In recent years, Tencent and TikTok operator Bytedance have competed for exclusive agreements for games. As such, the exclusive nature of game distribution has caused regulatory concerns about monopolizing the market and revenue. From an antitrust standpoint, Tam says she sees limited evidence showing Tencent abusing its market power. By gaming revenue derived from the Chinese market, Tencent took up 56% in 2020. "We think the government is most likely to limit Tencent from extending its power via mergers and acquisitions among gaming peers, both upstream and downstream."