About $127 billion of value was wiped off of Tencent in 2018. Now, the Chinese internet giant is beginning to see a recovery thanks to a revival of gaming approvals in China.
div > div.group > p:first-child"> Over $127 billion was wiped off the value of its shares as Chinese regulators clamped down on the video gaming industry, hitting one of the company's main businesses. This year, however, is looking up for Asia's most valuable technology firm.
Any publisher that wants to release a game in China needs to get the green light from authorities. And, any company that wants to monetize a game, for example by offering in-app purchases, also needs approval. Online games accounts for over 30 percent of Tencent's total revenues. Not only were games not being approved, but the sale of some titles was also banned. Tencent was forced to stop selling blockbuster hit"Monster Hunter: World" in August because its content did not meet regulatory requirements.
In a note released Thursday, analysts at Jefferies said they expect the game to have raked in 40 million to 50 million yuan in revenues and is on track to beat the investment bank's current estimate that it will gross 600 million yuan per month in the first quarter of launch. Jefferies said in its note that"Perfect World" combined with"Honor of Kings" will lead to"decent sequential recovery" for mobile game revenue in the first quarter of 2019, but year-on-year growth could be kept"under check" because of a tough comparison with the first quarter of 2018.
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