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☆ China's Tencent posts smaller than expected revenue growth; gaming falls short
▼ + stars: | 2023-08-16 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

The world's largest video game company and operator of the WeChat messaging platform said revenue reached 149.20 billion yuan ($20.45 billion) for the three months ended June 30. That compared with the 151.73 billion yuan average of 21 analyst estimates compiled by Refinitiv. Domestic gaming revenue stayed mostly flat at 31.8 billion yuan, while international gaming revenue rose 12% to 12.7 billion yuan, excluding the impact of currency movements. It grew 34% to 25 billion yuan as its TikTok-like short video service Video Accounts experienced increased demand. Revenue from fintech and business services grew 15% to 48.6 billion yuan which the company said reflected expansion in both offline and online payment activities.

Persons: David Kirton, HONG KONG, Tencent, Shawn Yang, Josh Ye, Himani Sarkar, Raju Gopalakrishnan Organizations: REUTERS, Tencent Holdings, HK, Refinitiv, Blue Lotus Capital Advisors, Inc, Thomson Locations: Nanshan district, Shenzhen, Guangdong province, China, HONG, fintech

☆ US starts new round of audit inspections on China firms- source
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. The PCAOB previously said it would demand complete access in mainland China and Hong Kong in their regular inspections from 2023. The PCAOB, Tencent Music Entertainment Group, Didi Global, and NetEase did not immediately respond to Reuters' requests for comment. Washington's demands for access to the audits of Chinese companies follow a long-running dispute over auditing compliance of U.S.-listed Chinese firms. Reporting by Xie Yu in Hong Kong and Yana Gaur in Bengaluru; Editing by Rashmi Aich and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, PCAOB, Didi Global, NetEase, Janet Yellen, Xie Yu, Yana Gaur, Rashmi Aich, Sam Holmes Organizations: Entertainment, REUTERS, U.S, Public Company, Reuters, Wall, Bloomberg, Tencent Music Entertainment, Global Inc, NetEase Inc, Music Entertainment, Authorities, Treasury, Thomson Locations: Hong Kong, U.S, Washington, Beijing, China, United States, Bengaluru

☆ Warner Bros, NetEase launch 'Harry Potter: Magic Awakened' video game
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: 1 min

June 27 (Reuters) - A Warner Bros Discovery Inc (WBD.O) unit and China's NetEase Inc on Tuesday announced the worldwide launch of role-playing video game "Harry Potter: Magic Awakened". The free-to-play title will let players experience life as a student at Hogwarts, the fictional school of wizardry in the popular "Harry Potter" series of books by J.K.Rowling. Players can learn magic spells and summon "Harry Potter" characters such as Hermione Granger and Rubeus Hagrid as allies to aid in their battles. The game can be downloaded for free on iOS and Android platforms from Tuesday, the companies said. Reporting by Tiyashi Datta in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

Persons: Harry Potter, J.K.Rowling, Hermione Granger, Rubeus Hagrid, Tiyashi Datta, Saumyadeb Organizations: Warner Bros Discovery Inc, Inc, Tuesday, Thomson Locations: Hogwarts, Bengaluru

☆ China grants approvals to 86 domestic online games
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

BEIJING, May 22 (Reuters) - China's gaming regulator on Monday granted publishing licences to 86 domestic online games, including titles belonging to Tencent Holdings Ltd (0700.HK), NetEase Inc (9999.HK) and other developers. Reporting by Beijing Newsroom; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ China's defense minister applauds Putin for 'promoting world peace' amid Russia's brutal invasion of Ukraine
▼ + stars: | 2023-04-18 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +4 min

China's defense minister applauded Putin for "promoting world peace" as they met in Moscow. Beijing and Moscow have maintained warm ties in spite of Russia's brutal war in Ukraine. The war in Ukraine — the largest military conflict in Europe since World War II — has left Ukrainian cities in ruins and wreaked havoc on the global economy. As Europe curtails Russian energy imports in response to the war in Ukraine, China remains a major buyer. Meanwhile, China in February unveiled a peace plan for the Ukraine war, which was met with major skepticism in Washington.

