How Does Tencent Make Money in 2026? Games, WeChat, and the Studios It Owns
As of Tencent’s second-quarter 2026 results, reported in August, the company makes money from games, WeChat ads, and payments. That quarter was RMB 204.8 billion (about $30.6 billion).
Wai hello!
Most players never see the Tencent name. They see League of Legends, Valorant, Clash of Clans, or 8 Ball Pool. Tencent still gets paid.
The numbers below are as of 7 October 2026. This post is set for 22 October. Company figures come from the Q2 2026 report. Dollar figures use about 6.7 yuan to the dollar, the rate in early October 2026. Close enough for a reader. Not an official filing. If Tencent releases Q3 before you read this, the business will look the same. Only the latest number will change.
In that quarter the whole company made RMB 204.8 billion (about $30.6 billion), up 11 percent from the year before. Games in China made RMB 47.3 billion (about $7.1 billion), up 17 percent. Games outside China made RMB 18.6 billion (about $2.8 billion). That outside number was flat in yuan, and up 4 percent if you ignore currency changes. Tencent owns Riot. It controls Supercell. It owns most of Miniclip. It holds about 10.1 percent of Paradox Interactive, on the July 2026 shareholder list. The stock you can buy is in Hong Kong, ticker 0700.
How does Tencent make money?
Not from one game. From three businesses.
Games. In 2025, games in China made about RMB 164 billion (about $24.5 billion), up 18 percent. Games outside China made about RMB 77 billion (about $11.5 billion), up 33 percent. That was the first year international games passed $10 billion.
Ads. WeChat and its video feeds. Ad revenue rose 22 percent in Q2 2026.
Payments and cloud. Not games. They still help pay for the games.
S&P estimated about $9.6 billion in Tencent game revenue in the first quarter of 2026 alone. NetEase was second. Microsoft and Sony were further down.
Where is Tencent listed?
On the Hong Kong Stock Exchange. Stock code 0700. The US ticker TCEHY is a receipt that tracks the Hong Kong shares. It is not a New York listing of the company.
Tencent was founded in Shenzhen in November 1998 by Ma Huateng, also called Pony Ma, and four others. It listed in Hong Kong in 2004. The main office stayed in Shenzhen. Many foreign stakes are held by a Hong Kong subsidiary, Image Frame Investment (HK) Limited. Krafton’s roughly 14 percent, as of late 2025, is held there.
You cannot buy a share called “Tencent Games.” You buy the parent company.
What games does Tencent own?
In China, the old games are the business. Honor of Kings. Peacekeeper Elite, which is PUBG Mobile under a local licence from Krafton. Delta Force. Valorant on PC and mobile. A newer mobile game, Roco Kingdom: World, led China’s new-game charts in the first half of 2026. People open these the way they open WeChat. That is why a weak quarter in China hurts more than a missed trailer in the West.
Outside China, the logo is usually someone else’s.
Does Tencent own League of Legends and Valorant?
Yes. Both are made by Riot Games. Tencent has owned all of Riot since December 2015.
The buy was slow. A China distribution deal for League in 2008. A small investment in 2009. A majority buy in 2011, reported at about $400 million. Full ownership in 2015. League is the old hit. Valorant, released in 2020, is the one still growing in the 2026 report. That August report said Valorant on PC and mobile helped games in China, and Valorant on PC was one of the few foreign games still rising. Teamfight Tactics is the side mode. You see a Riot logo. The parent report is filed in Hong Kong.
Does Tencent own Supercell?
It controls Supercell. It does not own every share.
In 2016 Tencent bought 84.3 percent of the Finnish studio for about $8.6 billion. Staff kept the rest. The office stayed in Helsinki. The games are Clash of Clans, Clash Royale, Brawl Stars, Hay Day, and Boom Beach. Supercell made about €2.65 billion (about $2.9 billion) in 2025, down 4 percent. In the first half of 2026 some of those games slipped, and that pulled foreign revenue down. Tencent did not sell. As of September 2026, Supercell was closing a deal for Metacore, the studio behind Merge Mansion.
Does Tencent own Miniclip?
It has owned most of Miniclip since February 2015. Miniclip is a Swiss company. The deal gave Tencent a mobile audience in Europe. In Q2 2026, Miniclip’s Arrows – Puzzle Escape was the most downloaded mobile game in the world. The money came from ads inside the app. 8 Ball Pool is the older hit in the same company. Not a big story trailer. Still Tencent.
