- Chinese gaming firm NetEase Inc NTES scrapped some of its studios and projects started in early September amid China's video gaming sector regulatory crackdown, SCMP reports.
- NetEase pulled off multiple programmers, designers, and creative artists from their original jobs at its Shanghai and Hangzhou offices.
- China recently restricted the gaming time for players below 18.
- The Chinese stocks ranging from Alibaba Group Holding Ltd BABA, Tencent Holdings Ltd TCEHY are trading lower due to the domestic tech crackdown.
- Price Action: NTES shares traded lower by 2.55% at $85.93 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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