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Built by Packy McCormick for Not Boring
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Subscribe to Not Boring here
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Note: This portfolio includes assumptions and is certainly not accurate down to the penny, nor does it follow any accounting standard. It's meant to provide information
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on 100+ of Tencent's 700+ investments, including most of its largest. This is not investment advice.
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Tencent Holdings
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CompanyTickerOwnership %Market Cap or Last ValuationCurrent ValueCountryCategoryNotesOwnership RangeCurrent Value
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Meituan DianpingHKG:369020.1%$79,981,931,893$16,076,368,311ChinaEcommerce
Assuming market cap priced in HKD
0%-20%#N/A
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Riot Gamesn/a100.0%$21,000,000,000$21,000,000,000USGaming
estimated valuation
20%-50%#N/A
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Sea LtdSE25.6%$113,306,726,577$29,006,522,004SingaporePlatform
Entertainment, ecommerce, and fintech
50%-100%$54,704,972,142
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JD.comJD18.1%$100,260,000,000$18,147,060,000ChinaEcommerce
Ownership % diluted, need to look at current value
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PinduoduoPDD16.9%$178,009,411,073$30,083,590,471ChinaEcommerce
https://www.forbes.com/sites/russellflannery/2019/09/01/pinduoduos-rise-adds-5-bln-to-ceos-wealth-enriches-tencent-banyan-sequoia-china/#17a2f16f3fd3
Time of Writing (8/17):
$187,000,000,000
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TeslaTSLA0.0%$1,090,196,924,475$0USTransportation Delta:#N/A
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Tencent MusicTME58%$42,484,182,405$24,640,825,795ChinaMusic #N/A
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Supercelln/a81.4%$10,200,000,000$8,302,800,000FinlandGaming
https://www.forbes.com/sites/mattperez/2019/10/23/tencent-buys-majority-stake-in-clash-of-clans-developer-supercell/#226eab371c39
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Epic Gamesn/a40%$17,000,000,000$6,800,000,000USGaming
https://venturebeat.com/2020/08/06/epic-games-unveils-1-78-billion-funding-round-at-17-3-billion-valuation/
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WeBankn/a30.0%$21,000,000,000$6,300,000,000ChinaFinance
https://www.euromoney.com/article/b1h9dbtpshwh66/webank-chinas-financial-unicorn
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Kuaishoun/a19.4%$25,000,000,000$4,850,000,000ChinaVideo Streaming
https://pandaily.com/kuaishous-pre-ipo-valuation-reaches-25-billion/
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KE HoldingsBEKE12.3%$22,441,003,540$2,760,243,435ChinaReal Estate
Valuation: https://www.scmp.com/business/markets/article/3097307/beike-zhaofang-stock-surges-nyse-debut-after-solid-ipo-reception, https://www.scmp.com/business/companies/article/3097093/tencent-backed-chinese-real-estate-platform-beike-raise-us212
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SnapSNAP12.1%$12,192,145,352$1,475,249,588USSocial
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Universal Music Groupn/a10.0%$33,600,000,000$3,360,000,000USMusic
https://www.musicbusinessworldwide.com/tencents-move-to-buy-10-of-universal-music-group-shows-the-global-music-business-is-in-excellent-health/
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SpotifySPOT6.8%$146,365,505,000$9,989,445,716SwedenMusic
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Activision BlizzardATVI5%#N/A#N/AUSGaming
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HuyaHUYA50.1%$768,235,817$384,886,144ChinaGaming
https://www.fool.com/investing/2020/04/09/tencent-gains-control-of-huya-what-does-this-mean.aspx
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DidiChuxingn/a5.0%$53,000,000,000$2,650,000,000ChinaTransportation
https://www.ft.com/content/83a065e2-5ed5-11ea-8033-fa40a0d65a98
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Wanda Commercialn/a7.0%$37,857,142,857$2,650,000,000ChinaReal Estate
Led the investment group, assuming they took half the stake. Still private, valuation based on deal terms. https://variety.com/2018/biz/asia/tencent-leads-rescue-of-wandas-commercial-property-arm-1202680008/
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NIONIO15.1%$12,752,602,868$1,925,643,033ChinaTransportation
https://asia.nikkei.com/Business/36Kr-KrASIA/Tencent-ups-stake-in-Chinese-loss-making-EV-maker-Nio