☆ China to import 27 new video games, including Tencent, NetEase titles
▼ + stars: | 2023-03-20 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, March 20 - China's online gaming regulator on Monday granted licences to 27 foreign games in March, including titles to be published by Tencent Holdings (0700.HK), NetEase Inc (9999.HK) and Bilibili Inc (9626.HK) . NetEase secured approval for at least one mobile game named Audition: Everybody Party, while Bilibili received a licence for a game called Shanyao! The crackdown by China on online gaming had halted the approval process for foreign video games for 18 months between 2021 and 2022. XD Inc (2400.HK) received licences for two mobile games named Gorogoa and Wizard of Legend respectively. Other notable titles approved by China via this batch include a mobile game called Fairy Tale: Fighting and a console game named Yo-kai Watch 4.

☆ China Favors Chips, AI Executives Over Internet Tycoons at Top Political Meetings
▼ + stars: | 2023-03-05 | by ( Shen Lu | ) www.wsj.com time to read: 1 min

The Chinese People’s Political Consultative Conference opened at the Great Hall of the People in Beijing on Saturday. A number of prominent Chinese internet executives have been left out of the country’s top political meetings in Beijing this week, giving way to experts in artificial intelligence and semiconductors as Chinese leader Xi Jinping ’s priorities shift amid rising technology competition with the U.S.Pony Ma , Robin Li and William Ding , the chief executives of Chinese internet companies Tencent Holdings Ltd., Baidu Inc. and NetEase Inc. respectively, are conspicuous in their absence from this year’s list of delegates to the National People’s Congress, China’s legislative body, and the Chinese People’s Political Consultative Conference, a political advisory body. Also missing was Lenovo Group Ltd. CEO Yang Yuanqing .

☆ China’s video game makers come in from the cold as crackdown eases
▼ + stars: | 2023-01-20 | by ( Josh Ye | ) www.reuters.com time to read: +5 min

[1/2] The Tencent Games logo is seen on its game on a mobile phone in this illustration picture taken August 3, 2021. "We believe the approvals indicate a more benign regulatory environment for the China gaming industry," JP Morgan analysts wrote in a note on Wednesday. "With rich game supply, we are more positive on overall online game market growth during Chinese New Year, a traditional strong season for the China online game market." Whether the gaming market can return to form also depends on the recovery of the Chinese economy, which has been thumped by a surge in COVID infections. However, data shows China’s total gamer population remains stable, slipping just 0.33% in 2022 from 2021 to 664 million.

☆ 'World of Warcraft' battle heats up as NetEase rejects Blizzard offer
▼ + stars: | 2023-01-18 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

Blizzard said in November it would end its 14-year partnership with NetEase - sending shockwaves across the industry as the partnership was widely seen as one of the most lucrative in video games. NetEase said Blizzard reached out last week with an offer to extend the partnership for six months but also made it clear that it would not stop negotiating with other potential partners. With the demise of their partnership, Blizzard is currently without a Chinese publisher. Unlike other countries, foreign gaming companies typically need a Chinese publisher before they can release games in China. NetEase rose to become a gaming giant partly by publishing Blizzard's games in China.

☆ NetEase Rejects Activision Offer to Extend China Licensing Partnership
▼ + stars: | 2023-01-18 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

SINGAPORE—Chinese videogame publisher NetEase Inc. has refused Activision Blizzard Inc.’s offer to extend a licensing partnership, the two companies said, deepening a rift between the firms over operations in the world’s biggest mobile game market. Blizzard Entertainment Inc., an Activision Blizzard subsidiary, said Tuesday that it proposed to NetEase a six-month extension to the partnership that is set to expire next week. The licensing partnership has brought Blizzard’s globally popular videogames such as “World of Warcraft,” “Diablo III” and “Overwatch” to the Chinese market through NetEase.

