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.