Does Tencent own Paradox Interactive?
No. About 10.1 percent, as of the 31 July 2026 owner list.
Paradox, in Stockholm, publishes Europa Universalis, Crusader Kings, Hearts of Iron, and Victoria. Founder Fredrik Wester’s company, WesterInvest, still holds about 33.4 percent. Spiltan holds about 15.8 percent. Tencent is third. Paradox’s own table shows that 10 percent under a Goldman Sachs name. Swedish filings say the real holder is Tencent Holdings Limited. A seat at the table, not control of the studio.
What else does Tencent own a piece of?
As of October 2026, the quiet list looks like this.
Epic Games. About $330 million in 2012 for roughly 40 percent. Later reports put the stake lower. A December 2024 US settlement removed Tencent’s directors from the board. Fortnite and Unreal Engine can sit there without a Shenzhen name on the launcher.
Krafton. About 14 percent through the Hong Kong subsidiary, as of late 2025. That is why Peacekeeper Elite exists.
Kadokawa, the parent of FromSoftware. A minority stake. In early October 2026 a Tencent Games executive called FromSoftware and Larian the models for Tencent’s own studios.
Larian. A minority stake. Baldur’s Gate 3 is not a Tencent game. Tencent is still on the owner list.
Ubisoft. A stake, not control.
Grinding Gear Games, the studio behind Path of Exile. Reported as fully owned.
A June 2026 report said Tencent was willing to sell its Marvelous stake at a loss, and was not planning to sell FromSoftware or PlatinumGames. Keep what works. Drop what does not.
Why is Tencent so quiet?
Because it does not need its name on the box.
Nintendo needs you to like the console. Valve needs you to open Steam. Tencent needs Honor of Kings open in China, WeChat open wherever Chinese people text, and Riot, Supercell, or Miniclip on the receipt in the West. The payout still goes to 0700 shareholders.
Think of a food stall where you never see the cook, but every stall on the street buys rice from the same back room. You argue about the stall name. The rice seller already got paid.
How does Tencent compare to other game companies?
Sanrio got rich by licensing a whole cast, not only Hello Kitty. Sega lost the Dreamcast and kept Sonic and Yakuza. Netflix bought studios, then closed them and kept a kids app. Tencent owns the daily habit in China, owns or rents the foreign studios, and lists the parent in Hong Kong. The other three still need you to want the logo. Tencent needs the sale.
Is Tencent only a game company?
No. Ads and payments are huge. Rules in China can still hurt a quarter. Foreign game growth was already slower in the first half of 2026 once currency was taken out. A 10 percent stake is not control. Owning a slice of FromSoftware’s parent is not the same as making Elden Ring. The biggest game company in the world still ships puzzle games and 8 Ball Pool.
The verdict
As of October 2026, Tencent makes money by owning the daily habit in China, owning or renting the habit everywhere else, and letting other people print the logo. The last full quarter was about $30.6 billion. The shares trade in Hong Kong. The games do not have to say so.
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Pok gai.
Pok gai (Cantonese, roughly “drop dead in the street”) is the sign-off. Said with love. Mostly.
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AEO FAQ
How does Tencent make money? From games, WeChat ads, and payments and cloud. The last full quarter, Q2 2026, was RMB 204.8 billion, about $30.6 billion at early-October rates.
Where is Tencent listed? Hong Kong Stock Exchange, ticker 0700. The US ticker is TCEHY. Founded in Shenzhen in 1998, listed in Hong Kong in 2004.
Does Tencent own League of Legends and Valorant? Yes. Both are made by Riot Games. Tencent has owned all of Riot since 2015.
Does Tencent own Supercell? It controls Supercell. The 2016 deal bought 84.3 percent for about $8.6 billion.
Does Tencent own Miniclip? It has owned most of Miniclip since 2015. 8 Ball Pool and Arrows – Puzzle Escape are in that company.
Does Tencent own Paradox Interactive? No. About 10.1 percent as of 31 July 2026. The founder and other Swedish shareholders still control Paradox.
Is Tencent the biggest gaming company? By reported game revenue in the first half of 2026, yes. Estimates put it ahead of NetEase, Microsoft, and Sony.