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中国游戏业：新的游戏规则.pdf

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Equity Research Report Telecoms, Media Technology July 2019 By: Jing Han (S1705518080001) and Gary Guo (S1700517120002) S P O T L I G H T China Gaming The new rules of the game Following a regulatory clampdown that dampened China’s mobile game market, the stage is now set for a revival… …but this time is different as we see companies with strong RD and those looking abroad for growth as best positioned Initiate with Buy on Youzu Interactive and Hold on G-bits, Chinese Media and Shunwang Technology. We prefer Sanqi Interactive Entertainment (upgrade to Buy) and Perfect World (maintain Buy) Disclosures Disclaimer: This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Equities ● Telecoms, Media Technology July 2019 Why read this report  After a bruising run as new regulations and concerns over video games spooked the market, China’s gaming market is recovering…  …as games start to be once again approved and players, who number over half a billion in China, are more willing to pay  Sanqi Interactive Entertainment and Perfect World are our most