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NetMarbleKRX:25127022.0%$3,991,554,818$878,142,060South KoreaGaming
WON/USD = 0.00084
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Gojekn/a25.0%$9,000,000,000$2,250,000,000IndonesiaTransportation
Rough estimate based on leading 2017 $1.2bn round at $3bn post-money valuation and participating in follow-ons: https://techcrunch.com/2017/05/03/go-jek-tencent-1-2-billion/; $9bn valuation: https://www.google.com/search?q=gojek+valuation&oq=gojek+val&aqs=chrome.0.69i59j0j69i57j0l5.1880j0j4&sourceid=chrome&ie=UTF-8
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58.comWUBA23.2%$8,399,000,000$1,948,568,000ChinaEcommerce
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New Classics MediaHKG:77227.6%$5,970,689,319$1,647,910,252ChinaMedia & Entertainment
https://www.bloomberg.com/quote/772:HK
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KingsoftKSFTF20.0%$6,506,526,651$1,301,305,330ChinaPlatform
Assuming Mkt Cap is in RMB
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China International CapitalHKG:390812.0%$22,031,594,133$2,643,791,296ChinaFinance
Assuming Mkt Cap is in RMB
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SogouSOGO38.2%#N/A#N/AChinaSearch
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Futu HoldingsFUTU30.0%$17,743,465,294$5,323,039,588ChinaFinance
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/tencent-backed-online-broker-expects-new-users-to-stay-after-record-q1-growth-58800668
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Flipkartn/a5.0%$25,000,000,000$1,250,000,000IndiaEcommerce
https://tech.economictimes.indiatimes.com/news/internet/walmart-to-infuse-1-2-billion-in-flipkart-ecommerce-business-at-24-9-billion-valuation/76959562#:~:text=Walmart%20leads%20%241.2%20billion%20round%20in%20Flipkart%20at%20%2425%20billion%20valuation,-The%20fresh%20funding&text=Walmart%20Inc%20has%20led%20a,to%20the%20US%20retail%20behemoth.
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eLongHKG:078026.5%$7,283,146,547$1,930,033,835ChinaTravel
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DouyuDOYU38.0%$235,998,690$89,679,502ChinaVideo Streaming
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VIP ShopVIPS7.0%$9,929,097,572$695,036,830ChinaEcommerce
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Nubankn/a10%$10,000,000,000$1,000,000,000BrazilFinance
Assuming 10% stake based on early participation and buying out existing shareholders: https://www.finextra.com/newsarticle/34174/nubank-valuation-jumps-to-10-billion-on-400-million-mega-round#:~:text=Brazilian%20neo%20bank%20Nubank%20has,at%20a%20heady%20%2410%20billion.
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Lianjian/a7.7%$13,000,000,000$1,000,000,000ChinaReal Estate
Ownership and valuation based on: https://www.marketwatch.com/story/tencent-invests-1-billion-in-chinese-real-estate-brokerage-lianjia-2018-09-05
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Olan/a9.6%$10,000,000,000$957,000,000IndiaTransportation
https://www.moneycontrol.com/news/business/companies/ola-valued-at-10-billion-in-ongoing-funding-round-4584971.html
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ZhongAn OnlineHKG:606010.4%$4,348,526,228$452,246,728ChinaInsurance
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Kakaon/a13.5%$7,000,000,000$945,000,000South KoreaMessaging
Stake: https://www.pcgamer.com/every-game-company-that-tencent-has-invested-in/, Valuation as of 2018: https://techcrunch.com/2018/01/22/kakao-korea-overseas-deals-1-billion/?_ga=2.17517245.542558726.1597239900-22784281.1566524559
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China UnicomCHU3.5%$99,783,893,075$3,492,436,258ChinaTelecom
3.5% ownership assumes Tencent bought 10% of the 35% the state sold to private buyers: https://www.wsj.com/articles/tencent-alibaba-in-group-buying-11-7-billion-stake-in-state-owned-telecom-1502886950, Assuming Mkt Cap is in RMB
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Ubtech Roboticsn/a8.2%$10,000,000,000$820,000,000ChinaRobotics
8% ownership estimate based on leading $820mm round at $5bn valuation, assume they took half the allocation: https://equalocean.com/news/201901221337
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AfterpayAFTPF5.0%#N/A#N/AAustraliaEcommerce
https://www.reuters.com/article/us-afterpay-equity-tencent-holdings/tencent-buys-5-stake-in-australian-buy-now-pay-later-firm-afterpay-idUSKBN22D52J#:~:text=(Reuters)%20%2D%20Chinese%20gaming%20and,shares'%20closing%20level%20on%20Friday., Assumes market cap in AUD, 0.72 exchange rate
