China approves third batch of video games; still no Tencent

FILE PHOTO: People play in a video video games corridor throughout an evening out in Shanghai February 23, 2008. REUTERS/Nir Elias

SHANGHAI/BEIJING (Reuters) – China’s broadcasting regulator on Tuesday accredited the discharge of a third batch of video video games after a freeze for many of final 12 months, with industry-leader Tencent Holdings Ltd (0700.HK) still absent from the listing of new titles.

The State Administration of Press, Publication, Radio, Film and Television accredited 93 video games in its third listing since December. It final accredited 84 video games earlier this month.

Tencent’s home rival NetEase Inc (NTES.O) was additionally absent from the listing for the third time.

China is residence to the world’s largest video recreation market, the place 620 million gamers spent $37.9 billion final 12 months totally on cellular and PC video games, confirmed information from gaming market researcher Newzoo.

But authorities stopped approving the discharge of new titles from March final 12 months amid a regulatory overhaul triggered by rising concern about violent content material and recreation dependancy, notably amongst younger gamers.

Tencent’s share worth subsequently tumbled, wiping billions of from the inventory’s market worth. The shares are still down as a lot as 20 p.c in contrast with earlier than the freeze, and have been buying and selling greater than 1 p.c decrease on Tuesday.

Tencent, the nation’s market chief in phrases of gaming income, each produces and distributes video games. Its fantasy multi-player role-playing battle recreation, Honour of Kings, is the top-grossing cellular recreation in China.

In 2017, it introduced it might convey South Korea’s “PlayerUnknown’s Battleground” to China, the world’s best-selling recreation on the time. However, it has but to obtain a license that will permit it to monetize the sport although it has altered the content material to satisfy China’s strict guidelines on violence and gore.

Reporting by Brenda Goh and Pei Li; Additional Reporting by Beijing Monitoring Slot; Editing by Christopher Cushing

Our Standards:The Thomson Reuters Trust Principles.

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