the most valuable publicly traded company in China, and is the world's tenth most valuable company by market value as of February 2022.[17][18][19][20] In 2015, 2018, and 2020, the company was ranked by the Boston Consulting Group and Fast Company among the 50 most innovative companies worldwide.[21][22][23] Tencent has stakes in over 600 companies,[24] and began focusing on tech start-ups in Asia in 2017.[25] TechCrunch characterized Tencent's investment strategy as letting its portfolio startups operate autonomously.[26] Tencent's valuation approached US$1 trillion in January 2021 before it plummeted.[27] Tencent Holdings was ranked 35th on Forbes Global 2000 2023 list.[28]

History edit

1998–2010: Founding and growth edit

Tencent was founded by Pony Ma, Zhang Zhidong, Xu Chenye, Charles Chen and Zeng Liqing in November 1998[29] as Tencent Inc,[30] in the Cayman Islands.[31] The name "Tencent" is based on its Chinese name Tengxun (Chinese: 腾讯), which incorporates part of Pony Ma's Chinese name (Ma Huateng; 马化「腾」) and literally means "galloping fast information".[32][33] Initial funding was provided to it by venture capitalists.[5] In February 1999, Tencent's messenger product OICQ was released.[34] Shortly after, Tencent had the client's name changed to QQ; this was said to be due to a lawsuit threat from ICQ and its owner AOL. The company remained unprofitable for the first three years.[29]

South African media company Naspers purchased a 46.5% share of Tencent in 2001.[35][36] As of 2023, it owns 26.16%[37] through Prosus, which also owns a stake in Tencent's sister companies, such as OLX, VK, Trip.com Group, Delivery Hero, Bykea, Meesho, Stack Overflow, Udemy, Codecademy, Brainly and PayU.[2] Tencent Holding Ltd was listed on the Hong Kong Stock Exchange on 16 June 2004,[30] and it was added as a Hang Seng Index Constituent Stock in 2008.[38]

The company originally derived income solely from advertising and premium users of QQ, who pay monthly fees to receive extras.[29] By 2005, charging for use of QQ mobile, its cellular value-added service, and licensing its penguin character, which could be found on snack food[39] and clothing,[29] had also become income generators.[29] By 2008, Tencent was seeing profit growth from the sale of virtual goods.[40]

While Tencent's services have included online gaming since 2004, around 2007/2008, it rapidly increased its offerings by licensing games.[41] While at least two, Crossfire and Dungeon Fighter Online, were originally produced by South Korean game developers, Tencent now makes its own games.[41] On 21 January 2011, Tencent launched Weixin (微信), a social media app. Now branded as WeChat, the app is one of the "super apps", due to its wide range of functions and platforms, and its over 1 billion monthly active users.[42][43][44][45]

2011–2014: Early investments edit

On 18 February 2011, Tencent acquired a majority of equity interest (92.78%)[46] in Riot Games, developer of League of Legends, for about US$230 million. Tencent had already held 22.34% of the equity interest out of a previous investment in 2008. On 16 December 2015, Riot Games sold its remaining equity to Tencent.[47][48] Tencent acquired a minority stake in Epic Games, developer of franchises like Fortnite, Unreal, Gears of War and Infinity Blade, in June 2012.[49] That year, Tencent acquired ZAM Network, parent of Wowhead and other websites, from Brock Pierce.[50]

Tencent in 2013 increased its stake in Kingsoft Network Technology, a subsidiary of Kingsoft Corporation, to 18%. Tencent previously had a 15.68% stake in the company and raised the stake through a US$46.98 million investment.[51] Tencent took part in Activision Blizzard splitting from Vivendi as a passive investor in 2013[52][53] and now owns less than 4.9% of the shares as of 2017.[54] On 17 September 2013, it was announced that Tencent had invested $448 million for a minority share in Chinese search engine Sogou.com, the subsidiary of Sohu, Inc.[55]

On 15 January 2014, Tencent said it would invest HKD 1.5 billion (US$193.45 million) in logistics and warehouse firm China South City Holdings Ltd to develop its e-commerce and logistics business.[56] On 27 February 2014, Tencent purchased a 20-per cent stake in restaurant ratings and group-buying website Dianping for $400 million.[57] On 10 March 2014, Tencent bought a 15 per cent stake in Chinese e-commerce website JD.com Inc. by paying cash and handing over its e-commerce businesses Paipai, QQ Wanggou and a stake in Yixun to JD.com to build a stronger competitor to Alibaba Group.[58]

On 22 May 2014, JD.com got listed on NASDAQ and Tencent expanded its stake in the company to 17.43% on a fully diluted basis by investing an additional US$1,325 million.[59] On 27 March 2014, it was announced that Tencent had agreed to pay about $500 million for a 28 per cent stake in South Korea's CJ Games.[60] On 27 June 2014, Tencent announced that it had agreed to buy a 19.9 per cent stake in Chinese e-commerce website 58.com (WUBA) Inc. for $736 million.[61] On 17 April 2015, Tencent announced it bought an additional $400 million worth of shares, rising its stake in the company to about 25%.[62] On 16 October 2014, via its wholly held subsidiary Hongze Lake Investment Ltd, Tencent announced that it had bought a 7% stake in lottery technology firm China LotSynergy Holdings Ltd for HKD 445.5 million (US$57.4 million).[63]

On 23 October 2014, Tencent pitched in $145 million for a 10 per cent stake in Koudai Gouwu, a Chinese mobile shopping portal.[64] In November 2014, the company announced a deal with HBO which would give it exclusive rights for distribution in China.[65] On 9 December 2014, Chinese taxi-hailing app Didi Dache announced that it had raised more than $700 million in a funding round led by Tencent and Singaporean state investment firm Temasek Holdings.[66]

2015–2020: Continued investments edit

 
BYD, one of the chief corporate sponsors for Tencent
 
Tencent Beijing office, completed in the late 2010s

In January 2015, Tencent launched WeBank (China), China's first online-only bank.[67] On 30 January 2015, Tencent announced that it had signed a US$700 million deal with the National Basketball Association to stream American basketball games in China.[68] Later that year, Chinese automaker BYD became the chief corporate sponsor for Tencent's NBA broadcasts.[69] On 21 June 2016 Tencent announced a deal to acquire 84.3% of Supercell, developer of Clash of Clans, with US$8.6 billion.[70] In July 2016, Tencent acquired a majority stake in China Music Corporation.[71]

Private enterprises in China are required to have an in-firm committee or branch of the Communist Party if three or more Party members are among their employees.[72]: 227  In 2016, Tencent's Party branch was recognized as one of the one hundred best such branches in the country.[72]: 230  It provides communications and education platforms including a Party activity hall, WeChat channel, and an intranet for Party members where they can takes classes related to the governance of China and Party policies.[72]: 230  The Tencent Party Member Activity Center has a dedicated party member activity area of more than 6,000 square meters. More than 1 million yuan is allocated for Party activities per year.[73]

In 2016, Tencent, together with Foxconn and luxury-car dealer Harmony New Energy Auto founded Future Mobility, a car startup (now defunct) that aimed to sell all-electric fully autonomous premium cars.[74] On 28 March 2017, Tesla, Inc. announced Tencent had purchased a 5% stake in Tesla for US$1.78 billion, the automotive control systems of which it subsequently successfully performed penetration-testing until 2019.[18][75]

In a "direct challenge to Chinese search engine Baidu," in May 2017, Tencent entered news feed and search functions for its WeChat app, which the Financial Times reported was used by 770 million people at the time.[76]

In May 2017, Tencent surpassed Wells Fargo to enter the world's top 10 most valuable companies.[77][78][79] Tencent has also entered an agreement with the Wuhu City Council to build the world's first eSports town in the city, which comprises an eSports theme park, eSports university, a cultural and creative park, an animation industrial park, creative block, tech entrepreneurial community and Tencent Cloud's data center. The site will be used for the education and accommodation of future eSports players, as well as hosting national eSports events and serving as a hub for Tencent's game development. Aside from Wuhu, another eSports theme park is planned in Chengdu.[80][81]

In June 2017, Tencent became the 8th most valuable company in BrandZ's Top 100 Most Valuable Global Brands, signalling its growing influence globally as well as the rise of Chinese brands.[82][83][84] Alibaba overtook Tencent as Asia's most valuable company as its stocks surged after the company hosted its 2017 Investor's day.[85] The company has also developed its own voice assistant Xiaowei, and was in the midst of discussion to acquire Rovio Entertainment, the developer of Angry Birds.[86][87] At the same time, Tencent introduced its mini-programs feature that allows smartphone users to access mobile apps across the globe on WeChat without downloading them.[88]

In July 2017, Tencent bought a 9% share in Frontier Developments,[89] the creator of the Elite: Dangerous and Planet Coaster franchises; as well as developer for Rollercoaster Tycoon 2 & 3.[90] In August 2017, after Tencent announced the second quarter 2016 financial report, the stock price rose by 6.2% in the Hong Kong stock market, and the market value reached US$429 billion.[91] Tencent became the second Asian company after Alibaba Group to surpass US$400 billion market cap.[92] Tencent has also created an alliance to its own AI self-driving program, similar to Baidu's Apollo Project, recruiting numerous industry players in the automotive industry.[93][94] It is also collaborating with L'Oréal, the world's largest cosmetics company, to explore digital marketing under the Joint Business Partnership (JBP) agreement.[95]

According to a report by Sina Tech in October 2017, Tencent employed over 7,000 members of the Chinese Communist Party (CCP) and that CCP members took a leading role in the development of WeChat. "With over 7,000 CCP members, accounting for approximately 23% of the total workforce, and more than 60% of whom are core technical personnel, the number of CCP members at Tencent is increasing by nearly a thousand every year. In Tencent, a leading internet company, CCP members are becoming the main driving force in shaping the company's development direction."[96]

In November 2017, Tencent revealed that it had purchased a 12% stake in Snap Inc. in the open market, with plans to help establish Snapchat as a gaming platform.[97][98][99] Tencent remained the largest video game publisher in the world by revenue, and had a market capitalisation of around $475 billion. In the same month, Tencent announced that WeChat reached 980 million monthly active users,[100] and said to be earmarking billions of dollars to amass a catalogue of user-generated content, in competition with YouTube.[101] The company became the first Asian company to cross US$500 billion valuation, surpassing Facebook to enter the top 5 list of the world's biggest firms.[14][15][16][17][102][103][104][105]

