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Wikipedia

Tencent

February 03, 2023

Tencent Holdings Ltd. (Chinese: 腾讯; pinyin: Téngxùn) is a Chinese multinational technology and entertainment 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 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
TypePublic
ISINKYG875721634
IndustryConglomerate
Founded11 November 1998; 24 years ago (1998-11-11)
Founders
HeadquartersTencent Binhai Mansion, Nanshan District, Shenzhen, Guangdong, China
Area served
Worldwide
Key people
Products
Revenue ¥560.118 billion RMB (US$86.84 billion) (2021)[1]
¥271.62 billion RMB (US$42.11 billion) (2021)[1]
¥227.81 billion RMB (US$35.32 billion) (2021)[1]
Total assets ¥1.612 trillion RMB (US$249.98 billion) (2021)[1]
Total equity ¥876.693 billion RMB (US$135.92 billion) (2021)[1]
OwnerNaspers (30.86%; since 2019 through Prosus)[2]
Ma Huateng (8.42%)
Tony Zhang (3.5%)[3]
Number of employees
112,771 (2021)[1]
Divisions
SubsidiariesFatshark
Funcom
Grinding Gear Games
Iflix
Klei Entertainment
Leyou
Miniclip
Riot Games
Sharkmob
Sixjoy
Supercell
Turtle Rock Studios
Yager Development
Fulqrum Publishing
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] In September 2022, Tencent bought back $2.3B worth of stock.[28]

History

1998–2010: Founding and growth

Tencent was founded by Pony Ma, Zhang Zhidong, Xu Chenye, Charles Chen and Zeng Liqing in November 1998[29] as Tencent Inc,[30] incorporated 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 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 2021, it owns 30.86% 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.[37]

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[38] and clothing,[29] had also become income generators.[29] By 2008, Tencent was seeing profit growth from the sale of virtual goods.[39]

While Tencent's services have included online gaming since 2004, around 2007/2008 it rapidly increased its offerings by licensing games.[40] While at least two, Crossfire and Dungeon Fighter Online, were originally produced by South Korean game developers, Tencent now makes its own games.[40] 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.[41][42][43][44]

2011–2014: Early investments

On 18 February 2011, Tencent acquired a majority of equity interest (92.78%)[45] 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.[46][47] Tencent acquired a minority stake in Epic Games, developer of franchises like Fortnite, Unreal, Gears of War and Infinity Blade, in June 2012.[48] That year, Tencent acquired ZAM Network, parent of Wowhead and other websites, from Brock Pierce.[49]

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.[50] Tencent took part in Activision Blizzard splitting from Vivendi as a passive investor in 2013[51][52] and now owns less than 4.9% of the shares as of 2017.[53] 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.[54]

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.[55] On 27 February 2014, Tencent purchased a 20-percent stake in restaurant ratings and group-buying website Dianping for $400 million.[56] On 10 March 2014, Tencent bought a 15 percent 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.[57]

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.[58] On 27 March 2014, it was announced that Tencent had agreed to pay about $500 million for a 28 percent stake in South Korea's CJ Games.[59] On 27 June 2014, Tencent announced that it had agreed to buy a 19.9 percent stake in Chinese e-commerce website 58.com (WUBA) Inc. for $736 million.[60] On 17 April 2015, Tencent announced it bought an additional $400 million worth of shares, rising its stake in the company to about 25%.[61] 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).[62]

On 23 October 2014, Tencent pitched in $145 million for a 10 percent stake in Koudai Gouwu, a Chinese mobile shopping portal.[63] In November 2014, the company announced a deal with HBO which would give it exclusive rights for distribution in China.[64] 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.[65]

2015–2020: Continued investments

 
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.[66] 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.[67] Later that year, Chinese automaker BYD became the chief corporate sponsor for Tencent's NBA broadcasts.[68] On 21 June 2016 Tencent announced a deal to acquire 84.3% of Supercell, developer of Clash of Clans, with US$8.6 billion.[69] In July 2016, Tencent acquired a majority stake in China Music Corporation.[70]

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.[71] 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][72]

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.[73]

In May 2017, Tencent surpassed Wells Fargo to enter the world's top 10 most valuable companies.[74][75][76] 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.[77][78]

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.[79][80][81] Alibaba overtook Tencent as Asia's most valuable company as its stocks surged after the company hosted its 2017 Investor's day.[82] 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.[83][84] 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.[85]