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CJ GamesKSE:00104028.0%$2,202,225,046$616,623,013South KoreaGaming
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JD Logisticsn/a5.0%$13,500,000,000$675,000,000ChinaLogistics
5% ownership and $13.5 billion valuation are both estimates based on this article: https://techcrunch.com/2019/06/24/jd-coms-logistics-arm-raises-a-218-million-investment-fund/
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BilibiliBILI4.4%$7,442,144,007$327,454,336ChinaVideo Streaming
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Yonghui SuperstoresSHA:6019335.0%$12,100,351,284$605,017,564ChinaEcommerce
Assuming Mkt Cap is in RMB: https://www.google.com/search?sxsrf=ALeKk03xmbIGpTIjp3En1uZV1jPHw9MnFg%3A1597262858430&ei=Ckw0X8_mGZaGytMP9Ku2wA0&q=yonghui+superstores+stock&oq=yonghui+s&gs_lcp=CgZwc3ktYWIQAxgBMgIIADICCAAyAggAMgIIADICCAAyAggAMgIIADICCAAyBwgAEBQQhwIyAggAOgQIABBHOgQIIxAnOgsIABCxAxCDARCRAjoFCAAQkQI6CAgAELEDEIMBOggILhCxAxCDAToFCC4QsQM6AgguOgQIABBDOg0IABCxAxCDARAUEIcCOgcILhCxAxBDOgsILhCxAxDHARCvAToICC4QxwEQowI6CAgAELEDEJECOgcIABCxAxBDOggILhDHARCvAToFCAAQsQM6BAgAEAo6BwguEAoQkwI6BAguEAo6BAgAEA06BAguEA1QiqUCWNu5AmCtwgJoA3ADeAGAAdAEiAGPEJIBCTUuNS40LTEuMZgBAKABAaoBB2d3cy13aXrAAQE&sclient=psy-ab
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NavInfoSZ:00240511.0%$5,038,658,616$554,252,448ChinaTransportation
Assuming Mkt Cap is in RMB: https://www.google.com/search?q=navinfo+ticker&sxsrf=ALeKk01IRHChb4Qryodp9iPzfnJ_fLg9Cw:1597263203916&source=lnms&sa=X&ved=2ahUKEwiu84aPvZbrAhWEzVkKHb0AD9oQ_AUoAHoECAoQAg&biw=1898&bih=949&dpr=1
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Yuanfudaon/a7.0%$7,800,000,000$546,000,000ChinaEducation
7% ownership estimate based on leading 3 rounds: https://www.crunchbase.com/organization/yuanfudao/company_financials
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HengTen NetworksHKG:013619.70%$6,507,037,162$1,281,886,321ChinaFinance
https://www.marketscreener.com/TENCENT-HOLDINGS-LIMITED-3045861/company/
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UbisoftUBSFY5.0%$1,337,115,535$66,855,777FranceGaming
Assuming market cap in EUR, EUR/USD = 1.18
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Blueholen/a10.0%$5,000,000,000$500,000,000South KoreaGaming
http://www.koreaherald.com/view.php?ud=20180810000649, based on WON/USD of 0.00084
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Ly.comn/a15.0%$3,175,000,000$476,250,000ChinaTravel
May be a year or two old: https://www.reddit.com/r/SecurityAnalysis/comments/9gsmkc/tencent_holdings_investment_portfolio_list_update/
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Shandan/a10.0%$4,762,000,000$476,200,000ChinaFinance
May be a year or two old: https://www.reddit.com/r/SecurityAnalysis/comments/9gsmkc/tencent_holdings_investment_portfolio_list_update/
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Mail.RUMLRYY7.4%$125,739,851$9,304,749RussiaPlatform
Assuming Mkt Cap is in RMB
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esportn/a34.6%$1,335,000,000$461,910,000ChinaGaming
May be a year or two old: https://www.reddit.com/r/SecurityAnalysis/comments/9gsmkc/tencent_holdings_investment_portfolio_list_update/
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MaoyanHKG:189616.3%$1,322,980,907$215,645,888ChinaEcommerce
Ownership: https://www.scmp.com/business/companies/article/2182646/chinas-largest-movie-ticketing-app-maoyan-backed-tencent-raise
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Zhihun/a10.0%$3,400,000,000$340,000,000ChinaMedia & Entertainment
Valuation based on: https://www.caixinglobal.com/2019-08-13/chinese-quora-zhihu-completes-434-million-fundraising-101450117.html, Ownership % may be a year or two old: https://www.reddit.com/r/SecurityAnalysis/comments/9gsmkc/tencent_holdings_investment_portfolio_list_update/
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Yixin GroupHKG:285816.6%$2,775,625,599$460,753,849ChinaFinance
Assuming Mkt Cap is in RMB
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WeDoctorn/a5.0%$5,500,000,000$275,000,000ChinaHealthcare
5% ownership estimate based off leading 2014 venture round: https://www.crunchbase.com/organization/guahao/company_financials
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GlumobileGLUU20.9%#N/A#N/AUSGaming
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N26n/a7%$3,500,000,000$245,000,000GermanyFinance
7% is an estimate based on first investment in 2018 and follow-ons: https://techcrunch.com/2019/07/17/banking-startup-n26-raises-another-170-million-at-3-5-billion-valuation/#:~:text=With%20this%20new%20influx%20of,retail%20bank%20that%20works%20better.
