China Roundup: Gov’t freezes approvals for new online games, and other news

New online games in China on hold as regulators suspend approvals

• The Chinese government put all approvals for online games on hold, virtually ensuring that there will not be any new titles launched in the country anytime soon.
• The South China Morning Post quoted sources who said the decision was made in a meeting attended by Chinese Communist Party’s publicity department, the National Press and Publication Administration, and representatives from gaming titans Tencent and NetEase.
• Coming just weeks after the government imposed a three-hour-per-week gaming limit on underaged gamers, the suspension of approvals is the latest blow to China’s gaming giants, who have been caught in the crossfire as the state moves to “reduce gaming addiction.”

Ant-backed Hello Inc’s valuation to rise after new financing round

•  Bike-sharing company Hello Inc is set to complete a financing round that will bump up its valuation.
•  The firm has various businesses, which include electric vehicles and electric power exchange brands, aside from its bike-sharing and hitchhiking services. A source told Pandaily that the rise in Hello’s valuation was a result of the rapid development of these divisions.
•  Hello recently shelved its public listing plans in the US amid China’s crackdown on tech giants.