In January 2018, Tencent and The Lego Group, the world's largest toy company, teamed up to jointly develop online games and potentially a social network aimed at children.[106][107] It also launched its first unmanned shop in Shanghai.[108] Tencent led a US$5.2 billion investment in Wanda Commercial,[109] together with JD.com, Sunac and Suning Group, to acquire shares in the conglomerate. Wanda Commercial was renamed Wanda Commercial Management Group.[110] Tencent bought a 5% to 10% minority stake in Skydance Media.[111][112] On 23 January 2018, Tencent and Carrefour reached strategic co-operation agreement in China.[113][114][115]

On 15 August 2018, Tencent reported a profit decline in the second quarter of 2018, ending a growth streak of more than a decade, as investment gains slid and the government's scrutiny of the gaming business weighed on the company.[116] Shares of Tencent fell 3% in morning trade in Hong Kong after the rare drop in quarterly profit was reported, extending a slide that has wiped nearly $50 billion in market value from the company in that week.[117] The sell-off dragged down many other Chinese internet stocks as well.[117] On 6 September 2018, Luckin Coffee signed a strategic cooperation agreement with Tencent.[118][119]

In October 2019, Tencent began sending out refunds to customers after cancelling the broadcast of NBA games in response to the Houston Rockets general manager Daryl Morey's social media comments in support of protests in Hong Kong.[120]

In May 2020, Tencent purchased the rights to create System Shock 3 and any further sequels from OtherSide Entertainment.[121] On 29 June 2020, Tencent acquired the video-on-demand service iflix in Kuala Lumpur, Malaysia.[122] In September 2020, Tencent picked Singapore as its hub in Asia, joining rivals ByteDance and Alibaba in the race to reinforce their presence closer to home after complications in India and the United States.[123][124] Lazy Audio was acquired from Shenzhen Lanren Online Technology Co for 2.7 billion yuan in January 2021.[125]

2021–present: Regulatory scrutiny edit

In July 2021, China's antitrust regulator formally blocked Tencent's plan to merge China's top two video game streaming sites, Huya Live and DouYu, after it had failed to come up with sufficient remedies to meet the SAMR's requirements on giving up exclusive rights. This comes after the company recently withdrew the merger application for antitrust review and refiled it after SAMR told the company it could not complete the review of the merger within 180 days since its first filing. Tencent's plan to take search engine Sogou private was approved by the SAMR.[126] Tencent later announced too its intention to take DouYu private, in part due to the unsuccessful merger, but also due to lacklustre business performance and disagreements over strategy among company executives. Tencent is currently the largest stakeholder in DouYu with a 37% stake.[127][128] On 17 December 2021, Tencent announced it had acquired Slamfire Inc. and its subsidiary Turtle Rock Studios, the developer behind Left 4 Dead and Back 4 Blood.[129]

In January 2022, reports emerged that Tencent was one of the major tech conglomerates to receive a fine from the SAMR for failing to report their merger and acquisition (M&A) deals in advance. According to China's antitrust law, official approval is required before the completion of a M&A deal if the combined annual revenue of all entities involved is at least RMB 10 billion (US$1.57 billion), and at least two entities have at least RMB 400 million (US$62.7 million) in annual revenue. Of the 13 deals cited in total by the SAMR, each carried a fine of RMB 500,000 (US$78,700) and Tencent received a total fine of RMB 4.5 million (US$710,000) for its involvement in nine deals.[130]

On 11 January 2022, it was announced that Tencent was in talks to acquire Xiaomi-backed Black Shark, one of the largest gaming smartphone makers in China. The acquisition would have been Tencent's first in a hardware maker and would have overseen Black Shark's transition into a manufacturer of VR headsets to support Tencent's plans for its metaverse business in the future. Reports initially suggested that Black Shark would be acquired for RMB 2.7 billion (US$420 million), although Tencent walked away from the deal due to regulatory scrutiny of metaverse businesses in China.[131][132]

In June 2022, Tencent posted its slowest revenue gain since going public in 2004, partly caused by a 15% decrease in advertising revenue. The decline was attributed to the pandemic and tighter regulations imposed by the Chinese government.[133] In September 2022, Tencent acquired a 49.9% stake and 5% voting rights in Guillemot Brothers Limited, Ubisoft's parent company.[134][135] On 16 September 2022, Tencent took a minority stake in Mordhau studio Triternion.[136]

In November 2022, Tencent announced that it would divest the majority of its US$20.3 billion stake in Meituan through a dividend distribution to shareholders, in part due to China's earlier regulatory crackdown on tech giants.[137] In January 2023, OpenSecrets reported that Tencent spent over $6.3 million lobbying the U.S. federal government after coming under greater regulatory scrutiny in 2020.[138]

Majority owned subsidiary China Literature acquired Tencent Animation and Comics in December 2023.[139]

On December 22, 2023, the Chinese government's regulations to curb online gaming cost Tencent $46 Billion in Market Capitalisation.[140] Later, on the 27th of December, 2023, the first of trading after the Chinese government vowed to make improvements to the proposed gaming rules, the firm's stock rose by 5%.[141]

Also in December 2023, Tencent accelerated the pace of buybacks, increasing the pace of daily purchases to about HK$1 billion (with an average of HK$375 million per day) and made a record HK$10 billion (S$1.7 billion) share purchase.[142]

Products and services edit

Social media edit

Launched in February 1999,[143] Tencent QQ is Tencent's first and most notable product, QQ is one of the most popular instant messaging platforms in its home market.[144] As of 31 December 2010, there were 647.6 million active Tencent QQ IM user accounts,[1] making Tencent QQ the world's largest online community at the time. The number of QQ accounts connected simultaneously has, at times, exceeded 100 million.[145] While the IM service itself is free, a fee was being charged for mobile messaging as of 2006.[146] Tencent also created QQ International, which is an English version of QQ that allows communication with mainland accounts; QQi is available for Windows and macOS.[147] In 2005, Tencent launched Qzone, a social networking/blogging service integrated within QQ. Qzone has become one of the largest social networking services in China, with a user base of 645 million in 2014.[31][148]

On 10 April 2010, Tencent launched Tencent Weibo, a microblogging service.[149]

WeChat is a mobile app with voice- and text messaging and a timeline.[150] It is the most popular social mobile application in China and some overseas Chinese communities, for instance, Malaysia. As of 2017, WeChat has been unsuccessful in penetrating major international markets outside of China.[151]

Entertainment edit

Video games edit

Main article: Tencent Games
 
Riot Games is one of Tencent's notable subsidiaries, known for creating the multiplayer online battle arena game League of Legends. It is one of the first game developers to receive investment from Tencent.

Tencent publishes video games via its Tencent Games division of Tencent Interactive Entertainment. It has five internal studio groups under it: TiMi Studio Group, Lightspeed Studios, Aurora Studio Group, Morefun Studio and Next Studio.[152][153][154][155][156]

Outside of companies subsidiary of its game division, Tencent as a whole has many major and minor investments in domestic and, since the 2010s, foreign game companies.

Foreign studio assets edit
Company Location First investment date As of date Ownership stake Ref(s).
Funcom Norway September 2019 January 2020 Wholly-owned [157][158]
Leyou (Athlon Games, Digital Extremes, Splash Damage) Hong Kong December 2020 [159][160]
Riot Games United States September 2009 December 2015 [161]
Sharkmob Sweden March 2019 [162]
Sumo Group United Kingdom November 2019 January 2022 [163][164]
Visual Arts (Key, KineticNovel) Japan July 2023 Majority [165]
Turtle Rock Studios United States December 2021 [129]
Wake Up Interactive (Soleil, Valhalla Game Studios) Hong Kong November 2021 [166]
Inflexion Games Canada February 2022 [167]
Fulqrum Publishing Poland February 2022 [168]
Techland Poland 24 July 2023 [169]
Tequila Works Spain March 2022 [170]
Klei Entertainment Canada January 2021 [171]
10 Chambers Collective Sweden October 2020 [172]
Yager Development Germany February 2020 June 2021 [173][174]
Fatshark Sweden January 2019 January 2021 [175][176]
Miniclip Switzerland February 2015 [177]
Supercell Finland June 2016 84% [178]
Grinding Gear Games New Zealand May 2018 80% [179][180][181]
Don't Nod France January 2021 40.4% [182]
Epic Games United States June 2012 40% [183]
Pocket Gems Japan 2015 May 2017 38% [184]
Sea Ltd (Garena) Singapore 2010 March 2019 20.08 % [185][186][187][188][189]
Bloober Team Poland October 2021 22% [190]
Marvelous Japan May 2020 20% [191]
Shift Up South Korea December 2022 20% [192]
Netmarble South Korea September 2018 17.66% [193]
FromSoftware Japan August 2022 16.25% [194]
Kakao South Korea May 2012 13.54% [195][196]
Krafton (Bluehole Studio) South Korea August 2018 13.6% [197]
Ubisoft France March 2018 9.99% [198][199][200]
Frontier Developments United Kingdom July 2017 9% [201]
Kadokawa Corporation Japan October 2021 6.86% [202][203]
Paradox Interactive Sweden March 2016 5% [204]
Remedy Entertainment Finland May 2021 3.8% [205]

Other notable investments include Discord (February 2015),[206] Roblox Corporation (February 2020),[207] Lockwood Publishing (November 2020),[208] PlatinumGames (January 2020),[209] Aiming (December 2014),[210] Novarama (March 2022),[211] Triternion (September 2022)[212] Riffraff Games (March 2022),[213] Offworld Industries (March 2022),[214] Bohemia Interactive (February 2021),[215] Payload Studios (February 2021),[216] Playtonic Games (November 2021),[217] Voodoo (August 2020)[218] and Lighthouse Games (July 2023).[219]

Former foreign stakes edit
Domestic investments edit
  • 20% ownership of Chinese company Wangyuan Shengtang, which publishes, among others, the GuJian franchise (2021).[227]
  • 18.6% ownership of Chinese company iDreamSky, which mainly develops and publishes mobile games for the Chinese market.
  • 5% ownership of Chinese company Century Huatong, which operates games developed by FunPlus.[228] Tencent became a shareholder through an investment in Century Huatong's subsidiary Shengqu Games.[229]
  • 5% ownership of Chinese company Game Science, responsible for the development of Black Myth: Wukong (2021).[230]