☆ NetEase dismisses Activision proposal for temporary extension of ties
▼ + stars: | 2023-01-18 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

HONG KONG, Jan 18 (Reuters) - Chinese games publisher NetEase Inc (9999.HK) said on Wednesday it has rejected a proposal from Activision Blizzard Inc (ATVI.O) to extend their long-time partnership for six months as the U.S. game developer looks for a new partner. It called the proposal "rude and unreasonable, inappropriate and commercially illogical" and accused Blizzard of seeking to "take a free ride". With the demise of their partnership, Blizzard is currently without a Chinese publisher. Unlike other countries, foreign gaming companies typically need a Chinese publisher before they can release games in China. It has since accelerated its own game development capability, with in-house games now accounting for more than 60% of revenue.

☆ Tencent, NetEase shares rise as China gaming crackdown eases
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Jan 18 (Reuters) - Shares of Tencent Holdings (0700.HK), the world's largest gaming company, and smaller rival NetEase Inc (9999.HK) rose on Wednesday after China's video games regulator granted the first gaming licences in 2023, further easing an industry crackdown. Tencent's shares rose as much as 1.7% in early trade before paring gains, while NetEase's stock jumped as much as 5.8% to its highest in more than four months. Unlike in most other countries, video games need approval from regulators before release in China. Last month, China's move to grant publishing licences to 44 foreign games for domestic release was the strongest signal that the clampdown was ending. Regulators resumed issuing gaming licences to homegrown games last April, and the approval of foreign games was seen as the last regulatory curb to be removed.

☆ Activision Says NetEase Rejected Offer to Extend China Licensing Partnership
▼ + stars: | 2023-01-17 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

NetEase recently launched a new version for its multiplayer role-playing game ‘Justice,’ with features that NetEase said are similar to Blizzard’s ‘World of Warcraft.’SINGAPORE— Activision Blizzard Inc. said NetEase Inc., its longtime partner in China, has refused its offer to extend a licensing partnership and that it is in talks with several videogame firms to find a new partner in the country. Blizzard Entertainment Inc., an Activision subsidiary, said Tuesday that it proposed to NetEase a six-month extension to the partnership that is set to expire next week. The licensing partnership has brought Blizzard’s globally popular videogames such as “World of Warcraft,” “Diablo III” and “Overwatch” to the Chinese market through NetEase.

☆ China approves 88 games in January, including titles by Tencent and NetEase
▼ + stars: | 2023-01-17 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

BEIJING, Jan 17 (Reuters) - China's video games regulator on Tuesday granted publishing licences to 88 online games, including titles belonging to Tencent Holdings Ltd (0700.HK), NetEase Inc (9999.HK) and miHoYo. Shenzhen-based Tencent, the world's largest gaming company, received at least one game licence for a mobile game named "Yuanmengzhixing", the list published by the National Press and Public Administration showed. NetEase, China’s second largest gaming company, also received a licence for a shooting game named "Chaofanxianfeng". miHoYo, the famed developer behind Genshin Impact, secured one licence for a game named Honkai: Star Rail. Unlike in most other countries, video games need approval from regulators before release in China, the world's largest gaming market.

☆ China to import 45 foreign video games, grants multiple licences to Tencent
▼ + stars: | 2022-12-28 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

BEIJING, Dec 29 (Reuters) - China's video games regulator granted publishing licences to 45 foreign games for release in the country，including seven South Korean games, further lifting rigid curbs that have hammered the industry for 18 months. The approval of imported games effectively marks the end of Beijing's crackdown on the video games industry which began last August when regulators suspended the game approval process. Unlike in most other countries, video games need approval from regulators before release in China, the world's largest gaming market. Other imported games approved include CD Projekt's (CDR.WA) "Gwent: The Witcher Card Game" and Klei Entertainment's "Don't Starve". China approved 76 imported games in 2021 and 456 in 2017.

