Saturday, February 24, 2024

China approves 105 video games after considering game rules proposed by Tencent and NetEase

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China on Monday approved 105 online video games in an effort to allay concerns after regulators proposed tougher new rules for games. Video games such as NTES stock rebounded on Tuesday after falling on Friday.




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On Friday, China’s gaming regulator, the State Newspaper Administration, proposed new restrictions on how long minors can play video games and limits on in-game spending. The proposed rules have raised concerns about a return to sweeping crackdowns on the gaming industry and perhaps beyond.

NetEase (NTES) plunged 16.1% in U.S. stock market trading on Friday. tencent holdings (TCEHY) plunged 12.4% to a new 52-week low. Biting (BILI) fell 4.9% after hitting a new 52-week low during the day.live streaming specialist Fuya (HUYA) fell by 10.7%.

e-commerce giant alibaba (Baba), JD.com (JD) and pinduoduo PDD fell more than 1% on Friday on concerns about widespread regulatory tightening.

The NPPA announced over the weekend that it would listen to feedback from video game manufacturers and players. 105 video games were approved on Monday, including titles from NetEase and Tencent, the highest in 17 months.

Hang Seng in Hong Kong is closed for Christmas and will remain closed until Wednesday.

NTES stock rose 5% early Tuesday. Billi stock rose 1.9%. BABA stock rose 1%, while JD.com and PDD rose slightly.

Tencent rose 3.2%.

Follow Ed Carson on thread @edcarson1971 and on X/Twitter. @IBD_ECarson For the latest stock market updates and more, contact Bluesky at @edcarson.bsky.social.

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