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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《虚幻》系列,《战争机器》系列,《子弹风暴》、《堡垒之夜》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.

与此同时,Epic开始尝试开发《虚幻争霸》(注:Paragon 《虚幻争霸》半死不活的内测中)和《堡垒之夜:拯救世界》(Fortnite: Save the World)这类直播服务游戏,尽管这两款游戏均遭失败,但《拯救世界》却直接将Epic送进了大逃杀阵营中最佳位置,并创造出了自《我的世界》(Minecraft)和《口袋游戏》(Pokemon》之后最受欢迎的游戏文化现象。去年(注:2018年),《堡垒之夜》入账24亿美元,成为当年最赚钱的游戏。

(Image credit: PUBG Corp)

Bluehole (PlayerUnknown's Battlegrounds) - 11.5 percent

Bluehole公司 持11.5%股份 (代表作《绝地逃生大逃杀》)

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.

是的你没看错,腾讯既是《堡垒之夜》又是《绝地逃生大逃杀》的股东,这两家公司都是腾讯旗下的主要竞争对手。更有趣的是腾讯还拥有它们在中国这两款游戏的发行权,意味着实际上这是在左右互搏——还好,不算糟糕。腾讯对Bluehole的投资始于2017年,腾讯先是收购了Bluehole 1.5%的股份,之后又加大了投资,据传投资占股约为10%。不过,这可能只是个开始,有传言称腾讯正在寻求全面收购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)的敌意收购中,腾讯是帮助育碧生存下来的几家投资者之一。威望迪当时是育碧最大的股东。多年来,威望迪一直在逐步吞入育碧的更多股份,希望能赶走创始人伊夫·吉列莫特(Yves Guillemot),夺回公司控制权,但收购过程将危及数千个工作岗位。在育碧(Ubisoft)与威望迪(Vivendi)达成交易之前,情况看上去很糟糕。这家法国企业集团将其股份出售给包括腾讯在内的多家投资者

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.

早在育碧之前几年,腾讯就帮助另一家公司——动视暴雪(Activision Blizzard)摆脱了威望迪(Vivendi)的威胁。动视暴雪早在2007年就被威望迪收购,当时它与子公司威望迪合并,与暴雪的联手,威望迪借《魔兽世界》的巨大成功从中受益。五年后,动视暴雪(Activision Blizzard)合并后的两家公司宣布达成一项交易,威望迪(Vivendi)允许回购在该公司的股份,实现独立。腾讯抓准这个机会,抢先收购了威望迪5%的股份,但具体交易金额不详。

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,腾讯收购了新西兰游戏开发商《流放之路》游戏大部分股权。这次收购引起了《流亡之路》玩家的警觉,他们担心中国发行商会开始对《流亡之路》中微妙的内经济环境改变成更为激进的微交易。但,就像腾讯收购其他开放商一样,放任Grinding Gear Games,使其保持独立的经营方式。从之后的一年里,尽管游戏(销量)持续增长,但《流放之路》的内经济或是微交易都没发生什么变化。

(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:《部落冲突》、《卡通农场》、《海岛奇兵》和《皇室战争》等游戏)
腾讯对这家芬兰移动开发商投资86亿美元,该投资规模是视频游戏历史上最大的一笔收购。但考虑到腾讯去年191.3亿美元的游戏收入,其中有60%来自手机游戏,以及Supercell长期热门游戏《部落冲突》的表现(Clash of Clans),这次收购意义重大。和Riot Games一样,Supercell也保留了大部分的独立性,而且工作地点仍在芬兰。

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《过山车之星》,《过山车大亨》等(暴露年龄的游戏!_!),以及目前的《侏罗纪公园》)

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是一家韩国互联网娱乐公司,旗下的游戏子公司负责制作大热游戏《黑沙漠》(Black Desert Online)网络游戏,该游戏去年的总销售额超过10亿美元。Kakao还发行韩版的《绝地求生》

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:主要开发发行策略游戏,代表作有《欧陆风云系列》、《王权:幻想王国》、《钢铁雄心系列》,《维多利亚系列》,《王国风云(十字军之王)系列》以及《群星》等。还有响当当的《骑马与砍杀》)
瑞典Paradox于2016年推出《大战略》时,腾讯以2100万美元的价格收购了该公司5%的股份。达成这笔交易的部分原因是,腾讯老板马化腾(Steven Ma)是《钢铁铁心2》(Hearts of Iron 2)的铁杆粉丝。

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
腾讯最近的一次收购是《柯南流亡者》和《秘密世界》的制作商开心网(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 这个由之前的工作室前和《杀手》开发者联合组成的新工作室在2019年初被腾讯完整收购,尽管它至目前还没有推出一部游戏。

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,最初这篇文章表示腾讯持有Sea 39.7%的股份,但这个数字现在已发生变化。我们进行了更新。