Tencent Games, the world's largest gaming company (and China's second largest tech company), has its fingers in many pies. The gaming industry has invested in companies like Ubisoft, Activision Blizzard, and Epic. But in 2020, Tencent added a whopping 31 gaming companies to its list of investments and acquisitions, closing 300% more deals than the previous year.

This is all courtesy of Niko Partners, a huge Asian gaming industry market research and consulting firm. In a recent blog post, the company outlines some of the biggest market trends in the Asian gaming market, the most fascinating of which is Tencent's aggressive investment in smaller gaming companies.

A list of the 31 gaming companies Tencent has invested in can be found below, but it is worth noting that most of its investments are minor stakes in smaller Chinese companies with little global presence.

Notable investments, however, include Tencent's undisclosed small investment in Japanese developer Platinum Games (which happened in January 2020) and its subsequent acquisition of Norwegian developer Funcom for $148 million. Tencent also poured $150 million into Roblox in February, and in August, it invested a whopping $1.5 billion to acquire Leyou Technology.

If Leyou Technology doesn't ring a bell, they are a Hong Kong-based holding company that has its fingers in a lot of different pies itself. Here's what you need to know:

Tencent's acquisition of Leyou effectively means that Tencent will own the intellectual property of Digital Extremes, Splash Damage, and Telltale Games. Tencent's remaining 2020 investments are focused on Chinese gaming companies and platform holders, such as Huya/Douyo, China's largest live streaming platform, which was a competitor until its merger earlier this year. Both companies are backed by Tencent, which now owns about 68% of the combined company. [As the Niko Partners report suggests, "large tech companies like Bytedance and Alibaba, as well as mid-sized companies like Lilith and MiHoYo (makers of Genshin Impact), have found success in areas where Tencent rarely invested."

Not that Tencent is in danger of losing its position as the world's largest gaming company, but it will be interesting to see which companies (and by extension, their games) Tencent invests its money in.

If you are interested in all the major gaming companies Tencent has invested in, there is a comprehensive list. You can also check out Niko Partners' blog post on the Chinese gaming industry from 2020 and the full list of acquisitions and investments made last year below.