Hong Kong (CNN Business) Tencent's gaming nightmare in China appears to be coming to an end. Shares in the Chinese internet giant, the world's largest gaming company, rose more than 5% Friday, after a government official signaled a prolonged freeze on approvals for new games is finally coming to an end. "Approvals for the first batch of games have been completed, and we are working to issue licenses," Feng Shixin, a senior official at the ruling Communist Party's publicity department said at a gaming conference Friday. The government had stopped issuing licenses that allow companies to make money from new online games earlier this year in China, the world's largest gaming market. The holdup was attributed to an overhaul of the government agencies that regulate the industry, but it also coincided with warnings from authorities about the violent content and addictive nature of some games.

Source: CNN December 21, 2018 08:48 UTC