# Who does Tencent Holdings Limited pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/tencent-holdings-limited · Facet: suppliers · Updated: 2026-07-12T04:30:28.774+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Tencent Holdings Limited's confirmed suppliers/cost counterparties include NVIDIA (H20 GPU procurement) plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 3 cost edges, backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).

### Epic Games (high)
- metric: Market share 40% · 지분율
- note: Largest external shareholder at ~40% (acquired 2012 for $330M, still held); Sweeney retains 50%+ control.
- [confirms] GamesBeat (EN, news, published 2012-07-01) https://gamesbeat.com/tencent-paid-330m-for-40-of-epic-games/: "40% of Epic (48.4% of outstanding shares) for $330M."

### CXMT (창신메모리) (mid)
- metric: contract ¥20B · 3~5년(보도) · Reuters exclusive
- note: Long-term server-grade DDR5 supply worth 20bn+ yuan (~$2.9B); sources split between three- and five-year terms. Passed Tencent's high-load validation for AI servers; CXMT's largest single customer order. Not officially disclosed (Reuters exclusive, widely cited).
- [mentions] Reuters (EN, news, published 2026-06-29) https://finance.yahoo.com/technology/articles/exclusive-chinas-cxmt-wins-3-070237888.html: "20bn yuan DRAM deal, three to five years per sources."
- [mentions] ITHome (ZH, news, published 2026-06-29) https://www.ithome.com/0/970/041.htm: "20bn+ yuan server DDR5 deal, validated under Tencent's 24/7 high-load testing."
- [confirms] Tencent (PR Newswire) (EN, ir, published 2026-03-18) https://www.prnewswire.com/apac/news-releases/tencent-announces-2025-annual-and-fourth-quarter-results-302717280.html: "FY2025 revenue RMB 751.8bn."

### 엔비디아 (H20 GPU 조달) (mid)  → /nvidia.md
- metric: Amount $16B · H20 비축(3사 합산 보도) · Nikkei 보도
- note: Key AI-infrastructure supplier — large-scale procurement of China-market NVIDIA H20 GPUs. Ahead of US curbs, Tencent/Alibaba/ByteDance stockpiled ~USD16bn (1.3–1.6M H20 units) in 2024–25; after the April 2025 H20 restriction they diversified sourcing. Tencent says its GPU stockpile can train models 'for a few more generations.' FY2025 AI capex ~RMB 180bn, planned to more than double in 2026.
- [confirms] HKEX filing (EN, filing, published 2026-04-09) https://static.www.tencent.com/uploads/2026/04/09/62d786fcf3d3c8cb7e54791ee95439ac.pdf: "FY2025 AI-related capex scaled up (~RMB 180bn), planned to expand further in 2026"
- [mentions] The Outpost / Nikkei Asia (EN, news, published 2025-08-14) https://theoutpost.ai/news-story/tencent-claims-sufficient-gpu-stockpile-for-ai-model-training-amid-us-export-controls-15407/: "Tencent/Alibaba/ByteDance stockpiled ~USD16bn (1.3–1.6M units) of H20 before curbs"

### 국산 AI 가속기 (화웨이 어센드·엔플레임) (mid)
- note: Diversification beyond NVIDIA under US export controls — cited as a major customer of Huawei's Ascend 910C (2026 target 600k units) and deploying Enflame chips at scale, shifting inference and some training onto domestic silicon.
- [mentions] RCR Wireless (EN, news, published 2025-09-30) https://www.rcrwireless.com/20250930/ai-infrastructure/huawei-ai-chips-2: "Tencent among expected main customers for Huawei's 910C."

### 징둥닷컴 (지분 대부분 처분) (low)  → /jd-com.md
- note: Qualified: formerly a strategic shareholder, but distributed shares (457M, ~$16.4bn, 14.7%) as a special dividend in Dec 2021, cutting the stake from 17% to 2.3%; WeChat shopping-access cooperation continues.
- [confirms] CNBC (EN, news, published 2021-12-23) https://www.cnbc.com/2021/12/23/tencent-to-give-16point4-billion-jdcom-stake-to-shareholders-as-dividend.html: "Tencent distributed most of its JD stake (14.7%) as special dividend (2021)"

### 킹소프트 오피스 (모회사 킹소프트 경유 간접) (low)  → /beijing-kingsoft-office-software.md
- note: Indirect exposure — Tencent is a substantial shareholder of parent Kingsoft Corp (3888.HK) (acquired 15.68% in 2011, ~6.9% recently). Kingsoft Corp controls Kingsoft Office (688111, ~32.5%), so Tencent's exposure to Office runs through the parent. (A symmetric investor edge exists on the Office node.)
- [mentions] AIbase (EN, news, published 2026-03-27) https://www.aibase.com/news/26597: "Tencent strategic stake in Kingsoft."

### 메이퇀 (지분 대부분 처분) (low)  → /meituan.md
- note: Qualified: formerly Meituan's largest strategic shareholder, but distributed ~15.5% (958M shares, $20.3bn) as a special dividend in Nov 2022, leaving only a small residual direct stake; WeChat payments/traffic cooperation continues.
- [confirms] Inside Retail Asia (EN, news, published 2022-11-17) https://insideretail.asia/2022/11/17/tencent-to-hand-20-billion-meituan-stake-to-shareholders-as-sales-slip/: "Tencent distributed ~15.5% Meituan stake as special dividend (2022)"

Reverse side: https://valuechain.wiki/tencent-holdings-limited/customers.md · Ripple: https://valuechain.wiki/tencent-holdings-limited/ripple.md

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