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Every game company that Tencent has invested in
By Steven Messner 2019-10-04T20:52:28Z
A quick reference of how China's largest tech conglomerate has quietly expanded into videogames.


(Image credit: Riot Games)

Tencent is the world's largest games publisher. It's both an internet and entertainment giant in China—the equivalent of Facebook or Google—but gamers worldwide are probably more familiar with Tencent's investments into a growing number of game developers and publishers.


But with over 300 investments in its portfolio, staying on top of every company that Tencent has a stake in can be a little daunting.
That's why I've created this reference listing each of Tencent's public investments in foreign gaming companies (basically, companies outside of China), including, where possible, how much of that company Tencent owns. As part of our ongoing coverage of PC gaming in China, it's also important to understand the growing influence Chinese gaming companies like Tencent have on the global market.


Riot Games (League of Legends) - 100 percent


When the developer refused, Tencent went ahead and made their own mobile clone of LoL called Arena of Valor that became one of the most profitable mobile games in Asia—and Riot wasn't very happy about it. That is now mostly water under the bridge now that Tencent has abandoned Arena of Valor in the West and Riot is now making a mobile version of LoL. Squabbles aside, Tencent's purchase of Riot has cemented it as the king of esports.


Epic Games - 48.4 percent

Epic Games 持48.4%股份 (注:Epic Games 代表作《虛幻》系列,《戰爭機器》系列,《子彈風暴》、《堡壘之夜》等)

At the same time, Epic began experimenting with live-service games like the Paragon and Fortnite: Save the World. While both games were failures, Save the World put Epic in the perfect spot to jump on the battle royale bandwagon and—almost by accident—create the biggest gaming pop culture phenomenon since Minecraft and Pokémon. Last year, Fortnite made $2.4 billion, making it the most profitable game that year.

與此同時,Epic開始嘗試開發《虛幻爭霸》(注:Paragon 《虛幻爭霸》半死不活的內測中)和《堡壘之夜:拯救世界》(Fortnite: Save the World)這類直播服務游戲,盡管這兩款游戲均遭失敗,但《拯救世界》卻直接將Epic送進了大逃殺陣營中最佳位置,并創造出了自《我的世界》(Minecraft)和《口袋游戲》(Pokemon》之后最受歡迎的游戲文化現象。去年(注:2018年),《堡壘之夜》入賬24億美元,成為當年最賺錢的游戲。

(Image credit: PUBG Corp)

Bluehole (PlayerUnknown's Battlegrounds) - 11.5 percent

Bluehole公司 持11.5%股份 (代表作《絕地逃生大逃殺》)

Yes, Tencent a piece of both Fortnite and PUBG, the two dominant battle royales. What's even more amusing is that Tencent also has rights to publish both games in China, meaning it's actually in competition with itself—not a bad place to be in. Tencent's investment into Bluehole first began in 2017 with Tencent first acquiring 1.5 percent of Bluehole before increasing that investment to an undisclosed amount rumored to be around 10 percent. That's probably just the beginning, though, as Tencent is rumored to be seeking a complete acquisition of Bluehole.

是的你沒看錯,騰訊既是《堡壘之夜》又是《絕地逃生大逃殺》的股東,這兩家公司都是騰訊旗下的主要競爭對手。更有趣的是騰訊還擁有它們在中國這兩款游戲的發行權,意味著實際上這是在左右互搏——還好,不算糟糕。騰訊對Bluehole的投資始于2017年,騰訊先是收購了Bluehole 1.5%的股份,之后又加大了投資,據傳投資占股約為10%。不過,這可能只是個開始,有傳言稱騰訊正在尋求全面收購Bluehole。

Ubisoft - 5 percent

育碧 持5%股份

Tencent was one of several investors that helped Ubisoft survive a hostile takeover last year from Vivendi, who at the time was Ubisoft's largest stakeholder. For years, Vivendi had been steadily acquiring more stake in Ubisoft in hopes of ousting founder Yves Guillemot and seizing control for itself—putting thousands of jobs in jeopardy in the process. The situation looked grim until Ubisoft struck a deal with Vivendi that saw the French conglomerate divest its stake to a variety of investors that included Tencent.

