Shares of Tencent (TCEHY) rose 2.86% Friday on news that the Chinese government had approved new mobile games from the Chinese internet giant for the first time since March.
Chinese regulators stopped approving new mobile video games last year, saying that many were too violent and addicting, sending Tencent shares plummeting. Tencent is the leading publisher of online games in China, and received about 32% of its revenues from them in the third quarter of 2018.
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Regulators lifted the ban in December, but hadn't approved any new games from Tencent until Thursday. The State Administration of Press, Publication, Radio, Film and Television approved 95 games in total in this latest round, with two new games from Tencent.
Earlier this week, Bloomberg reported that another Chinese regulator, the Cyberspace Administration of China had shut down Tencent's news app Tiantian Kuaibao for spreading "vulgar and negative information" that "harmed the internet ecosystem."
Shares of Tencent are down 25% over the last year, but up almost 12% year to date.