Tencent Holdings stabilized and rebounded in the afternoon, and the decline narrowed sharply.
USMART Yingli Zhi Investment Co., Ltd., Tencent Holdings shares stabilized in the afternoon, rising towards the end of the day, and the decline narrowed to 0.31% at press time, up 2.6% from the low of the day. The turnover was 12 billion Hong Kong dollars.
Shares of 0700.HK (Tencent) and NetEase (9999.HK) fell 5 per cent and 4 per cent, respectively, according to recent domestic media reports of tighter regulation of game content and the suspension of game version numbers this year. After the Hong Kong stock market closed, the State Press and publication Administration said it was still accepting applications, and the Game work Committee of the National Voice number Association also denied the report.
Morgan Stanley does not think that new game regulations have been added in the mainland on February 21 or the beginning of the year, pointing out that stricter content regulation and minor protection are not new news. Since September last year, minors' play time has been limited to three hours a week. Most Chinese game publishers are also expanding overseas, with Tencent accounting for more than 20 per cent of its game revenue from the international market and NetEase and bilibili (9626.HK) with more than 10 per cent.
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