2 months ago
Stock Market

Tencent Said to Expand Video Gaming Business

Investing.com - Chinese tech giant Tencent Holdings Ltd (HK:0700) is said to be partnering up with U.S. video game developer

Investing.com - Chinese tech giant Tencent Holdings Ltd (HK:0700) is said to be partnering up with U.S. video game developer Riot Games to expand its video gaming business, according to Chinese media reports.

The reports said that the two would establish a joint venture on Thursday, in which each side will own 50%. Riot Games is the developer of League of Legends, one of the most-played video games in the world that has been featured in worldwide eSports tournaments.

The joint venture is said to be responsible for the competition of League of Legends in China. It might also engage in organising the world championship for the game, as well as other video gaming-related businesses such as developing new games.

Tencent has yet to release any official statement regarding the joint venture.

Tencent’s share price rose 0.4% to HK$329.3 by 1:15 AM ET (06:15 GMT).