NetEase, Tencent jump after China regulator removes gaming rules draft from website

seekingalpha01-23

NetEase (NASDAQ:NTES) and Tencent (OTCPK:TCEHY) (OTCPK:TCTZF) were among the stocks that surged on Tuesday after China's gaming regulator removed from its website proposed draft rules for the online ...

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The link to the proposed draft rules on the website of the National Press and Publication Administration, or NPPA, was not accessible on Tuesday. Gaming giant Tencent's stock rose about 4%, rival NetEase climbed about 6%, while Bilibili (BILI) soared around 7% on the Hong Kong Stock exchange. The draft rules for the online gaming industry, which were aimed at curbing the amount of money and time players spend playing the games, had led to a wipe out of about $80B in market value from the three China's companies on the Hong Kong and China exchanges on Dec. 22, 2023 after the draft rules were unveiled. South Africa-based Naspers (OTCPK:NPSNY) jumped about 3% on the Johannesburg Stock Exchange and shares of Prosus (OTCPK:PROSY) (OTCPK:PROSF), which owns a stake in Tencent, also rose around 3% on Tuesday. Naspers holds a stake in Prosus. Other Chinese stocks, such as Alibaba (BABA) Baidu and and Kuaishou Technology (OTCPK:KUASF) (OTCPK:KSHTY) were up about 3% each, JD.com (JD) rose about 5% and Weibo (WB) surged around 8% in Hong Kong trading on Tuesday. Following the market reaction, the NPPA had noted that the government would further improve the proposed draft rules after \"earnestly studying\" public views. The regulator had sought public comment on the rules by Jan. 22, which has now expired. China, reportedly, even removed a gaming regulatory official earlier this month following gaming rules debacle. The removal of the draft was seen by some analysts as unusual, with some saying a revision could be coming, according to a report from Reuters. As per the previous draft rules, online games would not be allowed to set inductive rewards such as daily login, first-time recharge, and continuous recharge. Pop-up warnings should be issued to users for irrational consumption behavior. The rules also included caps on the amount each player can spend within a game, among other things. The new draft rules had caught the industry and investors by surprise and reminded many of a crackdown on the tech-sector in 2021. That year certain agencies imposed restrictions on sectors from e-commerce to entertainment, reining in Jack Ma-backed Ant Group and Alibaba (BABA), among others.  More on NetEase and Tencent  NetEase: A Worthy Buy Despite Regulatory Risks Tencent: More Powerful Than You Think Out With The Old... Tencent Sells App Store To Huya Tencent in $3B top Asian fund's portfolio despite China gaming rules - report ByteDance reportedly in talks to sell gaming assets; potential buyers include Tencent","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2405214324"}