Chinese gaming stocks surge as China eases grip

After Beijing approved more imported titles in the latest sign of their easing grip on the video game sector, the shares of China's Bilibili Inc. and some Korean gaming companies surged.

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Bilibili jumped more than 9% in Hong Kong, tracking gains in its US-listed shares after it included its localized version of Uma Musume: Pretty Derby. In South Korea, Devsisters Co. jumped more than 30% in early trading, while Nexon Games Co. soared more than 20%. The online gaming regulator of China gave a green light to 27 foreign games on Monday. The list included Cookie Run: Kingdom by Devsisters, Blue Archive by Nexon Games, The Seven Deadly Sins: Grand Cross by Netmarble and two others.

Three months after the late-December endorsement of a series of titles came a round of approvals. The move indicates a more supportive regulatory policy towards foreign titles that support a healthier and normalized development of the online gaming industry going forward, said Alicia Yap, an analyst at Citigroup Inc. in a note.

Other Chinese gaming stocks listed in Hong Kong, including NetEase Inc. and Tencent Holdings Ltd., posted modest gains.

The approval will help boost Bilibili's game revenues and put it on a more solid footing to hit its 4Q 24 non-GAAP operating breakeven target, Bloomberg Intelligence analysts including Tiffany Tam wrote in a note.

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