NetEase pops as China approves one mobile game, first since July 2021: report

Sep. 13, 2022 8:10 AM ETNetEase, Inc. (NTES)TCEHY, BABABy: Chris Ciaccia, SA News Editor

Young black female gamer celebrates at night

Alistair Berg/DigitalVision via Getty Images

  • NetEase (NASDAQ:NTES) shares jumped in early trading on Tuesday after the Chinese government approved a mobile game from the company in September, its first such approval since July 2021.
  • The National Press and Publication Administration allowed 73 domestic games in total in September, according to Bloomberg, citing a statement from the Chinese government agency.
  • NetEase (NTES) shares gained almost 3.5% to $90.41 in premarket trading.
  • In July, China approved 67 domestic games, though none were from NetEase (NTES) and Tencent (OTCPK:TCEHY). Tencent (OTCPK:TCEHY), along with with Alibaba (BABA), was recently fined for failing to comply with transaction disclosure rules that are part of anti-monopoly laws.
  • NetEase (NTES) recently delayed the Chinese launch of Diablo Immortal, a multiplayer online action role-playing video game.

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