Television and cinema edit

Main article: List of Tencent Video original programming

In April 2009, Tencent launched iTQQ, a "smart interactive television service" in a joint effort with TCL.[144]

In 2015, Tencent launched Tencent Pictures (Chinese: 腾讯影业), a film distributor and a production company that creates and distributes films based on books, comic books, animated series and video games.[231] In the same year, Tencent launched Tencent Penguin Pictures (Chinese: 腾讯企鹅影视) a production unit focusing on online dramas and minor investments in feature films.[232] It is under the Online Media Business Unit at Tencent and works closely with Tencent Video.[233]

Comics edit

On 21 March 2012, Tencent launched Tencent Comic, and would later become China's largest online animation platform.[234]

In September 2017, Tencent has announced plans to introduce Chinese online comics to every market around the world, with the first being North America. It will be working with San Francisco-based digital publisher Tapas Media, a partnership that will see English-language releases of several popular online Chinese titles.[235]

Music edit

Main articles: QQ Music and JOOX

In 2014, Tencent established exclusive in-China distribution agreements with several large music producers, including Sony, Warner Music Group and YG Entertainment[236] and in 2017 it signed a deal with Universal Music Group to stream its music in China. It also entered a partnership with Alibaba Group on music-streaming rights sharing. The deal aims to protect licensed streaming services offering copyrighted content of the music industry, encouraging more high-quality and original music, as well as developing China's fast-growing streaming market. Alibaba will gain the rights to stream music from international labels, which already have exclusive deals with Tencent, in return for offering reciprocal rights to its catalogue of Chinese and Japanese music.[237][238]

In December 2017, Tencent's music arm, Tencent Music Entertainment (TME), and Spotify agreed to swap a 10% stake in each other's music businesses,[239] forming an alliance in the music industry which Martin Lau (president of Tencent) described as a "strategic collaboration".[240][241]

In October 2019, Tencent Music reached a streaming music distribution agreement with CD Baby and TuneCore to provide independent music artists who distribute music through CD Baby and TuneCore access to the Chinese music market through Tencent's music streaming services QQ Music, KuGou, and Kuwo.[242]

In March 2020, Tencent acquired 10% of Vivendi's stake in Universal Music Group, the world's largest music group. In addition, it was given the option to buy another 10% with the same conditions.[243][244]

In June 2020, Tencent bought 1.6% of Warner Music Group's shares after WMG launched its IPO in the same month.[245]

Video streaming edit

In June 2011, Tencent launched Tencent Video, a video streaming website.[246] It also controls the live-streaming platform Huya Live and has stakes in other major Chinese game live-streaming platform operators, including DouYu, Kuaishou and Bilibili.[247] In March 2020, Tencent started testing Trovo Live, a live-streaming service for worldwide users.[248] Since June 2020, it owns the Malaysian Video-on-demand service Iflix.

Virtual reality edit

In late April 2017, Tencent announced it was preparing to launch its virtual reality headset that year.[249]

In December 2022, Jia Wang, deputy director of the Technology Service Center at Tencent's office in Palo Alto, California, spoke with WIPO Magazine about the impact of technologies such as augmented reality, virtual reality, and artificial intelligence on the industry, highlighting the importance of Intellectual property protection to ensure that developers are able to make a return on their investments and continue to innovate.[250]

E-commerce edit

In September 2005, Tencent launched PaiPai.com (Chinese: 拍拍; pinyin: pāi pāi), a C2C auction site.[144] In addition to PaiPai.com, Tencent launched TenPay, an online payment system similar to PayPal, which supports B2B, B2C, and C2C payments.[251]

In response to the dominance of the Chinese e-commerce market by Tencent competitor Alibaba Group, Tencent took great effort in its e-commerce platforms. On 10 March 2014, Tencent bought a 15 per cent stake in Chinese e-commerce website JD.com Inc. by paying cash and handing over its e-commerce businesses Paipai.com, QQ Wanggou, and a stake in Yixun to JD.com, as well as purchasing a stake in e-commerce website 58 Tongcheng.[58][252] In accordance to this agreement, JD.com would receive exclusive access to Tencent's WeChat and MobileQQ platforms.[253] In May 2014, JD became the first Chinese e-commerce company to be listed on the NASDAQ exchange, under its ticker 'JD'.[253]

On 31 December 2015, JD announced that they will stop supporting services on Paipai.com after being unable to deal with issues involving fake goods, and had integrated the Paipai.com team within its other e-commerce platforms. In a 3-month transitional period, Paipai.com would be fully shut down by 1 April 2016.[254] JD relaunched PaiPai.com as PaiPai Second Hand (拍拍二手) to compete alongside 58 Tongcheng's Zhuanzhuan.com, both partially owned by Tencent, against Alibaba's Xianyu in the second-hand e-commerce market.[255][256]

Tencent was reported in 2017 to be working with China's Central Bank to develop a central payments clearing platform for online payments.[257]

On 31 December 2021, it was reported Tencent had bought a stake in the UK digital bank, Monzo.[258][259]

Utility software edit

In March 2006, Tencent launched its search engine Soso.com (搜搜; to search).[260][261] On 1 October 2012, it was the 33rd most visited website in the world, 11th most visited in China, as well as the 8th most visited website in South Korea, according to Alexa Internet.[262] It was also a Chinese partner of Google, using AdWords.[263] In September 2013, Tencent discontinued Soso.com after it invested in Sogou and replaced Soso.com with Sogou Search as its main search engine.[264]

In 2008, Tencent released a media player, available for free download, under the name QQ Player.[265] Tencent also launched Tencent Traveler, a web browser based on Trident. It became the third most-visited browser in China in 2008.[266][267]

QQ Haiwai is Tencent's first venture into international real estate listings and information and is the result of a partnership with Chinese international real estate website Juwai.com. Haiwai was announced at Tencent's annual regional summit in Beijing on 21 December 2016.[268][269]

In 2017, Tencent launched its own credit score system called Tencent Credit, with a process similar to that of Sesame Credit, operated by its competitor, the Alibaba Group, through its subsidiary Ant Financial.[270]

Healthcare and insurance edit

Tencent has created WeChat Intelligent Healthcare, Tencent Doctorwork, and AI Medical Innovation System (AIMIS)[271] Tencent Doctorwork has also merged with Trusted Doctors[272]

Tencent officially commences operations of its first insurance agency platform, WeSure Internet Insurance Ltd. (WeSure), to work with domestic insurance companies such as Ping An Insurance.[273]

In August 2017, Tencent released AI Medical Innovation System (AIMIS)[274] or Miying[275] (觅影 in Chinese), which has two core competencies: AI medical imaging and AI-assisted diagnosis. AI Medical Innovation System (AIMIS) is capable of helping doctors screen for several diseases such as diabetic retinopathy, lung cancer and esophageal cancer through its AI-assisted medical image analysis. Its AI-assisted medical diagnosis engine allows doctors to identify and estimate the risk of more than 700 diseases, improving the accuracy and efficiency of their diagnosis. The system is undergoing clinical validation in more than 100 major Chinese hospitals. It has already helped doctors read more than 100 million medical images and served nearly one million patients. Tencent's data shows that recognition accuracy reaches 90% for esophageal cancer, 97% for diabetic retinopathy and 97.2% for colorectal cancer. In general, Chinese medical institutions and companies are taking a proactive attitude toward AI. Nearly 80% of hospitals and medical enterprises plan to carry out, or have already carried out, medical AI applications, and more than 75% of hospitals believe that these applications will become popular in the future.[276]

During the COVID-19 pandemic, Tencent helped source 1.2 million protective masks for American medical staff combating the virus.[277]

Data processing edit

On 27 March 2020, a co-innovation lab was launched by Tencent who will be in collaborations with Huawei in developing a cloud-based game platform by tapping into Huawei's Kunpeng processor's power to build Tencent's GameMatrix cloud game platform. Along with further exploration in the possibilities of artificial intelligence and augmented reality elements in game.[278]

In October 2020, Tencent's AIMIS Image Cloud was introduced.[279] AIMIS Image Cloud was designed to help patients manage their medical images and give permission to medical professionals to access their exams and reports. The AIMIS platform supports full images on the cloud to reduce repeated exams. It can also connect medical institutions at all levels through cloud based Picture Archiving and Communication Systems (PACS), allowing patients to take examinations in primary medical institutions and obtain expert diagnosis remotely. Doctors can conduct online consultations through Tencent real-time audio and video facilities when they encounter difficult cases and work collaboratively on images to communicate more efficiently.[279]

On 26 May 2020, Tencent announced it planned to invest 500 billion yuan (US$70 billion) over the next five years in new digital infrastructure, a major hi-tech initiative that would bolster Beijing's efforts to drive economic recovery in the post-coronavirus era.[280]

Accessibility edit

Tencent received the Zero Project Award 2023 for innovative ICT solutions for persons with disabilities. Originating from Tencent's game development, MTGPA (Magic Tencent Game Performance Amelioration) Haptics is transmitting vibro-tactile signals to the user which support orientation and notification. Typical customers are persons with visual impairments or the elderly.[281] Connected to the Tencent Map app, MTGPA Haptics guides customers indoors and outdoors through long and short vibrations in case of deviations from the planned route.[281]

Other edit

Tencent announced its WeCity project in 2019, through which it seeks to develop a smart city solution for digital governance, urban management and decision-making, and industrial interconnections.[282]: 65  In June 2020, Tencent has unveiled plans for an urban development dubbed "Net City",[282]: 65  a 21-million-square-foot development, equivalent in size to Monaco, in Shenzhen. The development will be built on reclaimed land.[282]: 65  It will prioritize pedestrians, green spaces and self-driving vehicles. It will include corporate offices, a school, apartments, sports facilities, parks and retail space, according to the project's architect, NBBJ.[283][284]

At the end of June 2020, Tencent has increased its direct stake in Nio to 15.1% after acquiring more of the Chinese electric vehicle maker's New York-listed shares recently.[285] Tencent spent $10 million to buy 1.68 million American Depositary Shares earlier in the month, according to Nio's latest filing with the U.S. Securities and Exchange Commission. The Shenzhen-based social media and entertainment conglomerate also controls another 16% stake in Nio's ADSs through three of its units. Tencent was the second-largest Nio shareholder in terms of voting rights after Li Bin, founder of the automaker, who held 13.8% in shares but 47% voting rights, according to a March filing by the company. As of 8 July, they bought another amount of shares increasing their stake in Nio to 16.3%.