In July 2017, Tencent bought a 9% share in Frontier Developments,[86] the creator of the Elite: Dangerous and Planet Coaster franchises; as well as developer for Rollercoaster Tycoon 2 & 3.[87] 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.[88] Tencent became the second Asian company after Alibaba Group to surpass US$400 billion market cap.[89] 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.[90][91] It is also collaborating with L'Oréal, the world's largest cosmetics company, to explore digital marketing under the Joint Business Partnership (JBP) agreement.[92]

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.[93][94][95] 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,[96] and said to be earmarking billions of dollars to amass a catalogue of user-generated content, in competition with YouTube.[97] 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][98][99][100][101]

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.[102][103] It also launched its first unmanned shop in Shanghai.[104] Tencent led a US$5.2 billion investment in Wanda Commercial,[105] together with JD.com, Sunac and Suning Group, to acquire shares in the conglomerate. Wanda Commercial was renamed Wanda Commercial Management Group.[106] Tencent bought a 5% to 10% minority stake in Skydance Media.[107][108] On 23 January 2018, Tencent and Carrefour reached strategic co-operation agreement in China.[109][110][111]

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.[112] 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.[113] The sell-off dragged down many other Chinese internet stocks as well.[113]

On 6 September 2018, Luckin Coffee signed a strategic cooperation agreement with Tencent.[114][115]

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.[116]

On 29 June 2020, Tencent acquired the video-on-demand service iflix in Kuala Lumpur, Malaysia.[117]

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.[118][119]

2021–present: Regulatory scrutiny

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.[120] 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.[121][122]

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.[123]

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.[124]

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.[125][126]

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.[127]

In September 2022, Tencent acquired a 49.9% stake and 5% voting rights in Guillemot Brothers Limited, Ubisoft's parent company.[128][129]

On 16 September 2022, Tencent took a minority stake in Mordhau studio Triternion.[130]

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.[131]

Products and services

Social media

Launched in February 1999,[132] Tencent QQ is Tencent's first and most notable product, QQ is one of the most popular instant messaging platforms in its home market.[133][134] 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.[135] While the IM service itself is free, a fee was being charged for mobile messaging as of 2006.[136] 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.[137] 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][138]

On 10 April 2010, Tencent launched Tencent Weibo, a microblogging service.[139]

WeChat[140] is a mobile app with voice- and text messaging and a timeline.[141] 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.[142]

Entertainment

Video games

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 and holds many investments in domestic and, since the 2010s, foreign game companies.[143][144][145][146][147] It has five internal studio groups, TiMi Studio Group, Lightspeed Studios, Aurora Studio Group, Morefun Studio and Next Studio.

Foreign investments
Company Location Ownership stake First investment date Last stake change date Ref(s).
Funcom Norway 100% September 2019 January 2020 [148][149]
Leyou (Athlon Games, Digital Extremes, Splash Damage) Hong Kong 100% December 2020 [150][151]
Riot Games United States 100% February 2011 December 2015 [152]
Sharkmob Sweden 100% March 2019 [153]
Sumo Group United Kingdom 100% November 2019 January 2022 [154][155]
Turtle Rock Studios United States 100% December 2021 [123]
Wake Up Interactive (Soleil, Valhalla Game Studios) Hong Kong 100% November 2021 [156]
Inflexion Games Canada 100% February 2022 [157]
Fulqrum Games Poland 100% February 2022 [158]
Supercell Finland 84% June 2016 [159]
Grinding Gear Games New Zealand 80% May 2018 [160][161][162]
Epic Games United States 40% June 2012 [163]
Pocket Gems Japan 38% 2015 May 2017 [164]
Sea Ltd (Garena) Singapore 20% 2010 March 2019 [165][166][167][168]
Don't Nod France 22.63% January 2021 [169]
Bloober Team Poland 22% October 2021 [170]
Marvelous (G-Mode, Xseed Games) Japan 20% May 2020 [171]
Netmarble South Korea 17.66% September 2018 [172]
FromSoftware Japan 16.25% August 2022 [173]
Kakao South Korea 13.54% May 2012 [174][175]
Krafton (Bluehole Studio) South Korea 13.6% August 2018 [176]
Ubisoft France 9.99% March 2018 [177][178][179]
Frontier Developments United Kingdom 9% July 2017 [180]
Kadokawa Corporation Japan 6.86% October 2021 [181][182]
Paradox Interactive Sweden 5% March 2016 [183]
Remedy Entertainment Finland 3.8% May 2021 [184]
Fatshark Sweden Majority January 2019 January 2021 [185][186]
Miniclip Switzerland Majority February 2015 [187]
Tequila Works Spain Majority March 2022 [188]
Klei Entertainment Canada Majority January 2021 [189]
10 Chambers Collective Sweden Majority October 2020 [190]
Yager Development Germany Majority February 2020 June 2021 [191][192]
Voodoo France Minority August 2020 [193]
Bohemia Interactive Czech Republic Minority February 2021 [194]
Payload Studios United Kingdom Minority February 2021 [195]
Playtonic Games United Kingdom Minority November 2021 [196]
Riffraff Games New Zealand Minority March 2022 [197]
Offworld Industries Canada Minority March 2022 [198]
Triternion Slovenia Minority September 2022 [199]
Discord United States February 2015 [200]
Roblox Corporation United States February 2020 [201]
Lockwood Publishing United Kingdom November 2020 [202]
PlatinumGames Japan January 2020 [203]
Aiming Japan December 2014 [204]
Novarama Spain March 2022 [205]
Former foreign stakes
Domestic investments
  • 20% ownership of Chinese company Wangyuan Shengtang, which publishes, among others, the Gujian franchise.[213]
  • 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.[214] Tencent became a shareholder through an investment in Century Huatong's subsidiary Shengqu Games.[215]
  • 5% ownership of Chinese company Game Science, responsible for the development of Black Myth: Wukong.[216][217]