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iDreamSkyHKG:111926.9%$278,328,961$74,870,490ChinaGaming
Assuming Mkt Cap is in RMB
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Ride-Hailing Venturen/a16.0%$1,450,000,000$232,000,000ChinaTransportation
https://marketrealist.com/2019/03/tencent-and-alibaba-get-together-for-a-ride-hailing-venture/
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Skydance Median/a10.0%$2,300,000,000$230,000,000USMedia & Entertainment
https://variety.com/2018/biz/asia/tencent-leads-rescue-of-wandas-commercial-property-arm-1202680008/
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Heilan Homen/a5.3%$3,904,469,740$206,936,896ChinaFashion
Assuming price here is in RMB: https://www.google.com/search?biw=1898&bih=949&sxsrf=ALeKk00lrVJnJOa3aLTmQxYuXOAWEdJwFg%3A1597263291257&ei=u000X_2dD7mgytMPgrW10AU&q=heilan+home+stock&oq=heilan+home+stock&gs_lcp=CgZwc3ktYWIQAzIGCAAQFhAeMgYIABAWEB46BAgAEEc6BQgAEJECOgsILhDHARCvARCRAjoLCC4QsQMQxwEQowI6CAgAELEDEIMBOg4ILhCxAxCDARDHARCjAjoCCAA6BAgjECc6BAgAEEM6BwgAEBQQhwI6CwguEMcBEKMCEJECOggILhDHARCjAjoJCAAQChBGEPkBOgQIABAKOgQILhAKOgQIABANOgQILhANOgYILhANEAo6CgguEMcBEK8BEA06BwguELEDEEM6CAguELEDEIMBOgUIABCxAzoFCC4QsQM6AgguOgUILhCTAjoICC4QxwEQrwFQm-ICWNP_AmCXgQNoBXADeAGAAfIBiAHIE5IBBjEzLjYuM5gBAKABAaoBB2d3cy13aXrAAQE&sclient=psy-ab&ved=0ahUKEwi959m4vZbrAhU5kHIEHYJaDVoQ4dUDCAw&uact=5
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Meili United Groupn/a5.0%$4,000,000,000$200,000,000ChinaEcommerce
May be a year or two old: https://www.reddit.com/r/SecurityAnalysis/comments/9gsmkc/tencent_holdings_investment_portfolio_list_update/
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Byjun/a5.0%$4,000,000,000$200,000,000IndiaEducation
5% ownership estimate based on $40m investment at $775m valuation plus follow-ons: https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/gen-atlantic-tencent-put-rs-80cr-more-in-byjus-owner/articleshow/68351240.cms
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Huayi BrothersSZ:3000278.0%$2,310,016,083$184,801,287ChinaMedia & Entertainment
Assuming market cap here is in RMB: https://finance.yahoo.com/quote/300027.SZ/
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Swiggyn/a5%$3,600,000,000$180,000,000IndiaFood Delivery
5% is very rough estimate, https://www.vccircle.com/naspers-leads-1-bn-investment-in-food-tech-unicorn-swiggy/
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Redditn/a5.0%$3,000,000,000$150,000,000USSocial
$150mm at a $3bn post-money valuation: https://techcrunch.com/2019/02/11/reddit-300-million/
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MissFreshn/a5.0%$3,000,000,000$150,000,000ChinaFood Delivery
5% estimate based on leading the Series D. Most recent funding here: https://techcrunch.com/2020/07/22/missfresh-495-million-funding/
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Funcomn/a100.0%$148,000,000$148,000,000NorwayGaming
https://techcrunch.com/2020/01/22/tencent-to-grow-gaming-empire-with-148m-acquisition-of-conan-publisher-funcom-in-norway/
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Koudai Gouwun/a10.0%$1,450,000,000$145,000,000ChinaEcommerce
https://techcrunch.com/2014/10/23/tencent-leads-350m-investment-in-chinas-koudai-gouwu-a-mobile-focused-rival-to-alibaba/, https://en.wikipedia.org/wiki/Tencent#Subsidiaries
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Paradox InteractiveSTO:PDX5.0%$2,592,742,127$129,637,106SwedenGaming
Assuming Mkt Cap is in Swedish Kroner, 0.12 to the Dollar
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FarfetchFTCH1.3%#N/A#N/AUKEcommerce
Rough ownership estimate based on this investment: https://www.businesswire.com/news/home/20200130005449/en/Farfetch-Raises-250-Million-Tencent-Dragoneer-Support
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Airwallexn/a7.0%$1,800,000,000$126,000,000AustraliaFinance
7% ownership based on having been in since leading Series A: https://www.zdnet.com/article/salesforce-tencent-anz-back-airwallex-in-160m-round/
