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Tencent finally gets some good news about games in China

Shares of the Chinese internet giant, the world's largest gaming company, rose more than 5% Friday after a government official signaled a prolonged freeze on approvals to make new games finally come to an end.

"Approval for first game play has been completed and we are working on issuing licenses," said Feng Shixin, senior employee at the publishing department of the communist party at a game conference Friday.

The government had ceased issuing licenses that allow companies to earn money from new online games earlier this year in China, the world's largest game market. The holdup was attributed to an overhaul of government regulating industry, but it was also accompanied by warnings from the authorities about the violent content and addictive nature of any game.

But winter can now be against Tencent and other gaming companies affected by freezing on new licenses.

Fang the industry to be patient when officials work through the feedback in applications and stated what the government expects of it.

"We hope through it new system … we could guide game companies to better present common values, strength a cultural sense of duty and mission, and better satisfy the public's need for a better life, "said Feng. [1[ads1]9659008] Despite the Friday's jump, Tencent shares are still around 35% from high in January. Stocks in Netease (NTES), a major Chinese game developer listed in New York, also increased after-sales. Tencent Music shares rise after stock market debut ” data-src-mini=”//” data-src-xsmall=”//” data-src-small=”” data-src-medium=”//” data-src-large=”//” data-src-full16x9=”//” data-src-mini1x1=”//” data-demand-load=”not-loaded” data-eq-pts=”mini: 0, xsmall: 221, small: 308, medium: 461, large: 781″ src=”data:image/gif;base64,R0lGODlhEAAJAJEAAAAAAP///////wAAACH5BAEAAAIALAAAAAAQAAkAAAIKlI+py+0Po5yUFQA7″/>

"This is obviously exciting news for the Chinese gaming industry," Tencent said in a statement.

"We are confident that after [obtaining] license approvals, we will provide more and more good cultural work for society and the public," said the statement.

Tencent did not respond to questions about what games it has in the pipeline for approval. 19659003] Earlier this year, licenses are still waiting to start earning money from some of the most popular mobile games, such as "PlayerUnknown Battlegrounds." Regulators also blocked a game called "Monster Hunter: World "for which large sales were expected.

Yong Xiong and Nanlin Fang contributed to this report.

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