Tencent fully or majority-controls a group of studios, and the games those studios make are the clearest answer. Its 2025 corporate overview classifies Riot Games, Supercell, Digital Extremes and Miniclip as “Owned Studios.” Riot’s flagship games include League of Legends and VALORANT, and Supercell makes Clash of Clans, Clash Royale and Brawl Stars. Tencent’s annual-report figures put its outstanding ownership of Riot at 100% and of Supercell at 93.48%.
Other well-known studios are a different case. Epic Games, FromSoftware, Game Science, Krafton, Shift Up and Ubisoft are listed as “Invested External Studios,” which means Tencent holds an investment in them, not that it owns their games. Tencent also works with external partners such as Capcom, EA and Square Enix, and a partnership does not imply ownership of anything.
Three relationships Tencent reports
Tencent’s 2025 corporate overview (Corporate Overview 1Q25, published May 21, 2025) sorts its game-industry relationships into three categories. Each one supports a different conclusion about ownership, so it is worth reading them separately.
| Category in Tencent’s overview | What it supports for readers | Companies named |
|---|---|---|
| Owned Studios | Tencent describes these studios as owned. Percentage figures are reported 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 establish full ownership of the studio or of every game it makes. | 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 |
A studio being “owned” in this sense is still separate from owning a particular game’s intellectual property. Development, publishing, regional operation and the legal ownership of a game’s IP can sit with different companies, and Tencent’s overview does not map those roles title by title.
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Owned studios and the games they make
Riot Games
Tencent’s 2025 annual-report materials list Riot Games at 100% outstanding ownership. Riot develops League of Legends and VALORANT. VALORANT also appears in Tencent’s own list of selected evergreen games, which is covered further down.
Supercell
Supercell is listed as an owned studio, with 93.48% outstanding ownership in the same annual-report materials. Supercell is therefore Tencent-controlled, but it is not wholly owned. Its games are Clash of Clans, Clash Royale and Brawl Stars, and Brawl Stars is among Tencent’s named evergreen titles.
Digital Extremes
Tencent’s overview places Digital Extremes in the owned-studio category. The overview gives no ownership percentage and does not list the studio’s games. Digital Extremes is best known for Warframe, which is the game most readers will associate with the studio, but Tencent’s materials do not tie that title to the classification.
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Miniclip
Miniclip also appears in the owned-studio category without a percentage or game list in the reviewed overview. The studio is known for 8 Ball Pool, a title readers can connect to the company, though again Tencent’s presentation does not itemise it.
TiMi, Lightspeed Studios, Morefun and Aurora Studio
These are Tencent’s internal or affiliated studios named in the owned-studio list. The overview does not provide game-level detail or ownership percentages for them.
Invested external studios
Tencent’s overview treats the following studios as investments rather than owned studios. The table shows what each entry supports.
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| Studio | Well-known game | What Tencent’s overview supports |
|---|---|---|
| Epic Games | Fortnite | Investment relationship. No stake percentage is given in the cited overview. |
| FromSoftware | Elden Ring | Investment relationship. Does not imply ownership of the studio’s catalogue. |
| Game Science | Black Myth: Wukong | Investment relationship. No stake percentage is given in the cited overview. |
| Krafton | PUBG: Battlegrounds | Investment relationship. No stake percentage is given in the cited overview. |
| Shift Up | Stellar Blade | Investment relationship. No stake percentage is given in the cited overview. |
| Ubisoft | Assassin’s Creed, Far Cry, Tom Clancy’s Rainbow Six | Investment relationship, with a separate 2025 transaction described below. |
Because the overview calls these investments, writing that Tencent wholly owns Epic, FromSoftware or any other entry here, or owns their entire catalogues, goes beyond what the sources support.
The Ubisoft transaction and its three franchises
What Ubisoft announced
On March 27, 2025, Ubisoft announced the creation of a new subsidiary, distributed through GlobeNewswire. The subsidiary would hold teams developing Assassin’s Creed, Far Cry and Tom Clancy’s Rainbow Six, along with those franchises’ back catalogues and games in development. Ubisoft said the subsidiary would receive a worldwide, exclusive, irrevocable, perpetual license to the relevant intellectual property owned or licensable by Ubisoft.
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Tencent would invest €1.16 billion for an approximate 25% economic interest in that subsidiary. Ubisoft said the subsidiary would remain exclusively controlled and consolidated by Ubisoft after closing. Tencent President Martin Lau described the investment in the same announcement as a way to “extend our longstanding partnership with Ubisoft.”
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Why this is not a sale of the franchises
The structure is a license of IP to a Ubisoft-controlled subsidiary, with a minority economic stake sold to Tencent. Ubisoft’s announcement does not describe Tencent buying Assassin’s Creed, Far Cry or Rainbow Six outright. Readers who see those franchises described as “Tencent-owned” are working from a simplification.
What remains unconfirmed
Ubisoft’s announcement expected completion before the end of 2025, subject to conditions. The sources reviewed for this article do not establish whether the transaction closed, nor whether the stated amount and control terms were the final terms. Check Ubisoft’s later company announcements before treating the deal as completed.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Ownership percentages and what they measure
The only ownership percentages in the reviewed sources are for Riot and Supercell. They come from Tencent’s Annual Report 2025, dated April 9, 2026, as reproduced by a third-party filing renderer. They are measured on an outstanding-shares basis, and they are a dated snapshot rather than a standing guarantee. If exact legal context matters for a citation, check the figures against Tencent’s official report.
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| Studio | Reported figure | Basis | Source |
|---|---|---|---|
| Riot Games | 100% | Outstanding ownership | Tencent Annual Report 2025 (third-party rendering) |
| Supercell | 93.48% | Outstanding ownership | Tencent Annual Report 2025 (third-party rendering) |
| Digital Extremes | Not stated | Not stated | Tencent Corporate Overview 1Q25 |
| Miniclip | Not stated | Not stated | Tencent Corporate Overview 1Q25 |
| Epic Games and other invested studios | Not stated | Not stated | Tencent Corporate Overview 1Q25 |
Evergreen games Tencent names
Tencent’s overview lists six selected evergreen games: Honour of Kings, Peacekeeper Elite, CrossFire Mobile, Naruto Mobile, VALORANT and Brawl Stars. It also names Delta Force and DNF Mobile as new games with evergreen potential. The overview says the evergreen portfolio grew from 12 games in 2023 to 14 in 2024.
“Evergreen” is Tencent’s own term, with a threshold of average quarterly daily active users above 5 million on mobile or 2 million on PC, and annual gross receipts above RMB 4 billion. The count of 14 covers only games that meet that definition. It is not a total of the games Tencent owns, and it does not mean every listed game is owned by a studio in the owned category.
How to check a specific game or company
- Find the company in Tencent’s three categories. If it appears under Owned Studios, the company is Tencent-controlled, and you can check whether the sources give a percentage.
- If the company appears under Invested External Studios, treat the relationship as an investment. Look for a separate transaction, as with Ubisoft, before assuming any game is affected.
- If the company appears under External Partners, treat the relationship as a publishing or partnership arrangement, not ownership.
- For a franchise tied to a deal, check whether the announcement describes a sale or a license. The Ubisoft announcement describes a license to a Ubisoft-controlled subsidiary, with Tencent holding an economic stake in that subsidiary.
- For any percentage, confirm the date and the report it comes from. The figures above are from the 2025 annual-report materials and may have changed.
Using these steps, a reader can answer most “does Tencent own X” questions. Tencent controls its owned studios, invests in its external studios and partners with its partners, and each of those relationships supports a different claim about the games involved.
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