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NTES - NetEase Inc News Story

$107.47 -4.3  -3.9%

Last Trade - 02/12/21

Sector
Technology
Size
Large Cap
Market Cap £57.39bn
Enterprise Value £50.41bn
Revenue £9.82bn
Position in Universe 174th / 7294

NetEase downsizes some projects amid China's regulatory crackdown - SCMP

Tue 14th September, 2021 3:29pm
Sept 14 (Reuters) - Chinese gaming firm NetEase Inc
 9999.HK  has downsized some of its studios and projects started
in early September amid a regulatory crackdown by Beijing on the
video gaming sector, the South China Morning Post reported on
Tuesday, citing people with direct knowledge of the matter.
    The report said that dozens of employees, which include
programmers, designers and creative artists at the company's
Shanghai and Hangzhou offices, had been taken off their original
jobs and told to look for new assignments inside and outside
NetEase.
    However, no employees have been officially removed from
their jobs, the report added.
    NetEase did not immediately respond to a Reuters request for
comment.
    China has reportedly slowed down approval for all new online
games temporarily in a bid to curb a gaming addiction among
young people.  urn:newsml:reuters.com:*:nL1N2QB0GP
    The country has also forbidden under-18s from playing video
games for more than three hours a week. The restriction, which
applies to any devices including phones, is a body blow to a
global gaming industry that caters to tens of millions of young
players in the world's most lucrative market.  urn:newsml:reuters.com:*:nL1N2Q10KB

 (Reporting by Tiyashi Datta in Bengaluru; Editing by Maju
Samuel)
 ((tiyashi.datta@thomsonreuters.com;))
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