They were early investor. Different companies with different focus has different exposure risk. Tencent is golden goose as long as it stays in it's lane and read the tea leaves. They've been very competent at it so far.
Domestic/geopolitics affect companies everywhere. Investors of Qualcomm (Edit: _can't_) be happy after US implemented entity list, and that affects third parties as well like TSMC and ASML. The latter got off light because semis are in such demand, but a bunch of Euro/Japan/Korean tech companies in Huawei supply chain lost out big.
Domestic/geopolitics affect companies everywhere. Investors of Qualcomm (Edit: _can't_) be happy after US implemented entity list, and that affects third parties as well like TSMC and ASML. The latter got off light because semis are in such demand, but a bunch of Euro/Japan/Korean tech companies in Huawei supply chain lost out big.