Tencent

In 999, Tencent independently developed Tencent Instant Messenger (TIM), also known as Tencent QQ, which became the largest instant communication service network after three years of development.

Tencent was founded in November 1998 and has since expanded into various technology-related spheres such as video gaming, social media, entertainment, streaming, cloud services, fintech, and tools.

In February 1999, Tencent developed its own instant messaging software, QQ, which played a crucial role in the company's subsequent success.

By 2000, OICQ had captured over 90% of the Chinese online instant messaging market, leading Tencent to officially change its name to QQ2000 in its version 0325. This marked a significant milestone in the history of Chinese Internet companies and their impact on the digital communication landscape.

In January 2001, David Wallerstein, Vice President of MIH Group China, expressed the intention to acquire Tencent. MIH, a prominent media investment group, proposed the acquisition to align with its plans for an IPO in China. Despite the offer, Tencent's founders politely declined the acquisition but maintained a cordial relationship with MIH for further discussions.

In June 2001, MIH acquired a 46.5% stake in Tencent for $32 million, valuing the company at $60 million, which was 11 times its valuation a year earlier. This acquisition also granted control to Ma's team, marking a significant turning point for Tencent.

In 2002, Tencent launched QQ Show, an avatar customization feature within QQ. This feature allowed users to personalize their avatars and was monetized through the sale of virtual items, leading to significant revenue generation for Tencent.

In 2003, Tencent launched QQ membership and QQ Show, offering users the ability to level up their accounts faster and create virtual avatars with clothes, accessories, and backgrounds. QQ Show became Tencent's most profitable business and set the stage for the company's success in the online gaming industry.

In 2003, Tencent released its own portal (QQ.com) and entered the online games market, marking a strategic move to diversify its business portfolio and tap into new revenue streams.

Since 2004, the gaming business has been one of the most important components of Tencent’s revenue, indicating its significant impact on the company's financial performance.

By 2004, Tencent became the largest Chinese instant messaging service and went public on the Hong Kong Stock Exchange after raising $200 million in its IPO. This move significantly boosted Ma's wealth and Tencent's market presence.

At Ma's direction, Tencent launched the C2C platform Paipai.com in 2005, directly competing with e-commerce giant Alibaba. This marked Tencent's entry into the competitive e-commerce sector.

In 2007, Tencent acted as the agent for Dungeon & Fighter developed by Neople of South Korea, marking a milestone success for Tencent in the game business and strengthening its determination to continue in this industry.

By 2008 Tencent had rapidly increased its offerings by licensing games and became the largest online game platform in China.

Tencent officially announced a lawsuit against 360 for unfair competition, demanding Qihoo and its affiliates to cease infringement, issue a public apology, and pay compensation.

Tencent, along with Baidu, Kingsoft, and other Chinese Internet companies, issued a joint statement to resist 360's improper commercial competition.

Tencent declared that it would cease running QQ software on computers with 360 software and encouraged the uninstallation of 360 software before logging into QQ.

In January 2011, Tencent launched WeChat, an app for text messaging and group chat. WeChat has since become the largest instant messaging platform in the world, with a significant user base in the Asia-Pacific region.

On 21 January 2011, Tencent launched Weixin (微信), a social media app, which has become a significant part of the company's portfolio.

On 18 February 2011, Tencent acquired a majority of equity interest (92.78%) in Riot Games, developer of League of Legends, for about US$230 million.

Tencent acquired a minority stake in Epic Games, developer of franchises like Fortnite, Unreal, Gears of War and Infinity Blade, in June 2012.

On 17 September 2013, it was announced that Tencent had invested $448 million for a minority share in Chinese search engine Sogou.com, the subsidiary of Sohu, Inc.

On 15 January 2014, Tencent said it would invest HKD 1.5 billion (US$193.45 million) in logistics and warehouse firm China South City Holdings Ltd to develop its e-commerce and logistics business.

On 27 February 2014, Tencent purchased a 20-per cent stake in restaurant ratings and group-buying website Dianping for $400 million.

On 10 March 2014, Tencent bought a 15 per cent stake in Chinese e-commerce website JD.com Inc.

On 27 March 2014, it was announced that Tencent had agreed to pay about $500 million for a 28 per cent stake in South Korea's CJ Games.

On 22 May 2014, JD.com got listed on NASDAQ and Tencent expanded its stake in the company to 17.43% on a fully diluted basis by investing an additional US$1,325 million.

On 27 June 2014, Tencent announced that it had agreed to buy a 19.9 per cent stake in Chinese e-commerce website 58.com (WUBA) Inc. for $736 million.

On 16 October 2014, via its wholly held subsidiary Hongze Lake Investment Ltd, Tencent announced that it had bought a 7% stake in lottery technology firm China LotSynergy Holdings Ltd for HKD 445.5 million (US$57.4 million).

On 23 October 2014, Tencent pitched in $145 million for a 10 per cent stake in Koudai Gouwu, a Chinese mobile shopping portal.

On 9 December 2014, Chinese taxi-hailing app Didi Dache announced that it had raised more than $700 million in a funding round led by Tencent and Singaporean state investment firm Temasek Holdings.

On 17 April 2015, Tencent announced it bought an additional $400 million worth of shares, rising its stake in the company to about 25%.

In December 2015, Ma announced the establishment of an 'internet hospital' in Wuzhen by Tencent, offering long-distance diagnoses and medicine delivery. This marked Tencent's foray into the healthcare sector.

On 16 December 2015, Riot Games sold its remaining equity to Tencent.

On 21 June 2016, Tencent announced a deal to acquire 84.3% of Supercell, developer of Clash of Clans, marking a major acquisition for the company.

As of February 17, 2020, Tencent's market cap is $510.358 billion. This demonstrates the significant financial standing and market value of Tencent as a company.

Tencent announced its plan to invest 500 billion yuan (US$70 billion) over the next five years in new digital infrastructure, aiming to drive economic recovery in the post-coronavirus era.

The executive order targeting WeChat and related transactions for Tencent did not affect other facets of Tencent's ownership in American companies, such as its video game companies, as confirmed by a Los Angeles Times reporter.

Tencent announced its financial results for the first quarter of 2023, showcasing its performance and achievements during that period.

The largest shareholders in early 2024 were Naspers Limited (25.6%), Ma Huateng (7.63%), The Vanguard Group (2.68%), BlackRock (2.22%), and Norges Bank (1.11%).

The Chinese government's strict control and regulatory crackdowns on high-profit margin companies, in line with President Xi Jinping's 'common prosperity' drive, may impact Tencent's future in the next 5-10 years. Navigating ideological campaigns and regulatory scrutiny will be crucial for the company's survival.