Tencent shares jump as China flags video game approval

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Tencent, a leading player in the field of video games, has seen its shares surge as much as 4.5 percent on Friday, as investors are encouraged by the message from a regulatory official that some new games are close to hitting the market after a lengthy freeze in approvals.

Feng Shixin, a senior official with the CPC Publicity Department, said in a speech at a game industry summit in south China's Hainan Province on Friday that the approvals for the first batch of new games had been completed, and their publishing licenses would be issued soon.

The message, taken as an optimistic signal for the gaming industry, also sent other gaming-related stocks into the red, as the approvals for new games have been terminated since March amid a regulatory overhaul triggered by growing criticism of video games for being violent and leading to myopia as well as addiction among young users.

As an industry leader, Tencent has suffered the blow and seen its shares plunge over 24 percent since then.

"We hope through new system design and strong implementation, we could guide game companies to better present mainstream values, strengthen a cultural sense of duty and mission, and better satisfy the public need for a better life,” Feng said.

"This is clearly exciting news for China's gaming industry,” a Tencent spokesman said in written comments.