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Reuters

Chinese internet giant Tencent Holdings saw its shares take a tumble on Tuesday, wiping out around US$15 billion in the company’s market value, amid concern of a blow to its video game revenue after regulators blocked the sale of one of its blockbuster titles.
Analysts had widely expected Monster Hunter: World to be one of 2018’s biggest hits for Tencent, which licensed the game from Japan’s Capcom to sell on its WeGame platform.
The game, in which players hunt fearsome creatures, disappeared from the platform on Monday, days after its August 8 release.
Tencent said in a statement that regulators had received a large number of complaints about the game, which has sold over eight million copies worldwide.
Monster Hunter: World – Tencent pulls top selling game days after launch as China continues online content crackdown
Shares in Tencent, which is set to report half-year earnings today, closed down 3.4 per cent on Tuesday, against a 0.7 per cent fall in the benchmark Hang Seng share price index.
The company’s share price has dropped more than 14 per cent this year, losing around US$160 billion in market value since peaking in January.
“People are very concerned about Tencent in the short-term,” said Douglas Morton, head of research in Asia at Northern Trust Capital Markets.
He said the block followed concerns over Tencent’s ability to monetise PlayerUnknown Battleground (PUBG). Tencent had to alter PUBG last year after the regulator deemed it too violent, but has yet to receive a licence to sell the updated version.
China’s gaming industry suffers revenue slowdown as new government body kills approval of upcoming titles
Industry executives said many firms have been awaiting games sales licences since March after the government earlier in the year reformed its content regulatory body and split up the State Administration of Press, Publication, Radio, Film & Television.
“The key here is, not only PUBG, but no games are able to get licences now,” a person from Tencent told Reuters on Tuesday on condition of anonymity owing to the sensitivity of the matter.
The person said staff were puzzled about the reason for blocking sales of Monster Hunter: World because the game was less gory than other titles and had received its sales license before March.
“It’s not impossible that you could still be hit even after you pass the censors, in the same way a movie can be pulled after public screening,” the person from Tencent said.
A peek into how Tencent has 500 million Chinese mobile game players hooked
Tencent declined to comment beyond the statement it released on Tuesday. The Ministry of Culture and Tourism, which regulates the video games industry, did not respond to requests for comment.
Northern Trust’s Morton said he remained bullish on Tencent and that there is always regulatory risk in China versus the rest of the global video gaming market.
“For us this (firm) is a medium-to-longer-term holding with a history of good investment,” Morton said. “I think the monetisation (of the blocked games) will happen, it is just a matter of time.”
Tencent said customers who bought Monster Hunter: World were entitled to a full refund until August 20. It said they will be able continue playing the game, but that the firm could not guarantee associated services would continue.


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Tencent Holdings

Tencent games revenue in focus after China blocks Monster Hunter: World

Tencent Holdings saw its shares take a tumble on Tuesday, wiping out around US$15 billion in the Chinese internet giant’s market value, amid concern of a blow to its video game revenue after regulators blocked the sale of Monster Hunter: World. Photo: Reuters

Monster Hunter: World – Tencent pulls top selling  game days after launch as China continues online content crackdown

Monster Hunter: World sold over 8 million copies on PS4 and Xbox One in just five months, making it one of the most popular games this year. Photo: Handout

China’s gaming industry suffers revenue slowdown as new government body kills approval of upcoming titles

The State Administration of Radio and Television, which is in charge of monitoring games and other entertainment content, has not given licenses to any new games since March 28

Slow in growth in China's gaming industry

China’s gaming industry – the world’s biggest in terms of users and revenue – is suffering its slowest growth in at least a decade. Photo: SCMP

Chinese internet goliath Tencent aims to top US$13 billion esports league with killer games and shows

The Chinese firm is in the unique position of owning and backing signature titles such as League of Legends and Fortnite, plus a distribution channel anchored by its billion-plus WeChat users

This picture taken on March 24, 2018 in Hangzhou shows LGD's team (L) ahead in a LGD's match in the League of Legends Pro League (LPL). Tucked away in a nondescript furniture mall, LGD Gaming's multimillion-dollar eSports home venue may not bring to mind Old Trafford or Yankee Stadium, but it could represent the future of sport. / AFP PHOTO / Johannes EISELE / TO GO WITH: ESPORT-CHINA-LIFESTYLE-GAME; Focus by Albee Zhang & Dan Martin

Gamepaly from the game Fortnite. [FEATURES]

Players take part in a national eSports competition in Guiyang city, southwest China. Photo: Imaginechina

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China Internet Report offers insights into country’s internet landscape, including its unicorns, top internet companies, and most active investors

Even with an internet penetration of only 55 per cent, the sheer scale of China’s internet population means that the number of smartphone users in the country is three times bigger than that of the US. Photo: AP

A peek into how Tencent has 500 million Chinese mobile game players hooked 

The big innovation at Tencent was engaging the target audience in developing games and gathering immediate online feedback before, during and after its release, according to former company executive Steve Gray

Ma Huateng, chairman and chief executive officer of Tencent Holdings Ltd., speaks during a news conference in Hong Kong, China, on Wednesday, March 21, 2018. Tencent posted quarterly profit that beat estimates, bolstered by mobile game blockbusters like Honour of Kings and a growing ad business. Photographer: Anthony Kwan/Bloomberg

JPG for ONLINE

A boy plays Honour of Kings, the most popular multi-player online battle game owned by Tencent Games, in Qianxi county, Guizhou province, on Jul. 6, 2017. 06JUL17 SCMP/Simon Song

A boy plays platform-jumping mobile game Tiao yi tiao, which roughly translates to “Jump Jump”. The game, which is available as an application through Tencent Holding’s multi-purpose WeChat service, has recorded more than a 100 million daily active users since it was introduced in December last year. Photo: WeChat