Tencent Fails To Win Gaming License Since China Lifted Suspension; Although NetEase Makes A Breakthrough

  • China's gaming regulator granted publishing licenses for 73 online games, including titles belonging to NetEase Inc NTES and other developers, Reuters reports.
  • NetEase, China's second-largest gaming company behind Tencent Holding Ltd TCEHY, received its first video game license in 14 months for a sports game titled "All-star Street Ball Party."
  • However, Tencent, the most prominent game developer, is yet to make a breakthrough since the suspension ended.
  • Tencent-owned Nanjing Wangdian Technology won a license for an educational game called Health Protection War.
  • China suspended game approvals last August before resuming them in April. 
  • Recently, Tencent shareholders added $7.6 billion in shares to Hong Kong's clearing and settlement system, spurring speculation of a selloff by its biggest shareholder, Naspers Ltd NAPRF.
  • Price Actions: TCEHY shares traded lower by 2.46% at $38.52 on the last check Tuesday. NTES shares traded higher by 0.67% at $88.05.
Market News and Data brought to you by Benzinga APIs
Posted In: GovernmentNewsRegulationsTechMediaBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!