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Chinese gaming stocks soared after news that the country's video game regulator had seemingly scrapped proposed rules aimed at curbing "obsessive" gaming. Proposals cause slump: In Dec. 2023, China's National Press and Publication Administration (NPPA) proposed stringent rules to curb excessive gaming, including limitations on in-game purchases, restrictions on daily log-in rewards and the introduction of pop-up warnings for "irrational" behavior. After the proposal, stock prices of Tencent Holdings and NetEase dove, with both gaming companies collectively losing nearly $80 billion in market value.
Chinese regulators have retracted a proposal to rein in spending on games, a reversal that comes after the original move battered stocks of video gaming champions including Tencent Holdings and NetEase.