In today’s briefing:
- JAPAN PASSIVE: Who Owns What 2022?
- Tencent/Netease: Under Pressure with No Game Approval in July
- Tencent – Excluded Again from New Game Approvals
JAPAN PASSIVE: Who Owns What 2022?
- 2022 Version of JAPAN PASSIVE: Who Owns What? where we break down the major (and minor) passive tracking indices and which category of investor owns how much of each.
- Even if you do not “play” index changes, understanding impact is important. Japan Exchange Group (8697 JP) entered Nikkei 225 in July 2020 after rising 30%. That was the top.
- Understanding the nature of the ownership and flows is crucial to understanding how to trade certain stocks.
Tencent/Netease: Under Pressure with No Game Approval in July
- China just announced game approval for July batch. More games were approved in July compared to June and May.
- Pace of China game approval has picked up albeit at a much slower pace than pre-tightening.
- Tencent and Netease will be under pressure as they continue to score zero in July domestic game approval.
Tencent – Excluded Again from New Game Approvals
- China’s NPPA issued a list of 67 new games approved for July 2022, and once again, Tencent (700 HK) and its smaller rival NetEase were excluded from the list.
- The nine-month long freeze on new game approval was lifted in April, however, none of Tencent’s new games were included in the approved lists in April, June and July.
- This further affirms our view that the anti-monopoly crackdown on tech firms hasn’t slowed down, but regulators are probing on dominant players such as Tencent to level the playing field.
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