'Monster Hunter' on hold as China hits pause on new video games

A Tencent sign is seen during the China Digital Entertainment Expo and Conference in Shanghai

The very government that has favored Tencent as a technology champion is now directly hurting its results, with the bureaucratic shakeup in Beijing blocking its path to making money from games. The iShares China Large-Cap ETF shed 3.8% to a 13-month low, as 49 of the 50 components lost ground.

Under pressure to curb gaming marathons on Tencent's smash hit King of Glory (known as Arena of Valor in other territories) mobile multiplayer battle game, the company a year ago started restricting daily playing times for children.

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China's largest social media and gaming firm said April-June profit fell to 17.87 billion yuan ($2.59 billion), lagging the 19.67 billion yuan average of 12 analyst estimates compiled by Thomson Reuters.

An emblem of China's growing innovative prowess, Tencent, which owns the messaging and payments app WeChat, has nonetheless been a beneficiary of Beijing's policies. Games approved before the end of March can be released, but not necessarily in all formats or monetizable versions.

China has had a history of issues with games that have been popular with Western markets.

The hold-up has battered shares of market leaders like Tencent, which have plunged since the company said it had been ordered to remove hit game Monster Hunter: World from sale, only days after its debut.

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Actual sales revenue in the Chinese game market was CNY105 billion, an annual rise of 5 percent, shows a report on China's first-half gaming sector that the Work Committee for Game Publishing under the China Audio-Video and Digital Publishing Association released.

Chinese regulators have frozen approval of game licenses amid a government shake-up.

Tencent said it would try to reinvigorate its mobile game revenue growth by extracting more value from existing popular titles, launching more role-playing games, and publishing more of its China-developed games internationally, such as Arena of Valor and PUBG Mobile.

The biggest game of the year Fortnite can't even be accessed online at the moment there, and others like Monster Hunter are embroiled in controversy. This news has affected the Chinese based multinational giant Tencent and even the fledgling developers. As well as the massive success of both of these games, Tencent's new focus is also in part due to the aforementioned drop in League of Legends' playerbase.

Tencent blamed its profit decline also on fewer investment gains.

Bureaucratic reshuffling at the top levels of China's government made it hard for the company to get the licensing required to make money on new video games.

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