NetEase Postpones Release Of Game Indefinitely After Politically Controversial Social Media Post - NetEase (NASDAQ:NTES)

NetEase, Inc NTES has postponed the June 23 release of Diablo Immortal in China indefinitely, CNBC reports.
Recently, Weibo Corp WB banned the official account of Diablo Immortal from posting for "violating relevant laws and regulations."
NetEase and China fell out over the former's Weibo account post that allegedly alluded to Winnie the Pooh, a popular way to refer to President Xi Jinping derisively, the Financial Times reports. The post read, "Why hasn't the bear stepped down."
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NetEase and Activision Blizzard, Inc ATVI had co-developed the game.
The companies justified the delay by citing adjustments made by the development team.
Diablo's focus on slaying demons and witches clashed with China's disapproval of games with violent or religious content, Reuters reports.
NetEase released Diablo Immortal outside of China on June 2, earning over $24 million during the first two weeks since the rollout.
After a hiatus, China resumed publishing licenses for games, which continued to miss out on the more prominent gaming companies like Tencent Holding Ltd TCEHY and NetEase.
Price Action: NTES shares closed lower by 1.69% at $93.17 on Friday.