The Strange Beginning of Tencent (Act 1)

How did a failed pager business, a group of young programmers, and a rapidly growing chat app become the foundation of one of Asia’s most powerful technology companies? Welcome to Made in Asia, a long-form video podcast exploring the companies, founders, and business empires that helped shape modern Asia. In Act 1 of the Tencent story, we return to the beginning—long before WeChat, blockbuster video games, and billion-dollar investments. Episode breakdown: 00:00:00 Intro 00:01:41 Pony Ma Is Born During China’s Cultural Revolution 00:06:05 Pony Ma’s Childhood Obsession With Space 00:09:07 How China’s Opening Led to Tiananmen Square 00:13:13 The Tiananmen Square Turning Point 00:19:07 Pony Ma Enters Shenzhen University 00:21:49 Learning Programming and Interface Design 00:24:52 China’s Pager Boom 00:28:40 Pony Ma Discovers FidoNet 00:30:32 Meeting China’s Future Technology Leaders 00:33:28 Tony Zhang Joins the Story 00:39:21 Tencent Is Founded 00:41:51 Tencent’s Pager Business Fails 00:44:08 How ICQ Changed Everything 00:45:21 Tencent Builds OICQ 00:48:22 Pony Ma Bets Everything on OICQ 00:51:21 Why OICQ Took Off 00:56:26 Tencent Celebrates Its First 500 Users 01:01:03 Inside Tencent’s Intense Early Work Culture 01:02:28 How Tencent Got Its Penguin Mascot 01:09:06 One Million Users—and Almost No Cash 01:09:47 Pony Ma Tries to Sell Tencent 01:11:39 Jason Zeng and Tencent’s Hunt for Funding 01:13:26 Tencent Discovers Venture Capital 01:14:41 Pony Ma’s Surprisingly Honest Investor Pitch 01:16:29 Tencent Raises Its First Outside Funding 01:17:43 The Dot-Com Crash Arrives 01:18:35 Why AOL Bought ICQ 01:24:12 The Lawsuit That Turned OICQ Into QQ 01:26:07 Tencent’s Failed Attempts to Make Money 01:27:27 Why QQ Club Failed 01:29:48 Tencent Tries to Sell the Company Again 01:31:29 David Wallerstein Discovers Tencent 01:34:18 The Naspers Negotiation Begins 01:35:09 Tencent Discovers Value-Added Services 01:37:41 How Tencent Made Money From SMS 01:40:57 Tencent Finally Breaks Even 01:41:40 The Naspers Deal 01:43:13 The Investment That Returned 5,000 Times 01:43:39 How Tencent Rebuilt the Company 01:44:48 Act 2 Preview Made in Asia is a video podcast about the rise of major Asian companies. From technology platforms and food giants to consumer brands and industrial empires, each episode examines how these businesses were built, why they succeeded, and what their stories reveal about Asia’s place in the global economy. Subscribe to continue the Tencent story in Act 2 and to watch future episodes about companies such as Grab, Titan, and more. About the speakers: Guang Jin Yeo is the founder of 1UpMedia, a media company focused on building thoughtful, engaging content for modern audiences. His background in storytelling, content, and audience-building brings a sharp lens to how brands connect with people and remain culturally relevant. LinkedIn: / guang-jin Chuan Hoe Teo previously worked in strategy at Google APAC and as a consultant at Bain & Company. His experience across strategy, business growth, and large-scale market thinking adds a grounded perspective to how major companies expand and compete. LinkedIn: / chuan-hoe-teo-65a622100