China’s Tencent Becomes an Investment Powerhouse, Using Deals to Expand Its Empire

A tech-market boom has yielded huge gains for China’s Tencent Holdings Ltd. , which has invested in hundreds of up-and-coming businesses and is now sitting on a portfolio worth roughly a quarter of a trillion dollars.

Tencent is best known for WeChat, its ubiquitous do-everything app in China, and is the world’s largest videogame company by revenue, with hits such as “League of Legends” and “Honor of Kings.” Listed in Hong Kong, Tencent’s own stock has been driven up by the strong performance of its core activities, as the coronavirus pandemic sped up the adoption of digital services in China. Its market capitalization is now close to $900 billion, making it China’s most valuable company.

The company has also bet extensively on Chinese and overseas startups in areas such as gaming, social media, entertainment and electric vehicles. That strategy has paid off handsomely as investors have bid up stocks in fast-growing tech companies and lapped up initial public offerings. “I half-seriously call it China’s best venture-capital fund,” said Robin Zhu, an analyst at Sanford C. Bernstein. His team estimates that Tencent’s listed and unlisted investments were worth some $259 billion in total as of March 2.

Tencent’s last earnings report, released in November, said its investments in listed companies, excluding its subsidiaries, were worth the equivalent of $138 billion as of end-September 2020. That was nearly 10 times the figure it reported just four years earlier.

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