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Specifically, immediately after this news was announced, the gaming market in this country experienced a significant and powerful shock, impacting the stock value of major companies in this country and some external investors. NetEase shares plummeted by 28%, Tencent by 16%, and even Bilibili, although just a renowned social media service within the gaming community, was 'hit', falling by 14%.
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In total, just these three Chinese companies alone lost more than $80 billion in stock value in just the past Friday, according to Bloomberg's calculations. This is not to mention the stock exchanges in the US and France also witnessing declines in gaming stocks.
In an effort to stabilize the market, the drafting unit of this legislation, the National Press and Publication Administration of China, stated they will 'seriously study the industry's response and improve the legislation'. By Monday, the same authority announced the approval of 105 new titles. The tightening of gaming regulations by Chinese authorities is not new to us. Back in 2021, the government banned gamers under 18 from playing on weekdays, allowing only 3 hours on weekends to prevent youth gaming addiction. The 'ice age' of no new game approvals lasted from 2020 until 2022, leading to nearly 32,000 organizations and companies related to the Chinese gaming industry closing down in the first two years.
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