Corporate governance edit

 
Ma Huateng, also known as Pony Ma, is the main co-founder of Tencent, and is currently the conglomerate's CEO and chairman.
 
Martin Lau, who helped with the company's IPO as an investment banker at Goldman Sachs, is currently Tencent's president.

Tencent's largest shareholder is Prosus (majority owned by Naspers), which owns 25.6% of all shares[286][2] and hence is the controlling shareholder.[287] However, Ma Huateng, co-founder of Tencent, still owns a significant stake (8.42%).

Tencent's headquarters is currently the Tencent Binhai Mansion, also known as the Tencent Seafront Towers, which is located in Shenzhen's Nanshan District.[288] In addition to its headquarters in Shenzhen, Tencent also has offices in Beijing, Shanghai, Chengdu, and Guangzhou.[289]

Tencent has a unitary board consisting of Tencent co-founder, CEO, and chairman Ma Huateng, also known as Pony Ma, executive director and President of Tencent Martin Lau, non-executive directors Jacobus "Koos" Bekker and Charles Searle of Naspers, and independent non-executive directors Li Dongsheng, Iain Bruce, Ian Stone, and Yang Siushun.[290] Tencent's governance is aided by its Strategy Department, commonly known as SD, which provides business analytics for the corporation's various divisions.[291]

Largest Shareholders edit

Around 44% of Tencent shares are held by the general public and around 24% are held by institutions. Around 26% are hold by Naspers. The largest shareholders in early 2024 were:[286]

Subsidiaries edit

Tencent has at least four Wholly Foreign-Owned Enterprises and nearly twenty subsidiaries.[31]

Tencent Technology (Shenzhen) Co., Ltd. edit

A software development unit that has created, among others, Tencent Traveler and later versions of QQ IM,[292] as well as some mobile software.[293] This subsidiary is located on the Southern District of Hi-Tech Park, Shenzhen.[292] It also holds a number of patents related to instant messaging and massively multiplayer online game gaming.[294]

Shenzhen Yayue Technology edit

In 2023, an entity controlled by the state-owned China Internet Investment Fund took a golden share investment in Shenzhen Yayue Technology.[295] The stock price of Tencent sank when news of the deal was published.[296]

Research edit

In 2007, Tencent invested over RMB100 million in the establishment of the Tencent Research Institute, which became China's first research center dedicated to core Internet technologies.[297] The campuses are located in Beijing, Shanghai, and Shenzhen.[298]

Chinese government partnerships edit

For the occasion of the 19th National Congress of the Chinese Communist Party, Tencent released a mobile game titled "Clap for Xi Jinping: An Awesome Speech", in which players have 19 seconds to generate as many claps as possible for the party leader.[299]

In August 2019, it was reported that Tencent collaborated with the Guangdong Propaganda Department of the Chinese Communist Party and the People's Daily to develop "patriotic games".[300][301]

In a December 2020 article in Foreign Policy, a former senior official of the Central Intelligence Agency stated that the CIA concluded that Tencent received funding from the Ministry of State Security early on in its foundation. This was said to be a "seed investment" that was provided "when they were trying to build out the Great Firewall and the monitoring technology." Tencent denied this allegation.[302]

In 2021, it was reported that Tencent and Ant Group were working with the People's Bank of China to develop a Central bank digital currency.[303][304]

In June 2022, Tencent partnered with Shanghai United Media Group to launch a plan to develop domestic and foreign influencers.[305]

Controversies edit

Allegations of copying edit

Many of Tencent's software and services share similarities to those of competitors,[306][307][308][309][310][311] and to their own.[312] The founder and chairman, Huateng "Pony" Ma, famously said, "[To] copy is not evil." A former CEO and president of SINA.com, Wang Zhidong, said, "Pony Ma is a notorious king of copying." Jack Ma of Alibaba Group stated, "The problem with Tencent is the lack of innovation; all of their products are copies."[313]

In 1996, an Israeli company named Mirabilis released one of the first stand alone instant messaging clients named ICQ.[314] Three years later, Tencent released a copied version of ICQ, naming it OICQ, which stands for Open ICQ.[315] After losing a lawsuit against AOL, which bought ICQ in 1998, for violating ICQ's intellectual property rights, Tencent released a new version of OICQ in December 2000 and rebranded it QQ.[316] With its model of free-to-use and charging for customizing personal avatars, QQ hit 50 million users in its second year, 856 million users and at most 45.3 million synchronous users in 2008.[315]

During early stages of company development and expansion, Tencent has been widely accused of stealing ideas from its competitors and creating counterfeit copies of their products.[317][316] Some of the criticisms aimed at Tencent in this regard are that QQ farm was a direct copy of Happy Farm, QQ dance originated from Audition Online, and that QQ speed featured gameplay highly similar to Crazyracing Kartrider.[318] In January 2023, Tencent's trailer for their new MMORPG, Tarisland, was said to resemble Blizzard's World of Warcraft.[319]

Tencent's acquisitions edit

In a partial effort to rebuild the reputation of Tencent lost from allegations of copying, Tencent adjusted its strategy by aggressively investing in the acquisition of other companies, rather than in the replication of them. By 2020, Tencent had invested in over 800 companies across the world.[317] During 2012 and 2019, Tencent has invested from minority stakes to majority stakes in world-wide-famous game companies such as Riot Games, Epic Games, Activision Blizzard, SuperCell, and Bluehole.[320] While aggressive acquisitions may benefit Tencent due to factors such as reduction in competition and monopolization, it may not benefit the acquired companies in terms of their growth and innovation. Colin Huang, founder of Pinduoduo, said "Tencent won't die when Pinduoduo dies, because it has tens of thousands of sons."[321]

Security concerns edit

In 2015, security testing firms AV-Comparatives, AV-TEST and Virus Bulletin jointly decided to remove Tencent from their software whitelists. The Tencent products supplied for testing were found to contain optimisations that made the software appear less exploitable when benchmarked but actually provided greater scope for delivering exploits.[322] Additionally, software settings were detrimental to end-users protection if used. Qihoo was later also accused of cheating, while Tencent was accused of actively gaming the anti-malware tests.[323][324]

Censorship edit

Tencent's WeChat platform has been accused of blocking TikTok videos and the censorship of politically sensitive content.[325][326][327] In April 2018, TikTok sued Tencent and accused it of spreading false and damaging information on its WeChat platform, demanding RMB 1 million in compensation and an apology. In June 2018, Tencent filed a lawsuit against Toutiao and TikTok in a Beijing court, alleging they had repeatedly defamed Tencent with negative news and damaged its reputation, seeking a nominal sum of RMB 1 million in compensation and a public apology.[328] In response, Toutiao filed a complaint the following day against Tencent for allegedly unfair competition and asking for RMB 90 million in economic losses.[329]

However, Tim Sweeney, the CEO and founder of Epic Games, maker of the popular game Fortnite, tweeted that his company would never follow suit and punish people for expressing their opinions, even though Tencent is a 40% stakeholder in Epic.[330] In a statement, Sweeney said it would "never happen on [his] watch", and emphasized that Epic is an American company, implying that it would not compromise an ethos of free speech to curry favor with Chinese authorities in the pursuit of maximum profit.[331]

Later in October 2019, Tencent announced it would stop broadcasting Houston Rockets NBA games in China due to a tweet made by Daryl Morey, general manager of the Rockets, that was supportive of protestors in the 2019–2020 Hong Kong protests. Although Morey's tweet was hastily deleted, news of it was quickly reported all around the world, and the NBA went on to spend months attempting damage control in China.[332]

In December 2019, the Chinese government ordered Tencent to improve the firm's user data rules for its apps, which regulators regarded to be in violation of censorship rules.[333]

In January 2021, a proposed class action lawsuit was filed in California against Tencent, alleging user censorship and surveillance via WeChat.[334]

In November 2022, Sustainalytics downgraded Tencent to "non-compliant" with the United Nations Global Compact principles due to complicity with censorship.[335]

2020 U.S. executive order on WeChat edit

On 6 August 2020, President Donald Trump signed two executive orders, one directed at TikTok and one at WeChat. The TikTok order dictated that within 45 days from its signing (20 September 2020) that it would ban transactions involving the TikTok app with ByteDance, effectively banning the TikTok app in the United States, under threat of penalty. TikTok sued Trump over the executive order, which was later revoked under Joe Biden's administration, causing the lawsuit to be dismissed in July 2021. The order for WeChat contained the same information but targeting the WeChat app and related transactions for Tencent. In the case of ByteDance, the order would be canceled should an American company acquire it, which Microsoft had been openly spoken of, but there are unlikely any immediate buyers for Tencent in the U.S.[336] Los Angeles Times reporter Sam Dean affirmed from the White House that this does not affect other facets of Tencent's ownerships in American companies such as with its video game companies.[337][338]

