[Preview of the Weekly] Online Gaming Industry Faces Stringent Regulation Overnight, Bracing for Sector-Wide Contraction as Era of Whale Hunting Ends (AI Translation)
Listen to the full version
- China's gaming industry faces stricter regulations with the release of a draft by the National Press and Publication Administration (NPPA) aiming to limit excessive gameplay, high spending, and 'loot box' mechanics. The announcement caused significant market turmoil, with major companies like Tencent and NetEase experiencing sharp stock price declines.
- The draft includes measures such as setting spending limits for all players (not just minors), prohibiting certain reward mechanisms that encourage daily logins or continuous spending, and restricting the sale or rental of game approval numbers. It also extends regulation to virtual currency transactions, requiring real-name registration using digital RMB wallets.
- The gaming industry is adjusting to these new regulations by revising product features and considering changes in project development. While some companies have responded positively to the draft's intentions, there are concerns about conflicts with business models and revenue sources. The industry is also undergoing consolidation, with companies focusing on core projects and reducing investment in new developments.
文｜财新周刊 关聪
By Caixin Weekly's Guan Cong
一纸突如其来的新规震动市场，中国游戏领域即将迎来明确且更严格的监管制度。
A sudden new regulation has shaken the market, signaling that China's gaming industry is about to face a clearer and stricter regulatory regime.
2023年12月22日上午11时，国家新闻出版署发布《网络游戏管理办法（草案征求意见稿）》（下称《征求意见稿》）并公开征求意见，进一步限制游戏过度使用、高额消费、抽卡等行为，且要求不得设置如每日签到、首次或连续充值等极为普遍的诱导性奖励机制，直击游戏成瘾与氪金（大量充值）两大特性。
On December 22, 2023, at 11 a.m., China's National Press and Publication Administration released the "Online Game Management Regulations (Draft for Comment)" (hereinafter referred to as the "Draft for Comment") and publicly solicited feedback. The draft further restricts excessive gaming, high-cost consumption, and loot box mechanics. It also mandates that common inducement reward mechanisms such as daily check-ins and first-time or consecutive top-ups should not be set up, directly targeting the two main characteristics of gaming addiction and heavy spending on in-game purchases.
正在交易中的港股游戏板块应声重挫。腾讯（00700.HK）、网易（09999.HK）盘中分别暴跌超过14%、20%；A股午盘开市后，游戏产业链公司、游戏类ETF（交易型开放式指数基金），甚至包括动漫、文化传媒类ETF，亦集体闪崩，大多跌超10%或封板跌停。
The gaming sector on the Hong Kong stock market plummeted in response to trading activities. Tencent (00700.HK) and NetEase (09999.HK) saw their shares tumble by more than 14% and 20% respectively during the session. Upon the opening of the afternoon session in the A-share market, companies within the gaming industry chain, gaming-related ETFs (Exchange Traded Funds), and even those including animation and cultural media ETFs, collectively experienced a flash crash, with most falling by over 10% or hitting the downward limit.
Sign in with Google
Sign in with Facebook
Sign in with 财新