Television and cinema

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.[133]

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.[218] 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.[219] It is under the Online Media Business Unit at Tencent and works closely with Tencent Video.[220]

Comics

On 21 March 2012, Tencent launched Tencent Comic, and would later become China's largest online animation platform.[221]

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.[222]

Music

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[223] 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.[224][225]

In December 2017, Tencent's music arm, Tencent Music Entertainment (TME) and Spotify agreed to swap 10% stake and invested in each other's music businesses,[226] forming an alliance in the music industry in which Martin Lau (president of Tencent) described it as a "strategic collaboration".[227][228]

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.[229]

In March 2020, Tencent acquired 10% of Vivendi's stake in Universal Music Group, world's largest music group. In addition, it was given the option to buy another 10% with the same condition.[230][231]

In June 2020, Tencent bought 1.6% of Warner Music Group's shares after WMG launched its IPO in the same month.[232]

Video streaming

In June 2011, Tencent launched Tencent Video, a video streaming website.[233] 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.[234] In March 2020, Tencent started testing Trovo Live, a live-streaming service for worldwide users.[235] Since June 2020, it owns the Malaysian Video-on-demand service Iflix.

Virtual reality

In late April 2017, Tencent announced it was preparing to launch its virtual reality headset that year.[236]

E-commerce

In September 2005, Tencent launched PaiPai.com (Chinese: 拍拍; pinyin: pāi pāi), a C2C auction site.[133] In addition to PaiPai.com, Tencent launched TenPay, an online payment system similar to PayPal, which supports B2B, B2C, and C2C payments.[237]

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 percent 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.[57][238] In accordance to this agreement, JD.com would receive exclusive access to Tencent's WeChat and MobileQQ platforms.[239] In May 2014, JD became the first Chinese e-commerce company to be listed on the NASDAQ exchange, under its ticker 'JD'.[239]

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.[240] 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.[241][242]

Tencent was reported in 2017 to be working with China's Central Bank to develop a central payments clearing platform for online payments.[243]

On 31 December 2021, it was reported Tencent had bought a stake in the UK digital bank, Monzo.[244][245]

Utility software

In March 2006, Tencent launched its search engine Soso.com (搜搜; to search).[246][247] 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.[248] It was also a Chinese partner of Google, using AdWords.[249] In September 2013, Tencent discontinued Soso.com after it invested in Sogou and replaced Soso.com with Sogou Search as its main search engine.[250]

In 2008, Tencent released a media player, available for free download, under the name QQ Player.[251] Tencent also launched Tencent Traveler, a web browser based on Trident. It became the third most-visited browser in China in 2008.[252][253]

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.[254][255]

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.[256]

Healthcare and insurance

Tencent has created WeChat Intelligent Healthcare, Tencent Doctorwork, and AI Medical Innovation System (AIMIS)[257] Tencent Doctorwork has also merged with Trusted Doctors[258]

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.[259]

In August 2017, Tencent released AI Medical Innovation System (AIMIS)[260] or Miying[261] (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.[262]

During the COVID-19 pandemic, Tencent helped source 1.2 million protective masks for American medical staff combating the virus.[263]

Data processing

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.[264]

In October 2020, Tencent's AIMIS Image Cloud was introduced.[265] 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.[265]

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.[266]

Other

In June 2020, Tencent has unveiled plans for an urban development dubbed "Net City", a 21-million-square-foot development, equivalent in size to Monaco, in Shenzhen. 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.[267][268]

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.[269] 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

 
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 30.86% of all shares[2] and hence is the controlling shareholder.[270] 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.[271] In addition to its headquarters in Shenzhen, Tencent also has offices in Beijing, Shanghai, Chengdu, and Guangzhou.[272]

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.[273] Tencent's governance is aided by its Strategy Department, commonly known as SD, which provides business analytics for the corporation's various divisions.[274]

Subsidiaries

Tencent has at least four wholly foreign-owned enterprises and nearly twenty subsidiaries.[31]

Tencent Technology (Shenzhen) Co., Ltd.

