Sorry this was buried in the comments, but a Valorant dev (/u/riotaredherring) actually confirmed that Tencent doesn't actually own anything about Valorant/Vanguard:
Question: Ultimately, who owns the product that you're developping. You? Riot? or Tencent? What would happen when who ever own this product decides on some changes.
/u/riotaredherring's anwer: Riot owns everything we make. The distribution of our games is sometimes delegated to partners, like Garena, who also own the publishing piece in those regions.
I feel like this is a relief, because tons of people (including me) actually though Tencent owned Riot, which meant they also owned Valorant/Vanguard.
But that was wrong, because as the devs confirmed, Riot ultimely own the products.
I though this was interesting bit of information that was buried in comments.
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