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China approves 104 new games including titles from Tencent and Alibaba

Industry giants including miHoYo and SenseTime have also established the Shanghai Yuanchuang Future Private Equity Fund
China approves 104 new games including titles from Tencent and Alibaba
  • China's video games industry experienced a rebound this June after nearly 100 titles were approved in April and May

China has approved 104 new video games from mainland developers this month, including titles from Tencent Holdings and Alibaba Group Holding.

According to South China Morning Post, China's National Press and Publication Administration (NPPA) newly approved games include Tencent’s online RPG Roco Kingdom: World and Ruyuan from Alibaba's Lingxi Games. 

The Red Dragon's video games industry experienced a rebound this June after fewer than 100 titles were approved in April and May. First-quarter revenue rose 7.6% year-on-year to 72.6 billion yuan (US$10 billion), according to market intelligence platform CNG.

Growing a recovering market 

Industry giants such as Bilibili, miHoYo, and SenseTime have established the Shanghai Yuanchuang Future Private Equity Fund with 512 million yuan in initial funding as the market continues to recover after an eight-month freeze.

In January this year, the NPPA withdrew a draft proposal published in December that aimed to limit user spending in games and ban "excessive" rewards. The proposal led to a market value loss of at least $80 billion for Chinese video gaming stocks in Shanghai, Hong Kong, and New York. 

However, the market is steadily growing again, with Tencent's Dungeon & Fighter Mobile generating $270 million from Apple's China App Store since it launched on Tuesday, May 21st 2024, boosting Tencent's mobile gaming revenue by 12% last month.