3 months ago
Stock Market

Tencent’s Shares Surge as Beijing Unfreezes Games

Investing.com - China’s tech giant Tencent Holdings Ltd (HK:0700) saw its shares jump by 2.47% to HK$323 on Monday morning

Investing.com - China’s tech giant Tencent Holdings Ltd (HK:0700) saw its shares jump by 2.47% to HK$323 on Monday morning in Asia, following the Friday approval of the first batch of game titles, unfreezing the process to clear video games for distribution in China.

Tencent’s shares rose as much as 4.6% after the Communist Party Propaganda Department official Feng Shixin gave a speech in Haikou, according to Reuters.

“We hope through new system design and strong implementation we could guide game companies to better present mainstream values, strengthen a cultural sense of duty and mission, and better satisfy the public need for a better life,” Feng was reported as saying.

The Chinese firm was hit in March when China halted the approval of new mobile games to help prevent myopia in children.

One of Tencent’s most popular games, Monster Hunter: World, had to be taken down a few days after its launch in August.