A software development unit that has created, among others, Tencent Traveler and later versions of QQ IM,[275] as well as some mobile software.[276] This subsidiary is located on the Southern District of Hi-Tech Park, Shenzhen.[275] It also holds a number of patents related to instant messaging and massively multiplayer online game gaming.[277]

Research

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.[278] The campuses are located in Beijing, Shanghai, and Shenzhen.[279]

Chinese government partnerships

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.[280]

In August 2019, it was reported that Tencent collaborated with the Publicity Department of the Chinese Communist Party and the People's Daily to develop "patriotic games."[281][282]

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.[283]

In 2021, it was reported that Tencent and Ant Group were working with the People's Bank of China to develop a digital currency.[284][285]

Controversies

Allegations of copying

Many of Tencent's software and services share similarities to those of competitors,[286][287][288][289][290][291] and to their own.[292] 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."[293]

In 1996, an Israeli company named Mirabilis released one of the first stand alone instant messaging clients named ICQ.[294] Three years later, Tencent released a copied version of ICQ, naming it OICQ, which stands for Open ICQ.[295] 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.[296] 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.[295]

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.[297][296] 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.[298]

Tencent's acquisitions

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.[297] 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, Bluehole.[299] 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.”[300]

Security concerns

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.[301] 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.[302][303]

Censorship

Tencent's WeChat platform has been accused of blocking TikTok videos and the censorship of politically sensitive content.[304][305][306] 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 in compensation and a public apology.[307] In response, Toutiao filed a complaint the following day against Tencent for allegedly unfair competition and asking for RMB 90 million in economic losses.[308]

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.[309] He emphasized, "That will never happen on my watch as the founder, CEO, and controlling shareholder,"[citation needed] and that Epic is an American company, implying that it would not compromise an ethos of free speech in the name of currying favor with authorities in China just to try to maximize profit there.

Later, Tencent announced it would stop broadcasting Houston Rockets NBA games in China due to a tweet made by Daryl Morey, general manager of the Houston Rockets, that was supportive of Hong Kong protestors. 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.[310]

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.[311]

In January 2021, a proposed class action lawsuit was filed in California against Tencent, alleging user censorship and surveillance via WeChat.[312]

In November 2022, Sustainalytics downgraded Tencent to "non-compliant" with the United Nations Global Compact principles due to complicity with censorship.[313]

2020: U.S. executive order on WeChat

President Donald Trump signed two executive orders on 6 August 2020, 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, the executive order was revoked under the Biden Administration and this caused 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.[314] 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.[315][316]

See also

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  316. ^ "Sam Dean 🦅 on Twitter: "Video game companies owned by Tencent will NOT be affected by this executive order! White House official confirmed to the LA Times that the EO only blocks transactions related to WeChat So Riot Games (League of Legends), Epic Games (Fortnite), et al are safe (Pending updates)"". from the original on 7 August 2020. Retrieved 7 August 2020.