去年,在威望迪(Vivendi)的敵意收購中,騰訊是幫助育碧生存下來的幾家投資者之一。威望迪當時是育碧最大的股東。多年來,威望迪一直在逐步吞入育碧的更多股份,希望能趕走創始人伊夫·吉列莫特(Yves Guillemot),奪回公司控制權,但收購過程將危及數千個工作崗位。在育碧(Ubisoft)與威望迪(Vivendi)達成交易之前,情況看上去很糟糕。這家法國企業集團將其股份出售給包括騰訊在內的多家投資者

As part of the agreement, though, Tencent is just a silent partner who cannot increase voting rights or ownership stake in Ubisoft—making a hostile takeover by Tencent impossible. The acquisition of Ubisoft shares also heralded in a strategic partnership where Tencent would publish Ubisoft games in China, which caused its own flurry of backlash over censorship.


(Image credit: Blizzard Entertainment)

Activision Blizzard - 5 percent

暴雪 持5%股份

Years before Ubisoft, Tencent helped another company escape Vivendi: Activision Blizzard. Activision fell under Vivendi's control way back in 2007 when it merged with subsidiary Vivendi Games in order to join forces with Blizzard and benefit from the enormous success of World of Warcraft. Five years later, the merged companies of Activision Blizzard announced a deal to buy back Vivendi's stake in the company and become independent, and Tencent jumped at the opportunity to buy 5 percent of the company for an undisclosed amount.

早在育碧之前幾年,騰訊就幫助另一家公司——動視暴雪(Activision Blizzard)擺脫了威望迪(Vivendi)的威脅。動視暴雪早在2007年就被威望迪收購,當時它與子公司威望迪合并,與暴雪的聯手,威望迪借《魔獸世界》的巨大成功從中受益。五年后,動視暴雪(Activision Blizzard)合并后的兩家公司宣布達成一項交易,威望迪(Vivendi)允許回購在該公司的股份,實現獨立。騰訊抓準這個機會,搶先收購了威望迪5%的股份,但具體交易金額不詳。

Grinding Gear Games (Path of Exile) - 80 percent

Grinding Gear Games 持80%股份 (代表作《流放之路》)

In 2018 Tencent snatched up a majority stake in the New Zealand developer of Path of Exile, Grinding Gear Games. The purchase alarmed Path of Exile playerswho feared the Chinese publisher would start implementing more aggressive microtransactions or changes to Path of Exile's delicate in-game economy. But, like many of Tencent's acquisitions, Grinding Gear Games has supposedly kept its independence over Path of Exile's operation. In the year since, little has changed about Path of Exile's economy or microtransactions despite the game's continued growth.

2018年,騰訊收購了新西蘭游戲開發商《流放之路》游戲大部分股權。這次收購引起了《流亡之路》玩家的警覺,他們擔心中國發行商會開始對《流亡之路》中微妙的內經濟環境改變成更為激進的微交易。但,就像騰訊收購其他開放商一樣,放任Grinding Gear Games,使其保持獨立的經營方式。從之后的一年里,盡管游戲(銷量)持續增長,但《流放之路》的內經濟或是微交易都沒發生什么變化。

(Image credit: Grinding Gear Games)

Other investments worth noting


Supercell - 84.3 percent: Tencent's $8.6 billion dollar investment in this Finnish mobile developer is one of the biggest purchases in videogame history. But considering 60 percent of Tencent's $19.13 billion in gaming revenue last year came from mobile games, and Supercell's enduring hits like Clash of Clans, the acquisition makes a lot of sense. Like Riot Games, Supercell reportedly retains most of its independence and is still located in Finland.

