A piece of paper, Tencent and NetEase lost 490 billion

Author | Chen Luyao

Editor-in-Chief | Zhang Kaichong

At noon on December 22, Tencent and NetEase suddenly plummeted.

As of the close of Hong Kong stocks, Tencent fell by 12.35%, with a market value of 367 billion Hong Kong dollars (about 335.1 billion yuan), and NetEase fell by 24.6%, with a market value of 128.3 billion Hong Kong dollars (about 117.1 billion yuan).

And this plunge comes from a piece of paper.

The new rules for online games are here

This morning, the National Press and Publication Administration issued a "Measures for the Administration of Online Games (Draft for Solicitation of Comments)".

The draft provides that:

1. Inducing rewards such as daily login, first recharge, and continuous recharge are not allowed;

2. It is not allowed to provide or condone high-priced trading of props in the form of speculation, auction, etc.;

3. All online games must set a user recharge limit and publicize it in the service rules.

Among them, the deposit limit may be the most "harmful" to the game manufacturer.

According to the draft, all online games are required to set user recharge limits and publish them in the service rules. For users' irrational consumption behaviors, the game also needs pop-up warnings to prevent players from over-recharging.

The reward limit is also extremely "harmful". The game cannot set up daily login, first recharge, continuous recharge and other guiding bonuses.

But this is the "basic configuration" of many games. For example, on daily logins, popular games such as miHoYo's Genshin Impact, Tencent's Honor of Kings, and NetEase's Fifth Personality have set up continuous login rewards, and the longer the login time, the higher the reward.

When players log in to the game for the first time, they will generally have a "first charge gift", which is a big benefit for spending a small amount of money. Some games are very realistic, with the first charge as low as 1 yuan, and some games are very honest, and the first charge of 6 yuan can get rewards.

Some games have also been accused of false propaganda by players, such as Tencent's new game "Yuan Dream Star", which set up a "charge 6 against 6" activity, but the number of red envelopes is limited and first come, first served.

In addition, the draft also regulates the extraction and purchase of virtual props.

When providing lottery services, game companies should not only make reasonable settings for the number and probability of extraction, but also provide users with other ways to obtain the same virtual props, such as exchanging virtual props and purchasing them directly with game currency.

It is not allowed to provide or condone the high-priced trading of virtual props through speculation, auctions, etc.

Tencent and NetEase both saw growth in game business revenue in the third quarter

As soon as the news came out, Tencent, NetEase and other game stocks dived instantly.

Tencent once fell by more than 14%, NetEase also plummeted by 28%, Perfect World, Gigabit, Southern Media and other stocks fell to the limit, and game ETFs also fell instantly.

You must know that since the epidemic has been released and the version number has been released regularly, the game market has just ushered in a recovery in 2023.

According to the financial report, in the first three quarters, the revenue of NetEase games and related value-added services was 60.6 billion yuan, a year-on-year increase of 9%, and the total revenue of Tencent's game business in the first three quarters was 138.8 billion yuan, a year-on-year increase of 7.6%.

In a single quarter, in the third quarter, NetEase's net income was 27.3 billion yuan, an increase of 11.6% year-on-year. Among them, the net revenue of games and related value-added services was 21.8 billion yuan, an increase of 16.5% year-on-year, accounting for 79.8% of the total revenue.

In the third quarter, the total revenue of Tencent's game business reached 46 billion yuan, a year-on-year increase of 7%, achieving a "triple increase" year-on-year. Among them, the revenue of the domestic market reached 32.7 billion yuan, a year-on-year increase of 5%, and the revenue of the international market increased by 14% year-on-year to 13.3 billion, a new high in the quarter of this year.

In addition to NetEase and Tencent, there are also manufacturers whose performance this year is unsatisfactory.

For example, in the first three quarters, the revenue of Perfect World's game business decreased by 3.2% year-on-year, and the net profit of game business was 640 million yuan, a year-on-year decrease of 40.6%.

