A Chinese regulatory body has granted publication licenses to Tencent stock ( OTCPK:TCEHY ) and a number of other businesses so they can distribute foreign video games in China.
For the month of December, the National Press and Publication Administration issued licenses for 45 international games, including Riot Games’ Valorant and Pokemon Unite, both of which were created and released by Tencent in collaboration with Nintendo ( OTCPK:NTDOY ).
Tencent stock movement
Tencent stock ( OTCPK:TCEHY ) was slightly higher on Wednesday in premarket trade. 84 domestic games, including those from TikTok creator ByteDance (BDNCE), were also approved for December.
In recent months, China has loosened up on its crackdown on the video gaming industry. Both Tencent ( OTCPK:TCEHY ) and NetEase (NTES), who derive a sizable percentage of their revenue from video games, have been adversely affected by the decision.
The Chinese government allowed a mobile game from NetEase (NTES) in September, its first approval since July 2021, and the company’s stock surged as a result. According to Reuters, which cited a source with knowledge of the situation, Tencent ( OTCPK:TCEHY ) obtained six licenses in December through a number of related businesses. Tencent ( OTCPK:TCEHY ), founded by Pony Ma, obtained its first license in November after going around 18 months without one.
Tencent ( OTCPK:TCEHY ), which owns about 40% o...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube