At the time, Tencent was known mainly for its QQ instant-messaging platform; it later built WeChat and became one of the world's biggest tech and gaming companies. The investment transformed Naspers (and its international arm, Prosus) from a regional media company into one of the largest technology investors on the planet, with stakes in companies from India to Brazil. It also made Naspers/Prosus shares such a large share of the Johannesburg Stock Exchange's index that fund managers have had to work around concentration limits.
Source: Bloomberg
Frequently Asked Questions
How did Naspers end up investing in Tencent in the first place?
Naspers was actively scouting early-stage internet and media businesses in emerging markets in the early 2000s, and it backed the young Chinese firm Tencent for $32 million in 2001, betting on the growth of internet use in China well before that potential was widely recognised.
Why did this particular investment become so much more valuable than most startup bets?
Tencent grew explosively as China's internet population expanded and its platforms (like WeChat) became central to daily life and commerce there, so Naspers's stake scaled along with one of the biggest tech growth stories of the past two decades.
How does this investment affect South Africa's economy today?
Naspers (via Prosus) remains the largest company listed on the Johannesburg Stock Exchange by market value, meaning its performance — heavily tied to Tencent — has an outsized effect on the JSE index and on South African pension and investment funds that track it.