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Gaming stocks tank as China restricts spending and time incentives
(Sharecast News) - Shares in global gaming developers tumbled on Friday after the government unveiled new proposals to restrict incentives used by companies to encourage in-game spending and more frequent gameplay. The National Press and Publication Administrations said it was setting spending limits, and banning the use of incentives for players logging in every day or spending several days gaming in a row.
The government had already set time limits on video games for minors in 2021 in response to fears about growing gaming addition, as well as temporarily pausing new game approvals for a limited time.
Shenzhen-based Tencent, the world's biggest video game developer, finished down over 12% in Hong Kong, having fallen as much as 16.8%, while rival Netease dropped 25%. In Europe, Netherlands-based investment firm Prosus, which owns a stake in Tencent, tumbled 17%, while France's Ubisoft was trading down 5%.
The draft proposals by the NPPA will be subject to public comment in late-January, but if implemented could damage player monetisation potential for global video-game makers in a lucrative market.
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