TECH - Tencent And NetEase Stocks Bounce Back As Chinese Regulator Signals Eased Stance On Gaming | Benzinga
Chinese online gaming behemoths Tencent Holdings Ltd (OTC:TCEHY) and NetEase Inc (NASDAQ:NTES) saw their shares rally after Chinese regulators indicated a possible revision of the proposed regulations that had earlier caused gaming stocks to plummet.
What Happened: Tencent’s shares in Hong Kong surged by 3% following a 12% slump last Friday, while NetEase’s shares soared 14% during morning trade, rebounding from a 25% drop, as reported by Reuters
China’s video gaming regulator, the National Press and Publication Administration (NPPA), announced a series of draft rules last Friday aimed at curbing in-game spending and rewards. The announcement sparked fears of a renewed crackdown on the sector, leading to a sharp decline in gaming stocks.
See Also: Tesla Investor Ross Gerber After Getting A New Rivian R1S: ‘I’M Bored Of The Model Y’
However, a statement released by the NPPA on Saturday indicated a potential revision of the proposed rules based on public feedback. On ...