See also edit

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March 17, 2024
tencent, holdings, chinese, 腾讯, pinyin, téngxùn, chinese, multinational, technology, conglomerate, holding, company, headquartered, shenzhen, highest, grossing, multimedia, companies, world, based, revenue, also, world, largest, company, video, game, industry,. Tencent Holdings Ltd Chinese 腾讯 pinyin Tengxun is a Chinese multinational technology conglomerate and holding company headquartered in Shenzhen It is one of the highest grossing multimedia companies in the world based on revenue It is also the world s largest company in the video game industry based on its equity investments with Tencent Games being the subdivision of Tencent Interactive Entertainment Group IEG focused on publishing of games 4 Tencent Holdings Ltd Tencent Seafront Towers in ShenzhenNative name腾讯控股有限公司Romanized nameTengxun Konggǔ Yǒuxian GōngsiCompany typePublicTraded asSEHK 700OTC Pink TCEHYHang Seng Index componentISINKYG875721634IndustryConglomerateFounded11 November 1998 25 years ago 1998 11 11 FoundersPony MaTony ZhangXu ChenyeCharles ChenZeng LiqingHeadquartersTencent Binhai Mansion Nanshan District Shenzhen Guangdong ChinaKey peoplePony Ma chairman CEO Martin Lau executive director president ProductsArtificial intelligencecloud computingautomationsearch enginesocial networkinginstant messagingmass mediaweb portalse commerceweb browserantivirus softwaremusicpayment systemfilm productionvideo gamesonline servicesRevenueCN 554 552 billion US 77 99 billion 2022 1 Operating incomeCN 235 706 billion US 33 15 billion 2022 1 Net incomeCN 188 709 billion US 26 54 billion 2022 1 Total assetsCN 1 578 trillion US 221 94 billion 2022 1 Total equityCN 782 860 billion US 110 10 billion 2022 1 OwnersNaspers 26 04 since 2019 through Prosus 2 3 Number of employees112 771 2021 1 DivisionsTencent GamesTencent MusicTencent PicturesSubsidiariesSee Foreign studio assets for game studios SubsidiariesASN132203Websitetencent comTencent Tencent in Simplified top and Traditional bottom Chinese charactersSimplified Chinese腾讯Traditional Chinese騰訊TranscriptionsStandard MandarinHanyu PinyinTengxunIPA tʰe ŋ ɕy n Yue CantoneseYale RomanizationTahng SeunJyutpingTang4 Seon3Tencent Holdings Ltd Simplified Chinese腾讯控股有限公司Traditional Chinese騰訊控股有限公司TranscriptionsStandard MandarinHanyu PinyinTengxun Konggǔ Yǒuxian GōngsiYue CantoneseJyutpingTang4 Seon3 Hung3 Gu2 Jau5 Haan6 Gung1 Si1Founded in 1998 its subsidiaries globally market various Internet related services and products including in entertainment artificial intelligence and other technology 5 Its twin skyscraper headquarters Tencent Seafront Towers also known as Tencent Binhai Mansion are based in the Nanshan District of Shenzhen 6 Tencent is the world s largest video game vendor 7 as well as one of the most financially valuable companies 8 It is among the largest social media 9 venture capital and investment corporations 10 11 Its services include social networks music web portals e commerce mobile games internet services payment systems smartphones and multiplayer online games 12 It operates the instant messengers Tencent QQ and WeChat and QQ com 13 It also owns Tencent Music The company surpassed a market value of US 500 billion in 2018 becoming the first Asian technology company to cross this valuation mark 14 15 16 It has since then emerged as the most valuable publicly traded company in China and is the world s tenth most valuable company by market value as of February 2022 17 18 19 20 In 2015 2018 and 2020 the company was ranked by the Boston Consulting Group and Fast Company among the 50 most innovative companies worldwide 21 22 23 Tencent has stakes in over 600 companies 24 and began focusing on tech start ups in Asia in 2017 25 TechCrunch characterized Tencent s investment strategy as letting its portfolio startups operate autonomously 26 Tencent s valuation approached US 1 trillion in January 2021 before it plummeted 27 Tencent Holdings was ranked 35th on Forbes Global 2000 2023 list 28 Contents 1 History 1 1 1998 2010 Founding and growth 1 2 2011 2014 Early investments 1 3 2015 2020 Continued investments 1 4 2021 present Regulatory scrutiny 2 Products and services 2 1 Social media 2 2 Entertainment 2 2 1 Video games 2 2 1 1 Foreign studio assets 2 2 1 2 Former foreign stakes 2 2 1 3 Domestic investments 2 2 2 Television and cinema 2 2 3 Comics 2 2 4 Music 2 2 5 Video streaming 2 2 6 Virtual reality 2 3 E commerce 2 4 Utility software 2 5 Healthcare and insurance 2 6 Data processing 2 7 Accessibility 2 8 Other 3 Corporate governance 3 1 Largest Shareholders 3 2 Subsidiaries 3 2 1 Tencent Technology Shenzhen Co Ltd 3 2 2 Shenzhen Yayue Technology 4 Research 5 Chinese government partnerships 6 Controversies 6 1 Allegations of copying 6 2 Tencent s acquisitions 6 3 Security concerns 6 4 Censorship 6 5 2020 U S executive order on WeChat 7 See also 8 References 9 External linksHistory editThis article appears to be slanted towards recent events Please try to keep recent events in historical perspective and add more content related to non recent events February 2019 1998 2010 Founding and growth edit Tencent was founded by Pony Ma Zhang Zhidong Xu Chenye Charles Chen and Zeng Liqing in November 1998 29 as Tencent Inc 30 in the Cayman Islands 31 The name Tencent is based on its Chinese name Tengxun Chinese 腾讯 which incorporates part of Pony Ma s Chinese name Ma Huateng 马化 腾 and literally means galloping fast information 32 33 Initial funding was provided to it by venture capitalists 5 In February 1999 Tencent s messenger product OICQ was released 34 Shortly after Tencent had the client s name changed to QQ this was said to be due to a lawsuit threat from ICQ and its owner AOL The company remained unprofitable for the first three years 29 South African media company Naspers purchased a 46 5 share of Tencent in 2001 35 36 As of 2023 it owns 26 16 37 through Prosus which also owns a stake in Tencent s sister companies such as OLX VK Trip com Group Delivery Hero Bykea Meesho Stack Overflow Udemy Codecademy Brainly and PayU 2 Tencent Holding Ltd was listed on the Hong Kong Stock Exchange on 16 June 2004 30 and it was added as a Hang Seng Index Constituent Stock in 2008 38 The company originally derived income solely from advertising and premium users of QQ who pay monthly fees to receive extras 29 By 2005 charging for use of QQ mobile its cellular value added service and licensing its penguin character which could be found on snack food 39 and clothing 29 had also become income generators 29 By 2008 Tencent was seeing profit growth from the sale of virtual goods 40 While Tencent s services have included online gaming since 2004 around 2007 2008 it rapidly increased its offerings by licensing games 41 While at least two Crossfire and Dungeon Fighter Online were originally produced by South Korean game developers Tencent now makes its own games 41 On 21 January 2011 Tencent launched Weixin 微信 a social media app Now branded as WeChat the app is one of the super apps due to its wide range of functions and platforms and its over 1 billion monthly active users 42 43 44 45 2011 2014 Early investments edit On 18 February 2011 Tencent acquired a majority of equity interest 92 78 46 in Riot Games developer of League of Legends for about US 230 million Tencent had already held 22 34 of the equity interest out of a previous investment in 2008 On 16 December 2015 Riot Games sold its remaining equity to Tencent 47 48 Tencent acquired a minority stake in Epic Games developer of franchises like Fortnite Unreal Gears of War and Infinity Blade in June 2012 49 That year Tencent acquired ZAM Network parent of Wowhead and other websites from Brock Pierce 50 Tencent in 2013 increased its stake in Kingsoft Network Technology a subsidiary of Kingsoft Corporation to 18 Tencent previously had a 15 68 stake in the company and raised the stake through a US 46 98 million investment 51 Tencent took part in Activision Blizzard splitting from Vivendi as a passive investor in 2013 52 53 and now owns less than 4 9 of the shares as of 2017 54 On 17 September 2013 it was announced that Tencent had invested 448 million for a minority share in Chinese search engine Sogou com the subsidiary of Sohu Inc 55 On 15 January 2014 Tencent said it would invest HKD 1 5 billion US 193 45 million in logistics and warehouse firm China South City Holdings Ltd to develop its e commerce and logistics business 56 On 27 February 2014 Tencent purchased a 20 per cent stake in restaurant ratings and group buying website Dianping for 400 million 57 On 10 March 2014 Tencent bought a 15 per cent stake in Chinese e commerce website JD com Inc by paying cash and handing over its e commerce businesses Paipai QQ Wanggou and a stake in Yixun to JD com to build a stronger competitor to Alibaba Group 58 On 22 May 2014 JD com got listed on NASDAQ and Tencent expanded its stake in the company to 17 43 on a fully diluted basis by investing an additional US 1 325 million 59 On 27 March 2014 it was announced that Tencent had agreed to pay about 500 million for a 28 per cent stake in South Korea s CJ Games 60 On 27 June 2014 Tencent announced that it had agreed to buy a 19 9 per cent stake in Chinese e commerce website 58 com WUBA Inc for 736 million 61 On 17 April 2015 Tencent announced it bought an additional 400 million worth of shares rising its stake in the company to about 25 62 On 16 October 2014 via its wholly held subsidiary Hongze Lake Investment Ltd Tencent announced that it had bought a 7 stake in lottery technology firm China LotSynergy Holdings Ltd for HKD 445 5 million US 57 4 million 63 On 23 October 2014 Tencent pitched in 145 million for a 10 per cent stake in Koudai Gouwu a Chinese mobile shopping portal 64 In November 2014 the company announced a deal with HBO which would give it exclusive rights for distribution in China 65 On 9 December 2014 Chinese taxi hailing app Didi Dache announced that it had raised more than 700 million in a funding round led by Tencent and Singaporean state investment firm Temasek Holdings 66 2015 2020 Continued investments edit nbsp BYD one of the chief corporate sponsors for Tencent nbsp Tencent Beijing office completed in the late 2010sIn January 2015 Tencent launched WeBank China China s first online only bank 67 On 30 January 2015 Tencent announced that it had signed a US 700 million deal with the National Basketball Association to stream American basketball games in China 68 Later that year Chinese automaker BYD became the chief corporate sponsor for Tencent s NBA broadcasts 69 On 21 June 2016 Tencent announced a deal to acquire 84 3 of Supercell developer of Clash of Clans with US 8 6 billion 70 In July 2016 Tencent acquired a majority stake in China Music Corporation 71 Private enterprises in China are required to have an in firm committee or branch of the Communist Party if three or more Party members are among their employees 72 227 In 2016 Tencent s Party branch was recognized as one of the one hundred best such branches in the country 72 230 It provides communications and education platforms including a Party activity hall WeChat channel and an intranet for Party members where they can takes classes related to the governance of China and Party policies 72 230 The Tencent Party Member Activity Center has a dedicated party member activity area of more than 6 000 square meters More than 1 million yuan is allocated for Party activities per year 73 In 2016 Tencent together with Foxconn and luxury car dealer Harmony New Energy Auto founded Future Mobility a car startup now defunct that aimed to sell all electric fully autonomous premium cars 74 On 28 March 2017 Tesla Inc announced Tencent had purchased a 5 stake in Tesla for US 1 78 billion the automotive control systems of which it subsequently successfully performed penetration testing until 2019 18 75 In a direct challenge to Chinese search engine Baidu in May 2017 Tencent entered news feed and search functions for its WeChat app