Back in 2022, Tencent’s domestic gaming revenue is 124bn rmb (recognized revenue), vs China market gaming revenue of 266bn rmb.
Plainly speaking, Tencent’s market share in China gaming is 47%. In reality, there could be about 9 month of mismatch, as Tencent books grossing first and recognizes it later.
This number dropped to 42% in 2023, as Tencent’s domestic gaming revenue only grew 2.3% in 2023.
In 2025, the number improves to 47% again.
The drivers
1/ The new Banhao/gaming license suspension in 2021 benefited existing gaming.
2/ NetEase Eggy Party was a massive breakout hit in 2023.
3/ Genshin Impact / Mihoyo shock is actually not that severe. Mihoyo’s Zenless Zone Zero doesn’t seem to be as successful as Genshin Impact in 2020.
4/ Tencent’s Delta Force is a strong new franchise.
However, for how long will HoK (currently No.1 grossing game for Tencent; and No.1 in China) will keep the lead is another question for Tencent.
Honor of Kings is a 2015 mobile game. When look at iOS grossing by SensorTower, HoK Jan to Aug cumulative grossing is not growing – it was 1.2-1.3 bn USD in 2022-24, but was only ~1bn USD in 2025/26.
More broadly, will Tencent’s evergreen games combined gain market share?
At least it’s hard for now, as the m/s is approaching 50%.