Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<ul>
<li>China announced game approval for the December batch. The number of games approved remained at a higher level than in 2023 and 2024.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>Tencent received approval for one game in December and overall still ranked first place amongst Chinese players in terms of games approved in 2025.</li>
</ul>


China announced game approval for the December batch. The number of games approved remained at a higher level than in 2023 and 2024.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
Tencent received approval for one game in December and overall still ranked first place amongst Chinese players in terms of games approved in 2025.


Tencent/Netease: Tencent Received One, Still Ranked 1st in 2025

Equity Bottom-Up

<ul>
<li>China announced game approval for the November batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to above the pre-tightening level.</li>
<li>Of the companies that we are monitoring, while market leader Tencent and Netease didn't obtained approval, Kingsoft and Bilibili obtained approval for one game each.</li>
</ul>


China announced game approval for the November batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to above the pre-tightening level.
Of the companies that we are monitoring, while market leader Tencent and Netease didn't obtained approval, Kingsoft and Bilibili obtained approval for one game each.


Tencent/Netease: Zero Approval in November Despite Game Approvals at New High

<ul>
<li>China announced game approval for the October batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>Of the companies that we are monitoring, none got approval.</li>
</ul>


China announced game approval for the October batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
Of the companies that we are monitoring, none got approval.


Tencent/Netease: Zero for Big Names Despite Optimism in October

<ul>
<li>China announced game approval for the September batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>Both Tencent and Netease received approval for one game in September. </li>
</ul>


China announced game approval for the September batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
Both Tencent and Netease received approval for one game in September. 


Tencent/Netease: Both Received One Approval in September

<ul>
<li>China announced game approval for the August batch. The number of games approved remained at a higher level than 2023.</li>
<li>The number of game approval in August marked the record high level since the resumption post tightening.</li>
<li>Of the companies that we are monitoring, Netease and Bilibili got approval for one game each.</li>
</ul>


China announced game approval for the August batch. The number of games approved remained at a higher level than 2023.
The number of game approval in August marked the record high level since the resumption post tightening.
Of the companies that we are monitoring, Netease and Bilibili got approval for one game each.


Tencent/Netease: Netease and Bilibili Got One Each in August

China

iDreamSky Technology operates a digital entertainment platform, primarily publishing and operating mobile games through apps and websites in China. The company also develops mobile games, offers in-game information and advertising services, and engages in IP derivatives business, including console game experiences and sales of trendy products. It was founded in 2009 and is headquartered in Shenzhen, China.

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iDreamSky Technology (1119 HK)

Tencent/Netease: Tencent Received One, Still Ranked 1st in 2025

Chinese game regulator ends 2025 with 144 games approved in December. We compiled the league table for 2025 and updated our views on the industry....

Ke Yan, CFA, FRM

Tencent/Netease: Zero Approval in November Despite Game Approvals at New High

We analyzed the game approval issued by NPPA for Chinese online game players for the month of November. Game approvals for large players are slow...

Ke Yan, CFA, FRM

Tencent/Netease: Zero for Big Names Despite Optimism in October

China approves October batch of games at a higher level than 2023, with accelerated pace resembling pre-tightening, but none of the monitored...

Ke Yan, CFA, FRM

Tencent/Netease: Both Received One Approval in September

China approves September batch of games at a higher rate than in 2023, with Tencent and Netease each receiving approval for one game.

Ke Yan, CFA, FRM

Tencent/Netease: Netease and Bilibili Got One Each in August

We analyzed the game approval issued by NPPA for Chinese online game players for the month of August. Game approvals for large players are slow so...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

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Tencent/Netease: Tencent Received One, Still Ranked 1st in 2025

​Chinese game regulator ends 2025 with 144 games approved in December. We compiled the league table for 2025 and updated our views on the industry....

Ke Yan, CFA, FRM

Tencent/Netease: Zero Approval in November Despite Game Approvals at New High

We analyzed the game approval issued by NPPA for Chinese online game players for the month of November. Game approvals for large players are slow...

Ke Yan, CFA, FRM

Tencent/Netease: Zero for Big Names Despite Optimism in October

​China approves October batch of games at a higher level than 2023, with accelerated pace resembling pre-tightening, but none of the monitored...

Ke Yan, CFA, FRM

Tencent/Netease: Both Received One Approval in September

​China approves September batch of games at a higher rate than in 2023, with Tencent and Netease each receiving approval for one game.

Ke Yan, CFA, FRM

Tencent/Netease: Netease and Bilibili Got One Each in August

We analyzed the game approval issued by NPPA for Chinese online game players for the month of August. Game approvals for large players are slow so...

Ke Yan, CFA, FRM

Chinese game regulator ends 2025 with 144 games approved in December. We compiled the league table for 2025 and updated our views on the industry....

China approves October batch of games at a higher level than 2023, with accelerated pace resembling pre-tightening, but none of the monitored...

China approves September batch of games at a higher rate than in 2023, with Tencent and Netease each receiving approval for one game.