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Shares of Tencent and NetEase rose after pressure from Chinese authorities eased.
Securities of China's largest game publishers Tencent and NetEase rose after China's National Printing and Publication Administration issued the first game licenses of 2023, which investors took as a sign of easing pressure on the industry.
Tencent's shares were up 1.7% at the start of trading, while NetEase's assets were up 5.8%, hitting a four-month high. The day before, it became known that the specialized regulator allowed 88 titles to enter the market, and this was regarded as a weakening of government measures, which began in August 2021 - as a result, Beijing caused heavy damage to the world's largest gaming market.
Unlike most countries, all video games are approved by the regulator before entering the Chinese market. Government measures have been aimed at getting rid of content that Beijing does not approve of for ideological reasons: excessive violence, the glorification of wealth and the worship of celebrities.
At the end of December, the Chinese authorities issued licenses for the release of 45 foreign-made games, which was the first signal that the restrictions would soon be lifted. The resumption of the issuance of licenses gradually began in April last year, and foreign publishers had to wait until the end of December.