which the Financial Times reported was used by 770 million people at the time 76 In May 2017 Tencent surpassed Wells Fargo to enter the world s top 10 most valuable companies 77 78 79 Tencent has also entered an agreement with the Wuhu City Council to build the world s first eSports town in the city which comprises an eSports theme park eSports university a cultural and creative park an animation industrial park creative block tech entrepreneurial community and Tencent Cloud s data center The site will be used for the education and accommodation of future eSports players as well as hosting national eSports events and serving as a hub for Tencent s game development Aside from Wuhu another eSports theme park is planned in Chengdu 80 81 In June 2017 Tencent became the 8th most valuable company in BrandZ s Top 100 Most Valuable Global Brands signalling its growing influence globally as well as the rise of Chinese brands 82 83 84 Alibaba overtook Tencent as Asia s most valuable company as its stocks surged after the company hosted its 2017 Investor s day 85 The company has also developed its own voice assistant Xiaowei and was in the midst of discussion to acquire Rovio Entertainment the developer of Angry Birds 86 87 At the same time Tencent introduced its mini programs feature that allows smartphone users to access mobile apps across the globe on WeChat without downloading them 88 In July 2017 Tencent bought a 9 share in Frontier Developments 89 the creator of the Elite Dangerous and Planet Coaster franchises as well as developer for Rollercoaster Tycoon 2 amp 3 90 In August 2017 after Tencent announced the second quarter 2016 financial report the stock price rose by 6 2 in the Hong Kong stock market and the market value reached US 429 billion 91 Tencent became the second Asian company after Alibaba Group to surpass US 400 billion market cap 92 Tencent has also created an alliance to its own AI self driving program similar to Baidu s Apollo Project recruiting numerous industry players in the automotive industry 93 94 It is also collaborating with L Oreal the world s largest cosmetics company to explore digital marketing under the Joint Business Partnership JBP agreement 95 According to a report by Sina Tech in October 2017 Tencent employed over 7 000 members of the Chinese Communist Party CCP and that CCP members took a leading role in the development of WeChat With over 7 000 CCP members accounting for approximately 23 of the total workforce and more than 60 of whom are core technical personnel the number of CCP members at Tencent is increasing by nearly a thousand every year In Tencent a leading internet company CCP members are becoming the main driving force in shaping the company s development direction 96 In November 2017 Tencent revealed that it had purchased a 12 stake in Snap Inc in the open market with plans to help establish Snapchat as a gaming platform 97 98 99 Tencent remained the largest video game publisher in the world by revenue and had a market capitalisation of around 475 billion In the same month Tencent announced that WeChat reached 980 million monthly active users 100 and said to be earmarking billions of dollars to amass a catalogue of user generated content in competition with YouTube 101 The company became the first Asian company to cross US 500 billion valuation surpassing Facebook to enter the top 5 list of the world s biggest firms 14 15 16 17 102 103 104 105 In January 2018 Tencent and The Lego Group the world s largest toy company teamed up to jointly develop online games and potentially a social network aimed at children 106 107 It also launched its first unmanned shop in Shanghai 108 Tencent led a US 5 2 billion investment in Wanda Commercial 109 together with JD com Sunac and Suning Group to acquire shares in the conglomerate Wanda Commercial was renamed Wanda Commercial Management Group 110 Tencent bought a 5 to 10 minority stake in Skydance Media 111 112 On 23 January 2018 Tencent and Carrefour reached strategic co operation agreement in China 113 114 115 On 15 August 2018 Tencent reported a profit decline in the second quarter of 2018 ending a growth streak of more than a decade as investment gains slid and the government s scrutiny of the gaming business weighed on the company 116 Shares of Tencent fell 3 in morning trade in Hong Kong after the rare drop in quarterly profit was reported extending a slide that has wiped nearly 50 billion in market value from the company in that week 117 The sell off dragged down many other Chinese internet stocks as well 117 On 6 September 2018 Luckin Coffee signed a strategic cooperation agreement with Tencent 118 119 In October 2019 Tencent began sending out refunds to customers after cancelling the broadcast of NBA games in response to the Houston Rockets general manager Daryl Morey s social media comments in support of protests in Hong Kong 120 In May 2020 Tencent purchased the rights to create System Shock 3 and any further sequels from OtherSide Entertainment 121 On 29 June 2020 Tencent acquired the video on demand service iflix in Kuala Lumpur Malaysia 122 In September 2020 Tencent picked Singapore as its hub in Asia joining rivals ByteDance and Alibaba in the race to reinforce their presence closer to home after complications in India and the United States 123 124 Lazy Audio was acquired from Shenzhen Lanren Online Technology Co for 2 7 billion yuan in January 2021 125 2021 present Regulatory scrutiny edit In July 2021 China s antitrust regulator formally blocked Tencent s plan to merge China s top two video game streaming sites Huya Live and DouYu after it had failed to come up with sufficient remedies to meet the SAMR s requirements on giving up exclusive rights This comes after the company recently withdrew the merger application for antitrust review and refiled it after SAMR told the company it could not complete the review of the merger within 180 days since its first filing Tencent s plan to take search engine Sogou private was approved by the SAMR 126 Tencent later announced too its intention to take DouYu private in part due to the unsuccessful merger but also due to lacklustre business performance and disagreements over strategy among company executives Tencent is currently the largest stakeholder in DouYu with a 37 stake 127 128 On 17 December 2021 Tencent announced it had acquired Slamfire Inc and its subsidiary Turtle Rock Studios the developer behind Left 4 Dead and Back 4 Blood 129 In January 2022 reports emerged that Tencent was one of the major tech conglomerates to receive a fine from the SAMR for failing to report their merger and acquisition M amp A deals in advance According to China s antitrust law official approval is required before the completion of a M amp A deal if the combined annual revenue of all entities involved is at least RMB 10 billion US 1 57 billion and at least two entities have at least RMB 400 million US 62 7 million in annual revenue Of the 13 deals cited in total by the SAMR each carried a fine of RMB 500 000 US 78 700 and Tencent received a total fine of RMB 4 5 million US 710 000 for its involvement in nine deals 130 On 11 January 2022 it was announced that Tencent was in talks to acquire Xiaomi backed Black Shark one of the largest gaming smartphone makers in China The acquisition would have been Tencent s first in a hardware maker and would have overseen Black Shark s transition into a manufacturer of VR headsets to support Tencent s plans for its metaverse business in the future Reports initially suggested that Black Shark would be acquired for RMB 2 7 billion US 420 million although Tencent walked away from the deal due to regulatory scrutiny of metaverse businesses in China 131 132 In June 2022 Tencent posted its slowest revenue gain since going public in 2004 partly caused by a 15 decrease in advertising revenue The decline was attributed to the pandemic and tighter regulations imposed by the Chinese government 133 In September 2022 Tencent acquired a 49 9 stake and 5 voting rights in Guillemot Brothers Limited Ubisoft s parent company 134 135 On 16 September 2022 Tencent took a minority stake in Mordhau studio Triternion 136 In November 2022 Tencent announced that it would divest the majority of its US 20 3 billion stake in Meituan through a dividend distribution to shareholders in part due to China s earlier regulatory crackdown on tech giants 137 In January 2023 OpenSecrets reported that Tencent spent over 6 3 million lobbying the U S federal government after coming under greater regulatory scrutiny in 2020 138 Majority owned subsidiary China Literature acquired Tencent Animation and Comics in December 2023 139 On December 22 2023 the Chinese government s regulations to curb online gaming cost Tencent 46 Billion in Market Capitalisation 140 Later on the 27th of December 2023 the first of trading after the Chinese government vowed to make improvements to the proposed gaming rules the firm s stock rose by 5 141 Also in December 2023 Tencent accelerated the pace of buybacks increasing the pace of daily purchases to about HK 1 billion with an average of HK 375 million per day and made a record HK 10 billion S 1 7 billion share purchase 142 Products and services editSocial media edit Launched in February 1999 143 Tencent QQ is Tencent s first and most notable product QQ is one of the most popular instant messaging platforms in its home market 144 As of 31 December 2010 there were 647 6 million active Tencent QQ IM user accounts 1 making Tencent QQ the world s largest online community at the time The number of QQ accounts connected simultaneously has at times exceeded 100 million 145 While the IM service itself is free a fee was being charged for mobile messaging as of 2006 146 Tencent also created QQ International which is an English version of QQ that allows communication with mainland accounts QQi is available for Windows and macOS 147 In 2005 Tencent launched Qzone a social networking blogging service integrated within QQ Qzone has become one of the largest social networking services in China with a user base of 645 million in 2014 31 148 On 10 April 2010 Tencent launched Tencent Weibo a microblogging service 149 WeChat is a mobile app with voice and text messaging and a timeline 150 It is the most popular social mobile application in China and some overseas Chinese communities for instance Malaysia As of 2017 WeChat has been unsuccessful in penetrating major international markets outside of China 151 Entertainment edit Video games edit Main article Tencent Games nbsp Riot Games is one of Tencent s notable subsidiaries known for creating the multiplayer online battle arena game League of Legends It is one of the first game developers to receive investment from Tencent Tencent publishes video games via its Tencent Games division of Tencent Interactive Entertainment It has five internal studio groups under it TiMi Studio Group Lightspeed Studios Aurora Studio Group Morefun Studio and Next Studio 152 153 154 155 156 Outside of companies subsidiary of its game division Tencent as a whole has many major and minor investments in domestic and since the 2010s foreign game companies Foreign studio assets edit Company Location First investment date As of date Ownership stake Ref s Funcom Norway September 2019 January 2020 Wholly owned 157 158 Leyou Athlon Games Digital Extremes Splash Damage Hong Kong December 2020 159 160 Riot Games United States September 2009 December 2015 161 Sharkmob Sweden March 2019 162 Sumo Group United Kingdom November 2019 January 2022 163 164 Visual Arts Key KineticNovel Japan July 2023 Majority 165 Turtle Rock Studios United States December 2021 129 Wake Up Interactive Soleil Valhalla Game Studios Hong Kong November 2021 166 Inflexion Games Canada February 2022 167 Fulqrum Publishing Poland February 2022 168 Techland Poland 24 July 2023 169 Tequila Works Spain March 2022 170 Klei Entertainment Canada January 2021 171 10 Chambers Collective Sweden October 2020 172 Yager Development Germany February 2020 