The share price of Netease Inc [OTCPink:NETTF] soared 12.80% to $18.45 at the previous close. Volume of NETTF stock was 65.86K versus 24.8K in the 30-day average. NETTF stock value ranged from $15 to $27.12 over the last 52 weeks. NETTF stock rose after the company funded a game developer.
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Which company has NETTF invested in?
NetEase provides innovative and diverse content, community, communication, and commerce online through its leading internet technology company based in China. Some of China’s most popular mobile and PC games are developed and operated by NETTF. A number of international markets have been opened up by NETTF in recent years, including Japan and North America. Apart from developing its own games, NETTF partners with other leading game developers in China, including Blizzard Entertainment and Mojang AB (a subsidiary of Microsoft). In addition to its cloud-based music streaming services and private label e-commerce platform, Yanxuan, NETTF offers intelligent learning services through a majority-owned subsidiary, Youdao.
Game publisher Kepler Interactive says Chinese gaming giant NetEase Inc. has invested $120 million in the company.
- Founded by seven gaming companies, including Sloclap and Alpha Channel, the group plans to offer studio founders the opportunity to become co-owners, share resources and benefits while still maintaining control of their own businesses.
- Its development teams will be spread across ten countries, with a 2022 slate of titles including first-person survival horror game Scorn, third-person action game Sifu, and open-world adventure game Tchia.
- NETTF will be a minority investor in the enterprise, but Kepler didn’t reveal the valuation.
- A new estimate from gaming analytics firm Newzoo says the global games market will bring in $175.8 billion in 2021 and reach $200 billion by 2023.
- In addition to mobile games and animations, the company could look at adding studios that specialize in PC and console games.
As a result of a crackdown by Beijing on the video gaming sector, NetEase downsized some of its studios and projects in early September, the South China Morning Post reported last month, citing people with direct knowledge of the matter. According to the report, no one has been officially fired. According to reports, China has temporarily slowed the approval of all new online games to prevent children from becoming addicted to them. Children under 18 are also prohibited from playing video games more than three hours a week.
Downsizing at NETTF:
Several NetEase (NETTF) employees, including programmers, designers, and creative artists in the company’s Shanghai and Hangzhou offices, were told to find new jobs within and outside of NETTF, according to the report.