Investors appear to be optimistic about Tencent and its future prospects. The Chinese tech giant has increased its market cap by $91 billion since January 1, 2024.

Tencent added over $90 billion in market value this year

Dungeon & Fighter Mobile

  • As reported by Bloomberg, Tencent shares have soared 28% since the beginning of the year. It outpaced the growth of other major Asian companies in percentage terms.
  • For comparison, the market value of Nintendo and Nexon has increased by 20% and 15%, respectively, over the same period.
  • This makes Tencent the second-largest stock in the region, behind only Taiwanese chip manufacturer TSMC.
  • Union Bancaire Privee managing director Vey-Sern Ling told Bloomberg that the company’s shares are rising on a “more positive outlook as its game segment has returned to growth and its advertising business is taking market share.”
  • Another reason for such rapid growth is the success of Dungeon & Fighter Mobile, which recently released in China and generated over $63 million on iOS in its first week. According to Sensor Tower, the game reached $270 million in player spending on the App Store within a month after of launch.
  • Analysts expect DnF Mobile to remain China’s biggest new release this year and become “Tencent’s most commercially successful new game in the past five years.” Given the launch metrics, it has every chance to cross the $2 billion mark by the end of 2024.
  • Squad Busters, made by Tencent’s subsidiary Supercell, is also off to a good start (albeit relatively modest compared to DnF Mobile). The studio’s first globally launched game in more than five years recently surpassed $28 million in player spending.
  • According to Google Finance, Tencent currently has a market cap of HK$3.49 trillion ($447 billion).

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