Gigabit, which performed well in the game business in the first two years, had a revenue of 3.31 billion yuan in the first three quarters, a year-on-year decrease of 13.7%, and the net profit attributable to the parent company was

860 million yuan, a year-on-year decrease of 15.1%.

It's not just them who have a hard time, since the end of last year, miHoYo, Lilith, Paperfold, etc

Studios of well-known game manufacturers are laying off projects and personnel, and many high-profile projects have been suspended.

epilogue

I didn't expect that,

Game

Manufacturers have just seen the game market environment pick up, and they are stunned by a "draft".

Once this draft is actually implemented, the performance of manufacturers is bound to be greatly affected, including:

Tencent and NetEase. Moreover, NetEase should be more affected.

For a long time, Tencent's game revenue accounted for about 30%, and NetEase's was as high as about 80%. It can be said that NetEase is a more pure game company than Tencent.

Regarding today's plunge, Hu Xijin also posted on Weibo: "I very much believe that the relevant departments issued this document in good faith, is to solve some practical problems, but its introduction has objectively caused a panic in the entire industry, the stock market has just had a little recovery and was poured cold water, the pros and cons caused by it, and whether measures should be taken to mitigate the impact, it is worth further evaluation by the document department." ”

.data_color_scheme_dark{--weui-ORANGERED: #ff6146;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, 255, .1);--weui-RED: #fa5151;--weui-REDORANGE: #ff6146;--weui-ORANGE: #c87d2f;;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}.data_color_scheme_dark{--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, 255, .1)}.data_color_scheme_dark{--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}.data_color_scheme_dark{--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BG-COLOR-ACTIVE: #373737}.data_color_scheme_dark{--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, .1)}.rich_media_content{color:#000000e5; font-size:17px; font-size:var(--articleFontsize); overflow:hidden; text-align:justify}.rich_media_content{color:#ffffffa6; color:var(--weui-FG-HALF)}.rich_media_content{position:relative; z-index:0}.wxw-img{vertical-align:bottom}*{margin:0; padding:0}.rich_media_content *{max-width:100%!important; box-sizing:border-box!important;-webkit-box-sizing:border-box!important; word-wrap:break-word!important}.rich_media_content p{clear:both; min-height:1em}td p{margin:0; padding:0}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]) .rich_media_content img:not(.wx_img_placeholder){filter:brightness(.8)}}body,.wx-root,page{--weui-BTN-HEIGHT: 48;--weui-BTN-HEIGHT-MEDIUM: 40;--weui-BTN-HEIGHT-SMALL: 32}body,.wx-root{--weui-FG-1: rgba(0, 0, 0, .55);--weui-ORANGERED: #ff6146;--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .5);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-REDORANGE: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-BG-6: rgba(0, 0, 0, .05);--weui-ACTIVE-MASK: rgba(0, 0, 0, .05)}@media screen and (min-width:1024px){body:not(.pages_skin_pc){background:#191919; background:var(--weui-BG-2)}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]).my_comment_empty_data{background-color:#111}}.wx-root,body{--weui-BTN-ACTIVE-MASK: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BTN-DEFAULT-ACTIVE-BG: #e6e6e6}.wx-root,body{--weui-DIALOG-LINE-COLOR: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BG-COLOR-ACTIVE: #ececec}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){-- appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-ORANGERED: #ff6146;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .. 1);--weui-RED: #fa5151;--weui-REDORANGE: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);-- weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .1) 6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme: dark){..wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){-weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}}@media( prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){-APPMSGCARD-BG: #1E1E1E}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--APPMSGCARD-LINE-BG: rgba(255, 255, 255, .07)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-COLOR-ACTIVE: #373737}}@media(prefers-color-scheme:dark){. wx-root:not([data-weui-theme=light]),,body:not([data-weui-theme=light]){--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, .03)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--nickName-FG: #959595}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) :root{-appmsgPageGap: 20px}}:root{--articleFontsize: 17px}:root{--sab: env(safe-area-input-bottom)}:root{--wxBorderAvatarRatio: 3}:root{--discussPageGap: 20px}:root{--appmsgPageGap: 20px}

div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}