Prosus, Ubisoft Shares Drop After China Toughens Stance on Online Games -- Market Talk

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Prosus, Ubisoft Shares Drop After China Toughens Stance on Online Games -- Market Talk

Dow Jones2023-12-22

0852 GMT - Prosus and Ubisoft Entertainment shares fall after China released draft regulations for the online-game industry that included restrictions on incentives to play or spend more online. If implemented, the rule would lead to a reduction in player monetization, hitting revenue and profit margins for companies such as Tencent and Netease, Equita SIM analyst Gianmarco Bonacina says in a research note. The European companies' stock falls follow a selloff in Chinese game stocks in Asian trading, with gaming giant Tencent Holdings closing down 12% and Netease dropping 25%. Shares of Prosus--a Dutch tech investor that is major shareholder in Tencent--trade 15% lower, while France's Ubisoft sheds 7.6%, placing them among the biggest fallers in the pan-European Stoxx Europe 600 index. (adria.calatayud@dowjones.com)

(END) Dow Jones Newswires

December 22, 2023 03:57 ET (08:57 GMT)

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Gohsan
·2023-12-22
A material regulatory change for the worse. China is scoring own goal as people who want to spend to play and win will find ways to do so. More important thing is the loss of trust and confidence in China with these sudden abrupt changes in regulations esp in these economic trying times
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