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Liliumn/a12.0%$1,000,000,000$120,000,000GermanyTransportation
Based on leading $240mm valuation at $1bn valuation (assumes they got half the allocation): https://www.businesswire.com/news/home/20200130005449/en/Farfetch-Raises-250-Million-Tencent-Dragoneer-Support
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Udaann/a4%$2,800,000,000$112,000,000IndiaEcommerce
4% ownership estimate based on participation in last round that bought 20% of the company: https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/udaan-valuation-soars-to-2-8-billion-post-585-mn-funding/articleshow/71416118.cms
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China South City HoldingsHKG:166811.8%$171,639,929$20,253,512ChinaLogistics
https://www.marketscreener.com/CHINA-SOUTH-CITY-HOLDINGS-6170910/company/
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QutoutiaoQTT12.5%#N/A#N/AChinaMedia & Entertainment
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Shuidin/a5.0%$2,000,000,000$100,000,000ChinaHealthcare
Ownership estimate based on leading the Series B and participating in the C: https://kr-asia.com/tencent-backed-health-platform-shuidi-raises-more-than-usd-144-5-million-in-series-c-round
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Grinding Gear Gamesn/a80.0%$125,000,000$100,000,000New ZealandGaming
Low end of the price range, terms not public: https://www.nbr.co.nz/article/behind-scenes-grinding-gear-games-diy-success-story-ck-215989
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Sharkmobn/a100.0%$100,000,000$100,000,000SwedenGaming
Valuation is a total guess based on haircutting the value of the other gaming companies they've acquired. https://scandasia.com/chinas-tencent-bought-100-of-swedens-sharkmob-ab/
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Frontier DevelopmentsFDEV9%$195,813,591$17,623,223UKGaming
Assumes GBP/USD = 1.31
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MarvelousTYO:784420.0%$340,552,657$68,110,531JapanGaming
Yen/USD =0.0094 https://www.google.com/search?q=marvelous+japan+stock&oq=marvelous+japan+s&aqs=chrome.0.0j69i57j69i60.6888j0j4&sourceid=chrome&ie=UTF-8
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Bit AutoBITA7.8%$1,176,000,000$91,728,000ChinaMedia & Entertainment
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Gaanan/a25.0%$340,000,000$85,000,000IndiaMusic
Ownership rough estimate based off of leading $115mm investment at a $340mm valuation: https://www.sramanamitra.com/2018/12/10/indian-music-app-gaana-topping-the-charts/
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ShunwangSHE:3001133.8%$2,353,670,438$89,439,477ChinaMedia & Entertainment
Assuming Mkt Cap is in RMB
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China LiteratureHKG:072252.7%$54,004,181$28,460,203ChinaMedia & Entertainment
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Discordn/a2.0%$15,000,000,000$300,000,000USMessaging
2% rough estimate based on participating in previous round of $150mm at a $2.05bn valuation: https://www.digitaltrends.com/gaming/dicord-funding-150million/, $3.5bn valuation from: https://techcrunch.com/2020/06/30/discord-now-has-a-3-5b-valuation-and-100m-for-a-sales-pitch-lighter-on-the-gaming/#:~:text=The%20new%20pitch%2C%20and%20a,virtual%20townhall%20for%20white%20nationalists).
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Hiken/a5.0%$1,400,000,000$70,000,000IndiaMessaging
Estimate based on leading $175mm Series D at $1.4bn valuation: https://economictimes.indiatimes.com/small-biz/money/hike-raises-175-million-from-tencent-foxconn-others/articleshow/53720461.cms
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Voodoon/a5.0%$1,400,000,000$70,000,000FranceGaming
Conservative ownership assumption; amount not disclosed: https://techcrunch.com/2020/08/17/tencent-takes-minority-stake-in-french-casual-games-maker-voodoo/
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Ourpalm Co. Ltd.SHE:3003152.0%$2,133,336,374$42,666,727ChinaGaming
Assuming Mkt Cap is in RMB