Tencent exercised an option to acquire $262.2M of class B shares from Huya, the gaming live-streaming service, making them the majority shareholder.
"The transaction is consistent with our strategy to connect industry partners and users via an expanding and open ecosystem. By supporting Huya's management team, we look forward to more business synergies and innovative services for game users."
Mark Ren, CEO of Tencent
The decision to acquire a majority shareholder position in Huya follows an investment in Huya’s rival, Douyu, exemplifying a possible hedge as Tencent attempts to capitalize on the growing Chinese gaming and e-sports market.