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