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February 03, 2023
tencent, holdings, chinese, 腾讯, pinyin, téngxùn, chinese, multinational, technology, entertainment, conglomerate, holding, company, headquartered, shenzhen, highest, grossing, multimedia, companies, world, based, revenue, also, world, largest, company, video, . Tencent Holdings Ltd Chinese 腾讯 pinyin Tengxun is a Chinese multinational technology and entertainment 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 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 GōngsiTypePublicTraded asSEHK 700OTC Pink TCEHYHang Seng Index componentISINKYG875721634IndustryConglomerateFounded11 November 1998 24 years ago 1998 11 11 FoundersPony MaTony ZhangXu ChenyeCharles ChenZeng LiqingHeadquartersTencent Binhai Mansion Nanshan District Shenzhen Guangdong ChinaArea servedWorldwideKey peoplePony Ma chairman CEO Martin Lau president executive director ProductsArtificial intelligencecloud computingautomationsearch enginesocial networkinginstant messagingmass mediaweb portalse commerceweb browserantivirus softwaremusicpayment systemfilm productionvideo gamesonline servicesRevenue 560 118 billion RMB US 86 84 billion 2021 1 Operating income 271 62 billion RMB US 42 11 billion 2021 1 Net income 227 81 billion RMB US 35 32 billion 2021 1 Total assets 1 612 trillion RMB US 249 98 billion 2021 1 Total equity 876 693 billion RMB US 135 92 billion 2021 1 OwnerNaspers 30 86 since 2019 through Prosus 2 Ma Huateng 8 42 Tony Zhang 3 5 3 Number of employees112 771 2021 1 DivisionsTencent GamesTencent MusicTencent PicturesSubsidiariesFatsharkFuncomGrinding Gear GamesIflixKlei EntertainmentLeyouMiniclipRiot GamesSharkmobSixjoySupercellTurtle Rock StudiosYager DevelopmentFulqrum PublishingWebsitetencent 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 In September 2022 Tencent bought back 2 3B worth of stock 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 investments 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 Other 3 Corporate governance 3 1 Subsidiaries 3 1 1 Tencent Technology Shenzhen Co Ltd 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 or section 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 Learn how and when to remove this template message 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 incorporated 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 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 2021 it owns 30 86 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 37 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 38 and clothing 29 had also become income generators 29 By 2008 Tencent was seeing profit growth from the sale of virtual goods 39 While Tencent s services have included online gaming since 2004 around 2007 2008 it rapidly increased its offerings by licensing games 40 While at least two Crossfire and Dungeon Fighter Online were originally produced by South Korean game developers Tencent now makes its own games 40 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 41 42 43 44 2011 2014 Early investments Edit On 18 February 2011 Tencent acquired a majority of equity interest 92 78 45 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 46 47 Tencent acquired a minority stake in Epic Games developer of franchises like Fortnite Unreal Gears of War and Infinity Blade in June 2012 48 That year Tencent acquired ZAM Network parent of Wowhead and other websites from Brock Pierce 49 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 50 Tencent took part in Activision Blizzard splitting from Vivendi as a passive investor in 2013 51 52 and now owns less than 4 9 of the shares as of 2017 53 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 54 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 55 On 27 February 2014 Tencent purchased a 20 percent stake in restaurant ratings and group buying website Dianping for 400 million 56 On 10 March 2014 Tencent bought a 15 percent 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 57 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 58 On 27 March 2014 it was announced that Tencent had agreed to pay about 500 million for a 28 percent stake in South Korea s CJ Games 59 On 27 June 2014 Tencent announced that it had agreed to buy a 19 9 percent stake in Chinese e commerce website 58 com WUBA Inc for 736 million 60 On 17 April 2015 Tencent announced it bought an additional 400 million worth of shares rising its stake in the company to about 25 61 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 62 On 23 October 2014 Tencent pitched in 145 million for a 10 percent stake in Koudai Gouwu a Chinese mobile shopping portal 63 In November 2014 the company announced a deal with HBO which would give it exclusive rights for distribution in China 64 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 65 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 66 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 67 Later that year Chinese automaker BYD became the chief corporate sponsor for Tencent s NBA broadcasts 68 On 21 June 2016 Tencent announced a deal to acquire 84 3 of Supercell developer of Clash of Clans with US 8 6 billion 69 In July 2016 Tencent acquired a majority stake in China Music Corporation 70 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 71 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 72 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 73 In May 2017 Tencent surpassed Wells Fargo to enter the world s top 10 most valuable companies 74 75 76 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 77 78 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 79 80 81 Alibaba overtook Tencent as Asia s most valuable company as its stocks surged after the company hosted its 2017 Investor s day 82 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 83 84 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 85 In July 2017 Tencent bought a 9 share in Frontier Developments 86 the creator of the Elite Dangerous and Planet Coaster franchises as well as developer for Rollercoaster Tycoon 2 amp 3 87 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 88 Tencent became the second Asian company after Alibaba Group