China's New Gaming Regulations Pose Challenges For Small Developers, Warns UBS Analyst
China's New Gaming Regulations Pose Challenges For Small Developers, Warns UBS Analyst
The emerging gaming regulations in China could place smaller developers in a bind, potentially leading to a decline in overall online advertising revenue.
中國新興的遊戲法規可能會使小型開發商陷入困境，可能導致在線廣告總收入下降。
What Happened: The National Press and Publication Administration of China on Friday recently unveiled draft rules that disapprove daily sign-ins for games and other practices that generate revenue. Following the draft's announcement, shares of Tencent Holdings Ltd (OTC:TCEHY), NetEase Inc (NASDAQ:NTES), and Bilibili Inc (NASDAQ:BILI) plunged to a yearly low, CNBC reported.
發生了什麼：中國國家新聞出版總署週五公佈了規則草案，不批准遊戲和其他創收行爲的每日登錄。CNBC報道，在草案公佈後，騰訊控股有限公司（場外交易代碼：TCEHY）、網易公司（納斯達克股票代碼：NTES）和Bilibili Inc（納斯達克股票代碼：BILI）的股價跌至年度低點。
The rules are up for review until Jan. 24. Kenneth Fong, head of China internet research at UBS, indicated that these proposed regulations would impact smaller developers more than larger ones due to their reliance on revenue-generating practices.
這些規則將在1月24日之前進行審查。瑞銀中國互聯網研究主管肯尼思·方表示，這些擬議的法規對小型開發商的影響要大於對大型開發商的影響，因爲他們依賴創收做法。
Fong suggested that big game developers, with their strong R&D capabilities and strategies to enhance gamer engagement, might fare better. He also pointed out the potential impact on the advertising industry, as online games contribute around 20% of the industry's revenue.
方表示，大型遊戲開發商憑藉其強大的研發能力和提高玩家參與度的策略，可能會表現得更好。他還指出了對廣告行業的潛在影響，因爲在線遊戲約佔該行業收入的20％。
Even with Beijing's recent efforts to restrict gameplay, particularly among minors, companies continue to develop and publish games in China. The National Press and Publication Administration, the authority overseeing the publication of new games, recently approved over 100 new domestic games.
儘管北京最近努力限制遊戲玩法，尤其是限制未成年人的遊戲玩法，但各公司仍在繼續在中國開發和發行遊戲。國家新聞出版署是監督新遊戲出版的機構，最近批准了100多款新的國內遊戲。
Why It Matters: The proposed rules emerged unexpectedly before Christmas, triggering a market selloff of $80 billion, with Tencent losing $54 billion. The new regulations, which include spending limits on in-game purchases and bans on rewards for frequent log-ins, have renewed fears of a renewed crackdown on China's massive internet sector.
爲何重要：擬議的規則在聖誕節前出人意料地出現，引發了800億美元的市場拋售，騰訊損失了540億美元。新法規包括遊戲內購買的支出限制和禁止頻繁登錄的獎勵，再次引發了人們對中國龐大的互聯網行業再次受到鎮壓的擔憂。
In a surprising turn of events, China's NPPA approved 105 online games, offering a "positive signal" for the industry's growth despite the substantial financial losses faced by major game companies due to the regulatory changes.
令人驚訝的是，儘管主要遊戲公司因監管變化而面臨巨額財務損失，但中國NPPA批准了105款在線遊戲，這爲該行業的增長髮出了一個 “積極的信號”。
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