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Here's Why NetEase Shares Are Trading Up Premarket

Published 21/07/2022, 13:54
© Reuters. Here's Why NetEase Shares Are Trading Up Premarket
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  • NetEase Inc (NASDAQ: NASDAQ:NTES) looks to release the most-awaited Diablo Immortal mobile game in China on July 25, a month after its initially scheduled launch date in the leading gaming market.
  • China's most significant game company after Tencent (HK:0700) Holding Ltd (OTC: TCEHY) won regulatory approval for the game co-developed with Activision Blizzard, Inc (NASDAQ: NASDAQ:ATVI), following a controversial social media post that halted the rollout.
  • A deleted social media post interpreted as criticism of Chinese President Xi Jinping caused the delay in the game's release.
  • Immortal garnered 10 million downloads in the first week after its international launch outside China on June 2.
  • After a month-long suspension, China resumed licensing in April, but Tencent and NetEase failed to win approval in the three batches of approved titles.
  • The update reflects relaxation in the Chinese regulatory environment as promised by the country lately.
  • Price Action: NTES shares traded higher by 4.68% at $98.60 in the premarket on the last check Thursday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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