to surpass US 400 billion market cap 89 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 90 91 It is also collaborating with L Oreal the world s largest cosmetics company to explore digital marketing under the Joint Business Partnership JBP agreement 92 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 93 94 95 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 96 and said to be earmarking billions of dollars to amass a catalogue of user generated content in competition with YouTube 97 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 98 99 100 101 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 102 103 It also launched its first unmanned shop in Shanghai 104 Tencent led a US 5 2 billion investment in Wanda Commercial 105 together with JD com Sunac and Suning Group to acquire shares in the conglomerate Wanda Commercial was renamed Wanda Commercial Management Group 106 Tencent bought a 5 to 10 minority stake in Skydance Media 107 108 On 23 January 2018 Tencent and Carrefour reached strategic co operation agreement in China 109 110 111 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 112 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 113 The sell off dragged down many other Chinese internet stocks as well 113 On 6 September 2018 Luckin Coffee signed a strategic cooperation agreement with Tencent 114 115 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 116 On 29 June 2020 Tencent acquired the video on demand service iflix in Kuala Lumpur Malaysia 117 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 118 119 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 120 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 121 122 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 123 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 124 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 125 126 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 127 In September 2022 Tencent acquired a 49 9 stake and 5 voting rights in Guillemot Brothers Limited Ubisoft s parent company 128 129 On 16 September 2022 Tencent took a minority stake in Mordhau studio Triternion 130 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 131 Products and services EditSocial media Edit Launched in February 1999 132 Tencent QQ is Tencent s first and most notable product QQ is one of the most popular instant messaging platforms in its home market 133 134 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 135 While the IM service itself is free a fee was being charged for mobile messaging as of 2006 136 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 137 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 31 138 On 10 April 2010 Tencent launched Tencent Weibo a microblogging service 139 WeChat 140 is a mobile app with voice and text messaging and a timeline 141 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 142 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 and holds many investments in domestic and since the 2010s foreign game companies 143 144 145 146 147 It has five internal studio groups TiMi Studio Group Lightspeed Studios Aurora Studio Group Morefun Studio and Next Studio Foreign investments Edit Company Location Ownership stake First investment date Last stake change date Ref s Funcom Norway 100 September 2019 January 2020 148 149 Leyou Athlon Games Digital Extremes Splash Damage Hong Kong 100 December 2020 150 151 Riot Games United States 100 February 2011 December 2015 152 Sharkmob Sweden 100 March 2019 153 Sumo Group United Kingdom 100 November 2019 January 2022 154 155 Turtle Rock Studios United States 100 December 2021 123 Wake Up Interactive Soleil Valhalla Game Studios Hong Kong 100 November 2021 156 Inflexion Games Canada 100 February 2022 157 Fulqrum Games Poland 100 February 2022 158 Supercell Finland 84 June 2016 159 Grinding Gear Games New Zealand 80 May 2018 160 161 162 Epic Games United States 40 June 2012 163 Pocket Gems Japan 38 2015 May 2017 164 Sea Ltd Garena Singapore 20 2010 March 2019 165 166 167 168 Don t Nod France 22 63 January 2021 169 Bloober Team Poland 22 October 2021 170 Marvelous G Mode Xseed Games Japan 20 May 2020 171 Netmarble South Korea 17 66 September 2018 172 FromSoftware Japan 16 25 August 2022 173 Kakao South Korea 13 54 May 2012 174 175 Krafton Bluehole Studio South Korea 13 6 August 2018 176 Ubisoft France 9 99 March 2018 177 178 179 Frontier Developments United Kingdom 9 July 2017 180 Kadokawa Corporation Japan 6 86 October 2021 181 182 Paradox Interactive Sweden 5 March 2016 183 Remedy Entertainment Finland 3 8 May 2021 184 Fatshark Sweden Majority January 2019 January 2021 185 186 Miniclip Switzerland Majority February 2015 187 Tequila Works Spain Majority March 2022 188 Klei Entertainment Canada Majority January 2021 189 10 Chambers Collective Sweden Majority October 2020 190 Yager Development Germany Majority February 2020 June 2021 191 192 Voodoo France Minority August 2020 193 Bohemia Interactive Czech Republic Minority February 2021 194 Payload Studios United Kingdom Minority February 2021 195 Playtonic Games United Kingdom Minority November 2021 196 Riffraff Games New Zealand Minority March 2022 197 Offworld Industries Canada Minority March 2022 198 Triternion Slovenia Minority September 2022 199 Discord United States February 2015 200 Roblox Corporation United States February 2020 201 Lockwood Publishing United Kingdom November 2020 202 PlatinumGames Japan January 2020 203 Aiming Japan December 2014 204 Novarama Spain March 2022 205 Former foreign stakes Edit Tencent had a 14 46 stake in Glu Mobile before Glu sold itself to Electronic Arts 206 207 208 Tencent had invested in Playdots which was acquired by Take Two Interactive in August 2020 209 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 In 2022 Activision Blizzard was sold to Microsoft and so were the minority shares that Tencent owned for almost 10 years 210 211 Tencent s Sumo Group subsidiary wholly owned Pipeworks Studios until it was sold to Jagex for an undisclosed sum in July 2022 212 Domestic investments Edit 20 ownership of Chinese company Wangyuan Shengtang which publishes among others the Gujian franchise 213 