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Tencent’s 2025 portfolio overview names studios it classifies as owned, companies it calls invested external studios, and separate external partners. Those categories are not interchangeable: a partner listing is not proof of an equity stake, and the presentation is a selected overview rather than a complete ownership register. Here is what it establishes—and what it does not.
How Tencent classifies the companies in its portfolio
Tencent’s 2025 corporate overview divides selected game-industry relationships into three groups: Owned Studios, Invested External Studios and External Partners. The first two indicate different kinds of corporate relationships; the third does not, on its own, establish ownership or investment.
The overview does not provide current percentage stakes for every company in the invested group. Tencent’s 2024 annual report does give dated percentages for Riot Games and Supercell, but those figures are for the year ended December 31, 2024—not confirmed 2026 ownership percentages. The list below is therefore best read as a snapshot of how Tencent presented selected relationships in 2025, not as an exhaustive list of exactly 14 brands or a current legal ownership register.
Studios Tencent lists as owned
The 2025 overview places these nine names in its “Owned Studios” category. The category includes both studio identities and recognizable company brands.
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- Riot Games
- Supercell
- Digital Extremes
- Miniclip
- Grinding Gear Games
Two dated ownership percentages
Tencent’s 2024 annual report filing reports an interest of 99.33% in Riot Games, Inc. and 90.67% in Supercell Oy for the year ended December 31, 2024. Those filing figures provide more specific evidence than the overview’s category label, but they should not be treated as proof of the companies’ exact stakes today.
Companies Tencent lists as invested external studios
Tencent’s 2025 overview places seven companies in the “Invested External Studios” group:
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- Epic Games
- Ubisoft
- FromSoftware
- Krafton
- Roblox
- Shift Up
- Game Science
This category indicates an investment relationship in Tencent’s presentation, but the overview does not state a percentage stake or provide a dated ownership breakdown for each company. It also keeps these studios distinct from those Tencent classifies as owned. Do not infer that Tencent controls any particular company in this group from the category name alone.
Companies listed as external partners—not thereby owned
The same overview identifies seven companies as “External Partners”:
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- Nintendo
- Nexon
- Capcom
- Take-Two Interactive
- EA
- Microsoft
- Square Enix
This is a partner list, not evidence that Tencent owns or has invested in every named company. Treating these names as Tencent subsidiaries or investments would go beyond what the presentation says.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What Tencent’s “evergreen” game figure means
Tencent reported that its evergreen game portfolio increased from 12 games in 2023 to 14 in 2024. This is Tencent’s own defined category, not a count of companies or brands in which it has invested. Under the definition in its 2025 overview, a game must have average quarterly daily active users above 5 million on mobile or 2 million on PC, and annual gross receipts above RMB 4 billion.
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How to read the portfolio snapshot
- “Owned Studios”: Tencent’s presentation categorizes the names as owned, while the annual report supplies dated percentage evidence for Riot Games and Supercell.
- “Invested External Studios”: Tencent identifies an investment relationship, but the overview does not give a stake percentage for each name.
- “External Partners”: The label alone establishes neither a stake nor ownership.
- Time frame: The portfolio categories come from a 2025 overview; the Riot and Supercell percentages are reported for the year ended December 31, 2024.
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