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
