China grants publishing licenses for 70 online games in November, including ones belonging to Tencent, NetEase
Published: Nov 18, 2022 02:02 AM
Internet games File Photo: VCG

File Photo: VCG

China's gaming regulator on Thursday announced the approval of publishing licenses for 70 online games in November, including ones belonging to internet giants Tencent and NetEase.

Among the newly approved games were Metal Slug: Awakening, a run-and-gun title unveiled by Tencent and A Chinese Odyssey: Homecoming from NetEase, the National Press and Publication Administration (NPPA) revealed in a statement on its website.

The announcement instantly put Tencent and NetEase in the spotlight, as the former gained regulatory approval for its first gaming title this year.

On Wednesday night, Tencent disclosed that the games license approval was just around the corner. The company also said headwinds confronting the gaming sector will ease, media reports noted.

Tencent on Wednesday posted better-than-expected net profit for the third quarter, although its revenues fell short of market estimates during the quarter.

In the case of NetEase, the gaming major said in a press release Wednesday that it had not reached agreement on renewal of licenses with US video game developer Blizzard Entertainment, suggesting that World of Warcraft, among other popular titles, will go offline after January 23, 2023.

NetEase's shares in Hong Kong trading plunged 9.05 percent on Thursday while its US-traded shares opened higher on Thursday.

Tencent's shares closed down 0.82 percent in the Hong Kong market on Thursday. The benchmark Hang Seng Index shed 1.15 percent to finish slightly above 18,000 points.

Global Times