Shares of China’s NetEase (NTES) climbed to a nearly 1-year high Monday and may be poised to move even higher after the company released new online games that ranked among the country's top three highest grossing video games. Since posting a 3-1/2 year low last October, NetEase has soared more than +87% and is one of China’s best-performing stocks.
According to Goldman Sachs Group, NetEase’s Justice Mobile AI-powered martial arts video game, along with the company’s Eggy Party and Racing Master games, were China’s three most downloaded video games on July 2. The new blockbuster video games from NetEase have fueled a sharp rebound in the stock, which had suffered a sharp selloff last year after China cracked down on the online gaming sector and froze new gaming approvals.
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