Tencent has not acquired a 5% stake in PlayerUnknown’s Battlegrounds studio Bluehole

Tencent has not invested in Bluehole Studio, the company that makes PlayerUnknown’s Battlegrounds. News reports out of South Korea yesterday claimed that Tencent had acquired a 5 percent stake in the PUBG developer, but Bluehole confirmed to GamesBeat that those reports are false.

This does not mean that Tencent — a Chinese internet behemoth that already owns League of Legends and a piece of Fortnite studio Epic Games — will never invest in the last-player standing shooter phenomenon. Bluehole cofounder and chairman Chang Byung-gyu told Bloomberg that talks are ongoing. Battlegrounds is a massive success in China as well as globally, but Bluehole has only released the game on the Steam PC gaming platform owned by the Bellevue, Washington-based Valve Software. Tencent runs a Steam competitor in China called WeGame.