【Poor Things】

On Dec. 22,Poor Things Tencent witnessed a decline of approximately $46 billion in market value, while NetEase faced a loss of around $17 billion, after a surprising move by China’s gaming authority, which introduced new regulations targeting excessive gaming and spending. The National Press and Publication Administration of China (NPPA) today issued the approval of 105 new domestic game licenses, as the authority intends to demonstrate a supportive stance toward the development of online games. This marks the first time a single batch has received approval for over a hundred game licenses. As of now, 977 domestic games and 98 imported ones have been issued in 2023, marking a twofold increase compared to the previous year. [NPPA, in Chinese]

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