In the past, Tencent had focused on acquiring minority stakes in gaming companies as a passive financial investor, but this new initiative will see them seeking to own majority or "even controlling stakes" in companies outside of China.

Four people with knowledge of the matter have also said it may be primarily targeting "gaming assets in Europe.".

Tencent, which is the "world's number one gaming firm by revenue," is additionally looking at companies that are working on the metaverse.