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

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.
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