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 214 Tencent became a shareholder through an investment in Century Huatong s subsidiary Shengqu Games 215 5 ownership of Chinese company Game Science responsible for the development of Black Myth Wukong 216 217 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 133 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 218 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 219 It is under the Online Media Business Unit at Tencent and works closely with Tencent Video 220 Comics Edit On 21 March 2012 Tencent launched Tencent Comic and would later become China s largest online animation platform 221 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 222 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 223 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 224 225 In December 2017 Tencent s music arm Tencent Music Entertainment TME and Spotify agreed to swap 10 stake and invested in each other s music businesses 226 forming an alliance in the music industry in which Martin Lau president of Tencent described it as a strategic collaboration 227 228 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 229 In March 2020 Tencent acquired 10 of Vivendi s stake in Universal Music Group world s largest music group In addition it was given the option to buy another 10 with the same condition 230 231 In June 2020 Tencent bought 1 6 of Warner Music Group s shares after WMG launched its IPO in the same month 232 Video streaming Edit In June 2011 Tencent launched Tencent Video a video streaming website 233 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 234 In March 2020 Tencent started testing Trovo Live a live streaming service for worldwide users 235 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 236 E commerce Edit In September 2005 Tencent launched PaiPai com Chinese 拍拍 pinyin pai pai a C2C auction site 133 In addition to PaiPai com Tencent launched TenPay an online payment system similar to PayPal which supports B2B B2C and C2C payments 237 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 percent 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 57 238 In accordance to this agreement JD com would receive exclusive access to Tencent s WeChat and MobileQQ platforms 239 In May 2014 JD became the first Chinese e commerce company to be listed on the NASDAQ exchange under its ticker JD 239 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 240 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 241 242 Tencent was reported in 2017 to be working with China s Central Bank to develop a central payments clearing platform for online payments 243 On 31 December 2021 it was reported Tencent had bought a stake in the UK digital bank Monzo 244 245 Utility software Edit In March 2006 Tencent launched its search engine Soso com 搜搜 to search 246 247 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 248 It was also a Chinese partner of Google using AdWords 249 In September 2013 Tencent discontinued Soso com after it invested in Sogou and replaced Soso com with Sogou Search as its main search engine 250 In 2008 Tencent released a media player available for free download under the name QQ Player 251 Tencent also launched Tencent Traveler a web browser based on Trident It became the third most visited browser in China in 2008 252 253 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 254 255 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 256 Healthcare and insurance Edit Tencent has created WeChat Intelligent Healthcare Tencent Doctorwork and AI Medical Innovation System AIMIS 257 Tencent Doctorwork has also merged with Trusted Doctors 258 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 259 In August 2017 Tencent released AI Medical Innovation System AIMIS 260 or Miying 261 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 262 During the COVID 19 pandemic Tencent helped source 1 2 million protective masks for American medical staff combating the virus 263 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 264 In October 2020 Tencent s AIMIS Image Cloud was introduced 265 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 265 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 266 Other Edit In June 2020 Tencent has unveiled plans for an urban development dubbed Net City a 21 million square foot development equivalent in size to Monaco in Shenzhen 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 267 268 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 269 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 30 86 of all shares 2 and hence is the controlling shareholder 270 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 271 In addition to its headquarters in Shenzhen Tencent also has offices in Beijing Shanghai Chengdu and Guangzhou 272 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 273 Tencent s governance is aided by its Strategy Department commonly known as SD which provides business analytics for the corporation s various divisions 274 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 275 as well as some mobile software 276 This subsidiary is located on the Southern District of Hi Tech Park Shenzhen 275 It also holds a number of patents related to instant messaging and massively multiplayer online game gaming 277 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 278 The campuses are located in Beijing Shanghai and Shenzhen 279 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 280 In August 2019 it was reported that Tencent collaborated with the Publicity Department of the Chinese Communist Party and the People s Daily to develop patriotic games 281 282 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 283 In 2021 it was reported that Tencent and Ant Group were working with the People s Bank of China to develop a digital currency 284 285 Controversies EditAllegations of copying Edit Many of Tencent s software and services share similarities to those of competitors 286 287 288 289 290 291 and to their own 292 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 293 In 1996 an Israeli company named Mirabilis released one of the first stand alone instant messaging clients named ICQ 