supercell 持84.3%股份 (代表作:《部落沖突》、《卡通農場》、《海島奇兵》和《皇室戰爭》等游戲)
騰訊對這家芬蘭移動開發商投資86億美元,該投資規模是視頻游戲歷史上最大的一筆收購。但考慮到騰訊去年191.3億美元的游戲收入,其中有60%來自手機游戲,以及Supercell長期熱門游戲《部落沖突》的表現(Clash of Clans),這次收購意義重大。和Riot Games一樣,Supercell也保留了大部分的獨立性,而且工作地點仍在芬蘭。

Frontier Developments - 9 percent: Tencent invested £17.7 million into the developer of Elite Dangerous and Planet Zoo in 2017 as part of a strategic partnership to capitalize on increased interest in space and "themepark" games in China.

Frontier Developments 持9%股份 (注:代表作《過山車之星》,《過山車大亨》等(暴露年齡的游戲!_!),以及目前的《侏羅紀公園》)

Kakao - 13.5 percent: Kakao is a South Korean internet and entertainment company whose games subsidiary is responsible for the mega-hit Black Desert Online, which surpassed $1 billion in gross sales last year, and also publishes PUBG in South Korea.

Kakao 持13.5%股份
Kakao是一家韓國互聯網娛樂公司,旗下的游戲子公司負責制作大熱游戲《黑沙漠》(Black Desert Online)網絡游戲,該游戲去年的總銷售額超過10億美元。Kakao還發行韓版的《絕地求生》

Paradox Interactive - 5 percent: When Swedish grand strategy publisher Paradox first went public in 2016, Tencent swooped in to buy 5 percent for $21 million. Part of the sale was motivated because Steven Ma, the head of publishing at Tencent Games, is a big fan of Hearts of Iron 2.

Paradox Interactive 持5&股份 (注:主要開發發行策略游戲,代表作有《歐陸風云系列》、《王權:幻想王國》、《鋼鐵雄心系列》,《維多利亞系列》,《王國風云(十字軍之王)系列》以及《群星》等。還有響當當的《騎馬與砍殺》)
瑞典Paradox于2016年推出《大戰略》時,騰訊以2100萬美元的價格收購了該公司5%的股份。達成這筆交易的部分原因是,騰訊老板馬化騰(Steven Ma)是《鋼鐵鐵心2》(Hearts of Iron 2)的鐵桿粉絲。

Fatshark - 36 percent: Warhammer: Vermintide 2's success led Tencent to acquire a large minority stake in Swedish developer Fatshark in early 2019 for an estimated $56 million.

Fatshark 持36%股份

Funcom - 29 percent: Tencent's most recent purchase was 29 percent of Funcom, the makers of Conan Exiles and The Secret World.

Funcom 持29%股份
騰訊最近的一次收購是《柯南流亡者》和《秘密世界》的制作商開心網(Funcom) 29%的股份。

Sharkmob - 100 percent: This new studio comprised of ex The Division and Hitman devs was fully bought by Tencent in early 2019, though it hasn't announced its first game yet.

Sharkmob 百分百控股 這個由之前的工作室前和《殺手》開發者聯合組成的新工作室在2019年初被騰訊完整收購,盡管它至目前還沒有推出一部游戲。

Discord: Discord has received $158 million in funding last year, including an undisclosed amount from Tencent (among many other investors).

Discord 未知

That covers most of the companies that PC gamers will care about. It also owns around 20 percent stake in Sea, a South-East Asia esports and publishing company, an undisclosed majority stake in web game publisher Miniclip, and about a half a dozen minority stakes in a variety of mobile game companies to boot.


upxe, 10/7/2019: Originally this article stated Tencent owned a 39.7 percent stake in Sea but that number was outdated. We've upxed the article to reflect that.

10月7日最新消息,最初這篇文章表示騰訊持有Sea 39.7%的股份,但這個數字現在已發生變化。我們進行了更新。