China OKs 105 online games in Christmas gesture of support after draft curbs trigger massive losses

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — China’s authority in charge of press and publications has approved 105 online games, saying it fully supports the industry after newly proposed curbs caused massive losses for major game companies. The National Press and Publication Administration issued a statement Monday on its Weibo social media account saying the approvals demonstrate active support for the development of online games. Draft guidelines for curbs on online gaming caused share prices of video game makers like Tencent and Netease to plunge, causing losses of tens of billions of dollars on Friday and dragging benchmarks lower. Hong Kong’s market was closed Monday for the Christmas holiday. Share prices in Shanghai were flat.