(CNBC) Shares of China’s video-sharing site Bilibili rose more than 8% on Monday as news emerged that Beijing had okayed the first batch of video games for monetization.
Other US-listed Chinese streaming companies Huya and DouYu also rose as markets celebrated the end of a freeze that has lasted since July, hurting the country’s largest tech firms.
China’s National Press and Publication Administration approved 45 games on Monday, with the move suggesting a more favorable stance towards the gaming industry.
Chinese authorities have argued that the gaming industry was an addiction concern among kids below the age of 18 years. The authorities brought rules to limit kids’ online gaming time to three hours a week.
The strict stance of Beijing on the video and online streaming industry saw authorities block a proposed merge of Huya and DouYu. Last week, Tencent said it was shutting its video gaming platform
BILI: NASDAQ is up +8.04%, HUYA: NYSE is up +3.46%, DOYU: NASDAQ is up +1.21%, 9999: HKG is down -3.39%
