NetEase, Bilibili surge as China to restart approving game licenses: report
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NetEase (NASDAQ:NTES) and Bilibili (NASDAQ:BILI) shares jumped in premarket trading on Monday after Bloomberg reported that the Chinese government has approved the first group of video game licenses since July 2021.
Citing people familiar with the matter, the news outlet reported that the National Press and Public Administration distributed a list of approved titles to developers. The list will be added to the agency's website in short order, the people said.
At press time, it was not clear if games from NetEase (NTES), Bilibili (BILI) and Tencent (OTCPK:TCEHY) were on the list.
However, investors bid up NetEase (NTES) and Bilibili (BILI) and anyway, with NetEase rising nearly 8% to $100.25 in premarket trading, while Bilibili (BILI) rose more than 9% to $28.10.
Tencent (OTCPK:TCEHY) shares were little changed in premarket trading.
Other Chinese equities, such as Alibaba (BABA), JD.com (JD) and Baidu (BIDU) also pared losses on the news.
In March, investment firm J.P. Morgan downgraded Chinese internet stocks, including NetEase, citing geopolitical risks.
It was recently reported that Tencent (OTCPK:TCEHY) would shut down its video game streaming platform, Penguin Esports, after Beijing shut down a huge merger that would have made it a major player in the area.