SummarySummary Companies Apple down, Morgan Stanley cuts Dec shipment estimateCarvana tumbles, Wedbush slashes PT to Street lowFutures down: Dow 0.25%, S&P 0.48%, Nasdaq 0.82%Dec 7 (Reuters) - U.S. stock indexes were set to open lower on Wednesday after warnings of a looming recession from major Wall Street bankers offset optimism around China relaxing its strict zero-COVID rules. Fears of a recession due to the U.S. Federal Reserve's aggressive rate hikes to curb inflation pulled the S&P 500 (.SPX) lower for a fourth straight session on Tuesday, with all major Wall Street indexes ending down 1%-2%. "From the bigger picture, the Fed has hiked rates to a point where markets are expecting monetary policy to be restrictive enough to cause a mild recession." The CBOE volatility index (.VIX), also known as Wall Street's fear gauge, rose to a two-week high at 23.01 points amid increased investor anxiety. ET, Dow e-minis were down 85 points, or 0.25%, S&P 500 e-minis were down 19 points, or 0.48%, and Nasdaq 100 e-minis were down 94.75 points, or 0.82%.

☆ Futures fall on growing fears of recession
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures down: Dow 0.11%, S&P 0.21%, Nasdaq 0.30%Dec 7 (Reuters) - U.S. stock index futures edged lower on Wednesday after warnings of a looming recession from major Wall Street bankers offset optimism around the easing of China's strict zero-COVID rules. Fears of a recession due to the U.S. Federal Reserve's aggressive rate hikes to curb inflation pulled the S&P 500 (.SPX) lower for a fourth straight session on Tuesday, with all major Wall Street indexes closing down 1-2%. ET, Dow e-minis were down 36 points, or 0.11%, S&P 500 e-minis were down 8.25 points, or 0.21%, and Nasdaq 100 e-minis were down 34.75 points, or 0.3%. Among other stocks, GameStop Corp (GME.N) jumped 1.1% ahead of its third-quarter results where it is expected to report a 4.5% rise in revenue. Reporting by Shubham Batra and Ankika Biswas in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Activision Blizzard to End Most Game Services in China, NetEase Partnership
▼ + stars: | 2022-11-17 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

SINGAPORE— Activision Blizzard Inc. is halting most online game services in China in January, including “World of Warcraft,” “StarCraft” and “Diablo III,” as it and China’s NetEase Inc. end a 14-year licensing partnership. Blizzard Entertainment Inc., an Activision Blizzard subsidiary, and NetEase failed to reach a deal to renew their licensing agreements, the two companies said Thursday China time. One obstacle to renewing the deal was a disagreement between the two parties over how data of Chinese players are controlled, people familiar with the negotiations said. Data collected by powerful internet companies and how those are handled has become a point of friction between the U.S. and China in recent years.

☆ Futures slip as investors assess mixed economic data
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures off: Dow 0.12%, S&P 0.12%, Nasdaq 0.07%Nov 17 (Reuters) - U.S. stock index futures edged lower on Thursday following mixed economic data this week, while chip designer Nvidia rose after reporting better-than-expected quarterly revenue. Peers Advanced Micro Devices Inc (AMD.O) and Intel Corp (INTC.O) added 1.2% and 0.4%, respectively. "Wall Street was rattled by a conflicting retail picture," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. This has added to expectations that higher rates will have to linger for a lot longer to make a difference." ET, Dow e-minis were down 41 points, or 0.12%, S&P 500 e-minis were down 4.75 points, or 0.12%, and Nasdaq 100 e-minis were down 8.75 points, or 0.07%.

☆ Microsoft powers up search for Chinese gaming hits in race against Sony
▼ + stars: | 2022-10-24 | by ( Josh Ye | ) www.reuters.com time to read: +6 min

Register now for FREE unlimited access to Reuters.com RegisterGrowing Western interest in Chinese games reflects a maturing of China's game development industry, analysts said. Chinese games are now on a par with big-budget Western games, said Daniel Ahmad, senior analyst at researcher Niko Partners. "Chinese game developers are trying to standardise their development tools, create advanced production processes, invest in really large-scale teams," Ahmad said. Microsoft has been building a team to scout for Chinese games, two industry sources said. Gaming executives now point to "Genshin Impact" as a global industry milestone, lauding its production value and seamless cross-platform game play.

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