294 Three years later Tencent released a copied version of ICQ naming it OICQ which stands for Open ICQ 295 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 296 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 295 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 297 296 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 298 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 297 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 Bluehole 299 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 300 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 301 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 302 303 Censorship Edit Tencent s WeChat platform has been accused of blocking TikTok videos and the censorship of politically sensitive content 304 305 306 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 in compensation and a public apology 307 In response Toutiao filed a complaint the following day against Tencent for allegedly unfair competition and asking for RMB 90 million in economic losses 308 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 309 He emphasized That will never happen on my watch as the founder CEO and controlling shareholder citation needed and that Epic is an American company implying that it would not compromise an ethos of free speech in the name of currying favor with authorities in China just to try to maximize profit there Later Tencent announced it would stop broadcasting Houston Rockets NBA games in China due to a tweet made by Daryl Morey general manager of the Houston Rockets that was supportive of Hong Kong protestors 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 310 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 311 In January 2021 a proposed class action lawsuit was filed in California against Tencent alleging user censorship and surveillance via WeChat 312 In November 2022 Sustainalytics downgraded Tencent to non compliant with the United Nations Global Compact principles due to complicity with censorship 313 2020 U S executive order on WeChat Edit President Donald Trump signed two executive orders on 6 August 2020 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 the executive order was revoked under the Biden Administration and this caused 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 314 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 315 316 See also Edit China portal Companies portal Internet portalFoxmail Pengyou QQ browser Qzone Sogou Tencent 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Tencent s QQ instant messaging service borrowed liberally from Mario Kart and made little effort to hide it More recently Tencent announced a high profile cyberpunk game Syn However gamers were quick to notice that the game was very similar to the highly anticipated Cyberpunk 2077 Yuan Li 2 June 2021 Why China s Most Hated Internet Company Decided to Play Nice The New York Times ISSN 0362 4331 Archived from the original on 6 July 2021 Retrieved 6 July 2021 Tencent wouldn t hesitate to copy somebody else s idea and drive the upstart out of business Its top executives were confronted at industry conferences and in media interviews Entrepreneurs called it the industry s most brazen copycat Custer C 27 July 2016 China s top mobile game is a complete League of Legends ripoff www techinasia com Archived from the original on 11 July 2021 Retrieved 6 July 2021 Honor of Kings is also a pretty complete copy of League of Legends Now to be fair this isn t an issue of a Chinese company stealing IP 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2018 Ruan Lotus Crete Nishihata Masashi Knockel Jeffrey Xiong Ruohan Dalek Jakub 2 July 2020 The Intermingling of State and Private Companies Analysing Censorship of the 19th National Communist Party Congress on WeChat The China Quarterly 246 497 526 doi 10 1017 S0305741020000491 ISSN 0305 7410 Jiang Sijia 1 June 2018 Tencent sues Toutiao for alleged defamation demands 1 yuan and apology Reuters U S Archived from the original on 11 October 2018 Retrieved 11 October 2018 Yijun Yin 4 June 2018 Tencent and ByteDance Take Ongoing Feud to Court Sixth Tone Archived from the original on 25 November 2020 Retrieved 10 October 2020 Webb Kevin Fortnite creator says it won t punish players for speaking out about politics as Blizzard faces backlash and calls for a boycott after banning competitor for supporting Hong Kong protests Business Insider Archived from the original on 26 January 2021 Retrieved 3 November 2020 citation needed China targets tech giants in app privacy crackdown AP NEWS 19 December 2019 Archived from the original on 11 January 2021 Retrieved 16 September 2020 Whalen Jeanne 20 January 2021 California plaintiffs sue Chinese tech giant Tencent alleging WeChat app is censoring and surveilling them The Washington Post ISSN 0190 8286 OCLC 2269358 Archived from the original on 27 January 2021 Retrieved 21 January 2021 Tencent Baidu Weibo downgraded by Morningstar ESG unit over censorship Reuters 7 November 2022 Retrieved 17 November 2022 Carvajal Nikki Kelly Caroline 6 August 2020 Trump issues orders banning TikTok and WeChat from operating in 45 days if they are not sold by Chinese parent companies CNN Archived from the original on 10 August 2020 Retrieved 6 August 2020 Favis Elise 7 August 2020 Trump executive order against Tencent owned companies does not affect video game holdings Launcher The Washington Post ISSN 0190 8286 OCLC 2269358 ProQuest 2431127271 Archived from the original on 12 August 2020 Sam Dean on Twitter Video game companies owned by Tencent will NOT be affected by this executive order White House official confirmed to the LA Times that the EO only blocks transactions related to WeChat So Riot Games League of Legends Epic Games Fortnite et al are safe Pending updates Archived from the original on 7 August 2020 Retrieved 7 August 2020 External links Edit Wikimedia Commons has media related to Tencent Official website Business data for Tencent BloombergGoogleReutersYahoo Retrieved from https en wikipedia org w index php title Tencent amp oldid 1136598224, wikipedia, wiki, book, books, library,

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