Chinese Gaming Stocks Rise on News of Resumption of License Issuance This Month
[Asia Economy Reporter Bu Aeri] There are reports that Chinese authorities will issue game licenses (approval for game services in China) that have been suspended for over three months.
21st Century Business Herald reported on the 16th, citing industry insiders, that new game licenses will be issued within this month.
The National Press and Publication Administration of China had been issuing 80 to 100 game licenses monthly in recent years but stopped issuing licenses after July.
China is strengthening game regulations this year. In August, a major state-run media outlet described games as "spiritual opium." Subsequently, authorities limited minors' gaming time to three hours per week, restricted to Fridays, weekends, and holidays.
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Following news that game license issuance might resume, Tencent and NetEase stocks rose 2.18% and 3.98%, respectively, showing strength in the Hong Kong stock market.
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