June 2021 173 174 Fatshark Sweden January 2019 January 2021 175 176 Miniclip Switzerland February 2015 177 Supercell Finland June 2016 84 178 Grinding Gear Games New Zealand May 2018 80 179 180 181 Don t Nod France January 2021 40 4 182 Epic Games United States June 2012 40 183 Pocket Gems Japan 2015 May 2017 38 184 Sea Ltd Garena Singapore 2010 March 2019 20 08 185 186 187 188 189 Bloober Team Poland October 2021 22 190 Marvelous Japan May 2020 20 191 Shift Up South Korea December 2022 20 192 Netmarble South Korea September 2018 17 66 193 FromSoftware Japan August 2022 16 25 194 Kakao South Korea May 2012 13 54 195 196 Krafton Bluehole Studio South Korea August 2018 13 6 197 Ubisoft France March 2018 9 99 198 199 200 Frontier Developments United Kingdom July 2017 9 201 Kadokawa Corporation Japan October 2021 6 86 202 203 Paradox Interactive Sweden March 2016 5 204 Remedy Entertainment Finland May 2021 3 8 205 Other notable investments include Discord February 2015 206 Roblox Corporation February 2020 207 Lockwood Publishing November 2020 208 PlatinumGames January 2020 209 Aiming December 2014 210 Novarama March 2022 211 Triternion September 2022 212 Riffraff Games March 2022 213 Offworld Industries March 2022 214 Bohemia Interactive February 2021 215 Payload Studios February 2021 216 Playtonic Games November 2021 217 Voodoo August 2020 218 and Lighthouse Games July 2023 219 Former foreign stakes edit Tencent had a 14 46 stake in Glu Mobile before Glu was acquired by Electronic Arts in 2019 220 221 222 Tencent had invested in Playdots which was acquired by Take Two Interactive in August 2020 223 Tencent invested in Activision Blizzard as a minority investor with 5 in 2013 when the holding company bought itself from the Vivendi conglomerate which was part of it since 2008 224 225 Tencent s Sumo Group subsidiary wholly owned Pipeworks Studios until it was sold to Jagex for an undisclosed sum in July 2022 226 Domestic investments edit 20 ownership of Chinese company Wangyuan Shengtang which publishes among others the GuJian franchise 2021 227 18 6 ownership of Chinese company iDreamSky which mainly develops and publishes mobile games for the Chinese market 5 ownership of Chinese company Century Huatong which operates games developed by FunPlus 228 Tencent became a shareholder through an investment in Century Huatong s subsidiary Shengqu Games 229 5 ownership of Chinese company Game Science responsible for the development of Black Myth Wukong 2021 230 Television and cinema edit Main article List of Tencent Video original programming In April 2009 Tencent launched iTQQ a smart interactive television service in a joint effort with TCL 144 In 2015 Tencent launched Tencent Pictures Chinese 腾讯影业 a film distributor and a production company that creates and distributes films based on books comic books animated series and video games 231 In the same year Tencent launched Tencent Penguin Pictures Chinese 腾讯企鹅影视 a production unit focusing on online dramas and minor investments in feature films 232 It is under the Online Media Business Unit at Tencent and works closely with Tencent Video 233 Comics edit On 21 March 2012 Tencent launched Tencent Comic and would later become China s largest online animation platform 234 In September 2017 Tencent has announced plans to introduce Chinese online comics to every market around the world with the first being North America It will be working with San Francisco based digital publisher Tapas Media a partnership that will see English language releases of several popular online Chinese titles 235 Music edit Main articles QQ Music and JOOX In 2014 Tencent established exclusive in China distribution agreements with several large music producers including Sony Warner Music Group and YG Entertainment 236 and in 2017 it signed a deal with Universal Music Group to stream its music in China It also entered a partnership with Alibaba Group on music streaming rights sharing The deal aims to protect licensed streaming services offering copyrighted content of the music industry encouraging more high quality and original music as well as developing China s fast growing streaming market Alibaba will gain the rights to stream music from international labels which already have exclusive deals with Tencent in return for offering reciprocal rights to its catalogue of Chinese and Japanese music 237 238 In December 2017 Tencent s music arm Tencent Music Entertainment TME and Spotify agreed to swap a 10 stake in each other s music businesses 239 forming an alliance in the music industry which Martin Lau president of Tencent described as a strategic collaboration 240 241 In October 2019 Tencent Music reached a streaming music distribution agreement with CD Baby and TuneCore to provide independent music artists who distribute music through CD Baby and TuneCore access to the Chinese music market through Tencent s music streaming services QQ Music KuGou and Kuwo 242 In March 2020 Tencent acquired 10 of Vivendi s stake in Universal Music Group the world s largest music group In addition it was given the option to buy another 10 with the same conditions 243 244 In June 2020 Tencent bought 1 6 of Warner Music Group s shares after WMG launched its IPO in the same month 245 Video streaming edit In June 2011 Tencent launched Tencent Video a video streaming website 246 It also controls the live streaming platform Huya Live and has stakes in other major Chinese game live streaming platform operators including DouYu Kuaishou and Bilibili 247 In March 2020 Tencent started testing Trovo Live a live streaming service for worldwide users 248 Since June 2020 it owns the Malaysian Video on demand service Iflix Virtual reality edit In late April 2017 Tencent announced it was preparing to launch its virtual reality headset that year 249 In December 2022 Jia Wang deputy director of the Technology Service Center at Tencent s office in Palo Alto California spoke with WIPO Magazine about the impact of technologies such as augmented reality virtual reality and artificial intelligence on the industry highlighting the importance of Intellectual property protection to ensure that developers are able to make a return on their investments and continue to innovate 250 E commerce edit In September 2005 Tencent launched PaiPai com Chinese 拍拍 pinyin pai pai a C2C auction site 144 In addition to PaiPai com Tencent launched TenPay an online payment system similar to PayPal which supports B2B B2C and C2C payments 251 In response to the dominance of the Chinese e commerce market by Tencent competitor Alibaba Group Tencent took great effort in its e commerce platforms On 10 March 2014 Tencent bought a 15 per cent stake in Chinese e commerce website JD com Inc by paying cash and handing over its e commerce businesses Paipai com QQ Wanggou and a stake in Yixun to JD com as well as purchasing a stake in e commerce website 58 Tongcheng 58 252 In accordance to this agreement JD com would receive exclusive access to Tencent s WeChat and MobileQQ platforms 253 In May 2014 JD became the first Chinese e commerce company to be listed on the NASDAQ exchange under its ticker JD 253 On 31 December 2015 JD announced that they will stop supporting services on Paipai com after being unable to deal with issues involving fake goods and had integrated the Paipai com team within its other e commerce platforms In a 3 month transitional period Paipai com would be fully shut down by 1 April 2016 254 JD relaunched PaiPai com as PaiPai Second Hand 拍拍二手 to compete alongside 58 Tongcheng s Zhuanzhuan com both partially owned by Tencent against Alibaba s Xianyu in the second hand e commerce market 255 256 Tencent was reported in 2017 to be working with China s Central Bank to develop a central payments clearing platform for online payments 257 On 31 December 2021 it was reported Tencent had bought a stake in the UK digital bank Monzo 258 259 Utility software edit In March 2006 Tencent launched its search engine Soso com 搜搜 to search 260 261 On 1 October 2012 it was the 33rd most visited website in the world 11th most visited in China as well as the 8th most visited website in South Korea according to Alexa Internet 262 It was also a Chinese partner of Google using AdWords 263 In September 2013 Tencent discontinued Soso com after it invested in Sogou and replaced Soso com with Sogou Search as its main search engine 264 In 2008 Tencent released a media player available for free download under the name QQ Player 265 Tencent also launched Tencent Traveler a web browser based on Trident It became the third most visited browser in China in 2008 266 267 QQ Haiwai is Tencent s first venture into international real estate listings and information and is the result of a partnership with Chinese international real estate website Juwai com Haiwai was announced at Tencent s annual regional summit in Beijing on 21 December 2016 268 269 In 2017 Tencent launched its own credit score system called Tencent Credit with a process similar to that of Sesame Credit operated by its competitor the Alibaba Group through its subsidiary Ant Financial 270 Healthcare and insurance edit Tencent has created WeChat Intelligent Healthcare Tencent Doctorwork and AI Medical Innovation System AIMIS 271 Tencent Doctorwork has also merged with Trusted Doctors 272 Tencent officially commences operations of its first insurance agency platform WeSure Internet Insurance Ltd WeSure to work with domestic insurance companies such as Ping An Insurance 273 In August 2017 Tencent released AI Medical Innovation System AIMIS 274 or Miying 275 觅影 in Chinese which has two core competencies AI medical imaging and AI assisted diagnosis AI Medical Innovation System AIMIS is capable of helping doctors screen for several diseases such as diabetic retinopathy lung cancer and esophageal cancer through its AI assisted medical image analysis Its AI assisted medical diagnosis engine allows doctors to identify and estimate the risk of more than 700 diseases improving the accuracy and efficiency of their diagnosis The system is undergoing clinical validation in more than 100 major Chinese hospitals It has already helped doctors read more than 100 million medical images and served nearly one million patients Tencent s data shows that recognition accuracy reaches 90 for esophageal cancer 97 for diabetic retinopathy and 97 2 for colorectal cancer In general Chinese medical institutions and companies are taking a proactive attitude toward AI Nearly 80 of hospitals and medical enterprises plan to carry out or have already carried out medical AI applications and more than 75 of hospitals believe that these applications will become popular in the future 276 During the COVID 19 pandemic Tencent helped source 1 2 million protective masks for American medical staff combating the virus 277 Data processing edit On 27 March 2020 a co innovation lab was launched by Tencent who will be in collaborations with Huawei in developing a cloud based game platform by tapping into Huawei s Kunpeng processor s power to build Tencent s GameMatrix cloud game platform Along with further exploration in the possibilities of artificial intelligence and augmented reality elements in game 278 In October 2020 Tencent s AIMIS Image Cloud was introduced 279 AIMIS Image Cloud was designed to help patients manage their medical images and give permission to medical professionals to access their exams and reports The AIMIS platform supports full images on the cloud to reduce repeated exams It can also connect medical institutions at all levels through cloud based Picture Archiving and Communication Systems PACS allowing patients to take examinations in primary medical institutions and obtain expert diagnosis remotely Doctors can conduct online consultations through Tencent real time audio and video facilities when they encounter difficult cases and work collaboratively on images to communicate more efficiently 279 On 26 May 2020 Tencent announced it planned to invest 500 billion yuan US 70 billion over the next five years in new digital infrastructure a major hi tech initiative that would bolster Beijing s efforts to drive economic recovery in the post coronavirus era 280 Accessibility edit Tencent received the Zero Project Award 2023 for innovative ICT solutions for persons with disabilities Originating from Tencent s game development MTGPA Magic Tencent Game Performance Amelioration Haptics is transmitting vibro tactile signals to the user which support orientation and notification Typical customers are persons with visual impairments or the elderly 281 Connected to the Tencent Map app MTGPA Haptics guides customers indoors and outdoors through long and short vibrations in case of deviations from the planned route 281 Other edit Tencent announced its WeCity project in 2019 through which it seeks to develop a smart city solution for digital governance urban management and decision making and industrial interconnections 282 65 In June 2020 Tencent has unveiled plans for an urban development dubbed Net City 282 65 a 21 million square foot development equivalent in size to Monaco in Shenzhen The development will be built on reclaimed land 282 65 It will prioritize pedestrians green spaces and self driving vehicles It will include corporate offices a school apartments sports facilities parks and retail space according to the project s architect NBBJ 283 284 At the end of June 2020 Tencent has increased its direct stake in Nio to 15 1 after acquiring more of the Chinese electric vehicle maker s New York listed shares recently 285 Tencent spent 10 million to buy 1 68 million American Depositary Shares earlier in the month according to Nio s latest filing with the U S Securities and Exchange Commission The Shenzhen based social media and entertainment conglomerate also controls another 16 stake in Nio s ADSs through three of its units Tencent was the second largest Nio shareholder in terms of voting rights after Li Bin founder of the automaker who held 13 8 in shares but 47 voting rights according to a March filing by the company As of 8 July they bought another amount of shares increasing their stake in Nio to 16 3 Corporate governance edit nbsp Ma Huateng also known as Pony Ma is the main co founder of Tencent and is currently the conglomerate s CEO and chairman nbsp Martin Lau who helped with the company s IPO as an investment banker at Goldman Sachs is currently Tencent s president Tencent s largest shareholder is Prosus majority owned by Naspers which owns 25 6 of all shares 286 2 and hence is the controlling shareholder 287 However Ma Huateng co founder of Tencent still owns a significant stake 8 42 Tencent s headquarters is currently the Tencent Binhai Mansion also known as the Tencent Seafront Towers which is located in Shenzhen s Nanshan District 288 In addition to its headquarters in Shenzhen Tencent also has offices in Beijing Shanghai Chengdu and Guangzhou 289 Tencent has a unitary board consisting of Tencent co founder CEO and chairman Ma Huateng also known as Pony Ma executive director and President of Tencent Martin Lau non executive directors Jacobus Koos Bekker and Charles Searle of Naspers and independent non executive directors Li Dongsheng Iain Bruce Ian Stone and Yang Siushun 290 Tencent s governance is aided by its Strategy Department commonly known as SD which provides business analytics for the corporation s various divisions 291 Largest Shareholders edit Around 44 of Tencent shares are held by the general public and around 24 are held by institutions Around 26 are hold by Naspers The largest shareholders in early 2024 were 286 Naspers Limited 25 6 Ma Huateng 7 63 The Vanguard Group 2 68 BlackRock 2 22 Norges Bank 1 11 Ma Huateng Global Foundation 1 02 JP Morgan Asset Management 0 81 E Fund Management 0 79 Fidelity 0 71 Baillie Gifford amp Co 0 63 Subsidiaries edit Tencent has at least four Wholly Foreign Owned Enterprises and nearly twenty subsidiaries 31 Tencent Technology Shenzhen Co Ltd edit A software development unit that has created among others Tencent Traveler and later versions of QQ IM 292 as well as some mobile software 293 This subsidiary is located on the Southern District of Hi Tech Park Shenzhen 292 It also holds a number of patents related to instant messaging and massively multiplayer online game gaming 294 Shenzhen Yayue Technology edit In 2023 an entity controlled by the state owned China Internet Investment Fund took a golden share investment in Shenzhen Yayue Technology 295 The stock price of Tencent sank when news of the deal was published 296 Research editIn 2007 Tencent invested over RMB100 million in the establishment of the Tencent Research Institute which became China s first research center dedicated to core Internet technologies 297 The campuses are located in Beijing Shanghai and Shenzhen 298 Chinese government partnerships editFor the occasion of the 19th National Congress of the Chinese Communist Party Tencent released a mobile game titled Clap for Xi Jinping An Awesome Speech in which players have 19 seconds to generate as many claps as possible for the party leader 299 In August 2019 it was reported that Tencent collaborated with the Guangdong Propaganda Department of the Chinese Communist Party and the People s Daily to develop patriotic games 300 301 In a December 2020 article in Foreign Policy a former senior official of the Central Intelligence Agency stated that the CIA concluded that Tencent received funding from the Ministry of State Security early on in its foundation This was said to be a seed investment that was provided when they were trying to build out the Great Firewall and the monitoring technology Tencent denied this allegation 302 In 2021 it was reported that Tencent and Ant Group were working with the People s Bank of China to develop a Central bank digital currency 303 304 In June 2022 Tencent partnered with Shanghai United Media Group to launch a plan to develop domestic and foreign influencers 305 Controversies editAllegations of copying edit Many of Tencent s software and services share similarities to those of competitors 306 307 308 309 310 311 and to their own 312 The founder and chairman Huateng Pony Ma famously said To copy is not evil A former CEO and president of SINA com Wang Zhidong said Pony Ma is a notorious king of copying Jack Ma of Alibaba Group stated The problem with Tencent is the lack of innovation all of their products are copies 313 In 1996 an Israeli company named Mirabilis released one of the first stand alone instant messaging clients named ICQ 314 Three years later Tencent released a copied version of ICQ naming it OICQ which stands for Open ICQ 315 After losing a lawsuit against AOL which bought ICQ in 1998 for violating ICQ s intellectual property rights Tencent released a new version of OICQ in December 2000 and rebranded it QQ 316 With its model of free to use and charging for customizing personal avatars QQ hit 50 million users in its second year 856 million users and at most 45 3 million synchronous users in 2008 315 During early stages of company development and expansion Tencent has been widely accused of stealing ideas from its competitors and creating counterfeit copies of their products 317 316 Some of the criticisms aimed at Tencent in this regard are that QQ farm was a direct copy of Happy Farm QQ dance originated from Audition Online and that QQ speed featured gameplay highly similar to Crazyracing Kartrider 318 In January 2023 Tencent s trailer for their new MMORPG Tarisland was said to resemble Blizzard s World of Warcraft 319 Tencent s acquisitions edit In a partial effort to rebuild the reputation of Tencent lost from allegations of copying Tencent adjusted its strategy by aggressively investing in the acquisition of other companies rather than in the replication of them By 2020 Tencent had invested in over 800 companies across the world 317 During 2012 and 2019 Tencent has invested from minority stakes to majority stakes in world wide famous game companies such as Riot Games Epic Games Activision Blizzard SuperCell and Bluehole 320 While aggressive acquisitions may benefit Tencent due to factors such as reduction in competition and monopolization it may not benefit the acquired companies in terms of their growth and innovation Colin Huang founder of Pinduoduo said Tencent won t die when Pinduoduo dies because it has tens of thousands of sons 321 Security concerns edit In 2015 security testing firms AV Comparatives AV TEST and Virus Bulletin jointly decided to remove Tencent from their software whitelists The Tencent products supplied for testing were found to contain optimisations that made the software appear less exploitable when benchmarked but actually provided greater scope for delivering exploits 322 Additionally software settings were detrimental to end users protection if used Qihoo was later also accused of cheating while Tencent was accused of actively gaming the anti malware tests 323 324 Censorship edit Tencent s WeChat platform has been accused of blocking TikTok videos and the censorship of politically sensitive content 325 326 327 In April 2018 TikTok sued Tencent and accused it of spreading false and damaging information on its WeChat platform demanding RMB 1 million in compensation and an apology In June 2018 Tencent filed a lawsuit against Toutiao and TikTok in a Beijing court alleging they had repeatedly defamed Tencent with negative news and damaged its reputation seeking a nominal sum of RMB 1 million in compensation and a public apology 328 In response Toutiao filed a complaint the following day against Tencent for allegedly unfair competition and asking for RMB 90 million in economic losses 329 However Tim Sweeney the CEO and founder of Epic Games maker of the popular game Fortnite tweeted that his company would never follow suit and punish people for expressing their opinions even though Tencent is a 40 stakeholder in Epic 330 In a statement Sweeney said it would never happen on his watch and emphasized that Epic is an American company implying that it would not compromise an ethos of free speech to curry favor with Chinese authorities in the pursuit of maximum profit 331 Later in October 2019 Tencent announced it would stop broadcasting Houston Rockets NBA games in China due to a tweet made by Daryl Morey general manager of the Rockets that was supportive of protestors in the 2019 2020 Hong Kong protests Although Morey s tweet was hastily deleted news of it was quickly reported all around the world and the NBA went on to spend months attempting damage control in China 332 In December 2019 the Chinese government ordered Tencent to improve the firm s user data rules for its apps which regulators regarded to be in violation of censorship rules 333 In January 2021 a proposed class action lawsuit was filed in California against Tencent alleging user censorship and surveillance via WeChat 334 In November 2022 Sustainalytics downgraded Tencent to non compliant with the United Nations Global Compact principles due to complicity with censorship 335 2020 U S executive order on WeChat edit On 6 August 2020 President Donald Trump signed two executive orders one directed at TikTok and one at WeChat The TikTok order dictated that within 45 days from its signing 20 September 2020 that it would ban transactions involving the TikTok app with ByteDance effectively banning the TikTok app in the United States under threat of penalty TikTok sued Trump over the executive order which was later revoked under Joe Biden s administration causing the lawsuit to be dismissed in July 2021 The order for WeChat contained the same information but targeting the WeChat app and related transactions for Tencent In the case of ByteDance the order would be canceled should an American company acquire it which Microsoft had been openly spoken of but there are unlikely any immediate buyers for Tencent in the U S 336 Los Angeles Times reporter Sam Dean affirmed from the White House that this 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