Tencent is resetting its M&A strategy to put more focus on buying majority stakes mainly in overseas gaming companies, as the tech giant eyes global expansion to offset slowing growth at home in China, people with direct knowledge of the matter said.
Tencent's chief strategy officer, James Mitchell, said on a post-earnings call in August the company would remain active in acquiring new game studios overseas.
From 2015 to 2020, the owner of China's number one messaging app WeChat 150 investments at home totalling $75 billion, compared to 102 deals worth $33 billion in overseas markets, according to Refinitiv data., partially hurt by a lack of game approvals in China and regulations that limit playing time. Revenue from online games decreased both at home and abroad by 1%.
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