Tencent fully or near-fully controls a small set of game studios, and those studios make some of the best-known games in the market. Riot Games (League of Legends, VALORANT) and Supercell (Clash of Clans, Clash Royale, Brawl Stars) are the clearest cases. Tencent also holds investments in other studios, such as Epic Games and Ubisoft, and it works with still more companies as partners. Those are different relationships, and a game can sit under one of them without Tencent owning the game itself.
This article explains how Tencent classifies its gaming holdings, which figures are reported and how far they can be trusted, and what the Ubisoft deal does and does not change for Assassin’s Creed, Far Cry, and Rainbow Six.
Tencent’s three categories, and what each one means
Tencent’s gaming portfolio is described in its Corporate Overview 1Q25, published May 21, 2025. The presentation sorts its partners into three headings. Each heading supports a different kind of claim:
| Tencent’s 2025 label | What the label supports | Examples Tencent names |
|---|---|---|
| Owned Studios | Tencent presents these studios as owned. Reported percentage stakes appear only for Riot Games and Supercell. | TiMi, Lightspeed Studios, Morefun, Aurora Studio, Riot Games, Supercell, Digital Extremes, Miniclip |
| Invested External Studios | An investment relationship. It does not mean full ownership, and it does not mean Tencent owns every game the studio makes. The overview gives no stake sizes for these studios. | Epic Games, FromSoftware, Game Science, Krafton, Shift Up, Ubisoft |
| External Partners | A partnership. It is not evidence of ownership. | Capcom, EA, Microsoft, Nexon, Square Enix, Take-Two Interactive |
The overview is a portfolio snapshot. It is not a list of legal entities, and it does not assign every title to a studio or document who holds each game’s intellectual property. Those are separate questions. A studio can be Tencent-controlled while a particular franchise belongs to someone else, or is only licensed to a subsidiary.
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Owned studios: which games they make and how much Tencent holds
Riot Games
Tencent’s 2025 annual report, dated April 9, 2026, shows 100% outstanding ownership of Riot Games. The figure was read through a third-party rendering of the filing, because the official PDF could not be retrieved for this article. If you need the exact legal table, check it against Tencent’s official 2025 annual report. Riot develops League of Legends and VALORANT, and Tencent’s overview names VALORANT among its selected evergreen games.
Supercell
The same annual-report material shows 93.48% outstanding ownership of Supercell. That is majority control, not full ownership; the remaining share sits outside Tencent. Supercell makes Clash of Clans, Clash Royale, and Brawl Stars. Tencent’s overview names Brawl Stars among its selected evergreen games, so it is accurate to say Brawl Stars is made by a Tencent-controlled studio. Saying Tencent owns Brawl Stars outright goes further than the evidence supports.
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Digital Extremes and Miniclip
Tencent’s overview places both studios under Owned Studios. The overview gives no game-by-game title list and no ownership percentage for either. Any game you link to Digital Extremes or Miniclip should be checked against that studio’s own disclosures rather than inferred from Tencent’s label.
Other studios Tencent lists as owned
TiMi, Lightspeed Studios, Morefun, and Aurora Studio also appear under Owned Studios. The sources reviewed for this article give no titles or percentages for them, so this article does not name games from those studios.
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Invested studios and external partners
Tencent’s overview lists six Invested External Studios:
- Epic Games. Classified as an investment. The overview gives no stake percentage.
- FromSoftware
- Game Science
- Krafton
- Shift Up
- Ubisoft. Covered in the next section.
Because these are investments, the statement “Tencent owns Epic Games” or “Tencent owns FromSoftware” would overstate what Tencent’s own materials say. The same applies to the entire catalogs of these companies. External Partners such as Capcom, EA, Microsoft, Nexon, Square Enix, and Take-Two Interactive are shown as working relationships only.
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Ubisoft, Assassin’s Creed, Far Cry, and Rainbow Six
What Ubisoft announced on March 27, 2025
Ubisoft announced that Tencent would invest €1.16 billion for an approximate 25% economic interest in a new subsidiary. That subsidiary would cover the teams developing Assassin’s Creed, Far Cry, and Tom Clancy’s Rainbow Six, along with those franchises’ back catalogs and games in development. The announcement described a worldwide, exclusive, irrevocable, perpetual license to the relevant intellectual property, owned or licensable by Ubisoft. The arrangement is a license of franchise rights to the subsidiary. It is not a sale of the franchises to Tencent.
Ubisoft CEO Yves Guillemot said in the announcement: “Today Ubisoft is opening a new chapter in its history.” Tencent President Martin Lau said: “We are excited to extend our longstanding partnership with Ubisoft through this investment, which reflects our continued confidence in Ubisoft’s creative vision and exceptional talent to drive sustained success in the industry.”
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Control and consolidation
Ubisoft said the subsidiary would remain exclusively controlled and consolidated by Ubisoft after closing. An economic interest is a claim on the subsidiary’s value and returns. It is not the same as control over decisions. Under consolidation, Ubisoft’s financial statements would include the subsidiary’s results in full, even though Tencent’s share of the economics is about 25%. For readers following Ubisoft as an investment, that is the key point: the headline number describes Tencent’s economic share, not who runs the franchises.
What remains unconfirmed
The announcement expected completion before the end of 2025, subject to conditions. The sources reviewed for this article do not confirm whether the transaction closed, or whether the announced amounts and control terms are the final terms. Check Ubisoft’s investor-relations announcements for the closing status and final terms before treating the arrangement as settled.
Evergreen titles Tencent names
Tencent’s overview identifies selected evergreen games and new titles with evergreen potential. The studio column shows only what the overview itself states.
| Title | Studio named in the sources | Tencent’s classification |
|---|---|---|
| Honour of Kings | Not stated | Selected evergreen game |
| Peacekeeper Elite | Not stated | Selected evergreen game |
| CrossFire Mobile | Not stated | Selected evergreen game |
| Naruto Mobile | Not stated | Selected evergreen game |
| VALORANT | Riot Games | Selected evergreen game |
| Brawl Stars | Supercell | Selected evergreen game |
| Delta Force | Not stated | New game with evergreen potential |
| DNF Mobile | Not stated | New game with evergreen potential |
“Evergreen” is Tencent’s own definition: average quarterly daily active users above 5 million for mobile or 2 million for PC, and annual gross receipts above RMB 4 billion. Tencent reported 12 evergreen games in 2023 and 14 in 2024. That count describes the portfolio that meets this definition. It is not a total of the games Tencent owns.
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How to check a specific game yourself
- Find the developer or studio on the game’s store page or in its credits, then look up that studio’s category in Tencent’s overview.
- Treat studio ownership and franchise ownership as separate questions. Studio control does not settle who holds the intellectual property.
- Look for a stated percentage. Category labels alone give none, and the only percentages cited here are Riot Games at 100% and Supercell at 93.48%.
- For Ubisoft franchises, check whether the subsidiary transaction has closed and what the final terms are.
- Check dates. The overview is from May 2025, the annual-report figures are from a filing dated April 9, 2026, and the Ubisoft terms were announced on March 27, 2025.
Sources used: Tencent, Corporate Overview 1Q25 (published May 21, 2025); Tencent Holdings Limited, Annual Report 2025 (dated April 9, 2026, read through a third-party rendering); Ubisoft Entertainment, announcement of a new subsidiary (March 27, 2025, distributed via GlobeNewswire).
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