Why Tencent and NetEase Shares Are Trading Lower Today

  • China's gaming regulator has granted publishing licenses to 69 online games, including titles belonging to developers like G-bits Network Technology Xiamen Co Ltd and iDreamSky, Reuters reports.
  • China's list continued to duck Tencent Holdings Ltd TCEHY and NetEase Inc NTES regarding games approval.
  • Recently NetEase braced to release the most-awaited Diablo Immortal mobile game in China on July 25, a month after its initially scheduled launch date.
  • TikTok owner ByteDance Ltd has generated $1 billion of player spending across its mobile games as of the year ended June 20, 2022, up 16% year-on-year.
  • China had stopped approving games as a part of its sweeping crackdown on the sector to prevent the youth from getting addicted to the games.
  • Price Action: TCEHY shares traded lower by 3.62% at $37.26 on the last check Monday. NTES shares traded lower by 2.01% at $91.11.
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