Tencent in Talks to Offload Marvelous and Other Global Game Bets

June 23, 2026 - 11:17

Tencent Holdings Ltd. is in talks to sell off stakes in multiple Japanese game studios, including the publicly traded Marvelous Inc., according to people familiar with the discussions. The move comes as the Chinese tech giant rethinks its global investment strategy after years of aggressive spending on overseas gaming assets.

The negotiations are part of a broader reassessment of Tencent's international portfolio, which has included bets on studios from Japan to Europe. Marvelous, known for the Story of Seasons and Senran Kagura franchises, is one of several holdings the company is looking to exit. Other Japanese investments may also be on the block, though the full list remains unclear.

Tencent has long been one of the most active investors in the global gaming industry, holding stakes in companies like Epic Games, Riot Games, and Ubisoft. However, tighter regulatory scrutiny in China and shifting market conditions have prompted the company to streamline its holdings. The potential divestitures in Japan signal a more selective approach, focusing on core assets rather than minority stakes in smaller studios.

The talks are still ongoing, and no final decisions have been made. Representatives for Tencent and Marvelous declined to comment. The outcome could reshape the landscape for Japanese game developers, many of which have relied on Chinese investment for growth and distribution in Asia.