18/12 Indices, page-163

NetEase drops as China issues draft rules for online games; Tencent, Bilibili fall

Dec 22, 202317:05 GMT+11

NTES+2.30%HSI−1.52%HHSTECH−4.34%700−12.41%
** Hong Kong shares of online game services developer NetEase NTES plunge 28.2% to HK$116.10, lowest since Jan 3
** Stock on course for biggest one-day decline since debut in June 2020, if trend holds; biggest loser in the Hang Seng Index HSI, Hang Seng Tech Index HHSTECH and Hang Seng Composite Index (.HSCI)
** China's National Press and Publication Administration on Friday issued draft rules for online game management, and it is seeking public comment on the rules through Jan. 22
** Chinese regulators require online games to set spending limits and ban daily logins rewards, among others. They also require game publishers to store servers within China
** Shares of Tencent 700 fall 15.7% to HK$263.60, lowest since November 2022
** Tencent shares last down 12.2%, on track for biggest one-day pct drop since October 2008, if losses hold; second biggest pct loser in the Hang Seng Index, Hang Seng Tech Index
** Bilibili's BILI Hong Kong stock declines 14.1% to HK$76.35, lowest since November 2022
** The Hang Seng Tech Index drops 3.8%, the Hang Seng Composite Index declines 1.7%, and the Hang Seng Index falls 1.2%
** NetEase's Hong Kong shares up 10.2% YTD, while Tencent stock down 14.5%, Bilibili's Hong Kong stock down 57.4% YTD