China clears license for 105 domestic online games for December

China has approved new licenses for 105 domestic online games for December, according to an official statement.

The country’s press and publication administration said on Monday that Tencent's "Counter War: Future" and NetEase's "Firefly Assault" were among the approved games.

Last week, China came out with draft rules that restricted online payments for players, resulting in shares of the biggest Chinese gaming companies – Tencent and NetEase – to plunge in Hong Kong.

China’s gaming regulator prohibited games from having incentives for daily log-ins or purchases, as well as limiting how much users can recharge and issuing warnings for “irrational consumption behaviour,” in a bid to control the time spent on virtual playing.

Notably, Tencent Holdings, which happens to be one of the highest grossing multimedia companies in the world on revenue terms, had launched PlayerUnknown's Battlegrounds (PUBG) in India which now functions as BGMI by South Korean gaming firm Krafton, after the government banned Chinese apps including TikTok and PUBG following cross border tensions.

NetEase develops and operates online PC and mobile games, advertising services, email services, and e-commerce platforms in China.

(With Reuters Inputs)