#CNNTechNews: Tencent finally gets some good news on gaming in China
Shares in the Chinese internet giant, the world’s largest gaming company, rose more than 5% Friday, after a government official signaled a prolonged freeze on approvals for new games is finally coming to an end.
“Approvals for the first batch of games have been completed, and we are working to issue licenses,” Feng Shixin, a senior official at the ruling Communist Party’s publicity department said at a gaming conference Friday.
But winter may now be over for Tencent and other gaming companies hit by the freeze on new licenses.
Feng asked the industry to be patient as officials work through the backlog in applications and made clear what the government expects from it.
“We hope through the new system … 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 said.
“For the Chinese gaming industry, this is obviously exciting news,” Tencent said in a statement.
“We are confident that after [obtaining] license approvals, we will provide more and more excellent cultural works for society and the public,” the statement said.
Tencent didn’t respond to questions about what games it has in the pipeline for approval.
Earlier this year, it was still waiting for licenses enabling it to start making money from some of its most popular mobile games, such as “PlayerUnknown’s Battlegrounds.” Regulators also blocked a game called “Monster Hunter: World” for which big sales were expected.
Yong Xiong and Nanlin Fang contributed to this report.