A mobile phone is displaying the screen of Tencent Games company’s stock plunge in Suqian, Jiangsu Province, China, on December 22, 2023.
Costfoto | Nurphoto | Getty Images
China online gaming stocks rose Wednesday, recovering some losses from the previous session after the country’s top gaming regulator said it will “carefully study” the concerns of all stakeholders on draft rules aimed at curbing excessive online gaming and spending.
The draft guidelines from China’s National Press and Publication Administration last Friday sank the Hong Kong-listed shares of Tencent, NetEase and Bilibili — among the largest players in the world’s biggest online gaming market.
On Wednesday, NetEase shares surged nearly 14% in early trading as Hong Kong markets returned from the Christmas holidays. The stock had plunged about 25% on Friday. Rival Tencent opened Wednesday’s session up 3% after shedding more than $43 billion in market value in Friday’s rout.
This is a developing story. Please check back for more updates.
