Nintendo shares climb 17% after Tencent wins China Switch sales approval

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Nintendo shares climb 17% after Tencent wins China Switch sales approval

On Friday, the 19th of April 2019, the Nintendo Co. Ltd. shares mushroomed more than 17 percent during morning trading hours in Tokyo, after China’s Tencent Holdings Ltd. had won a critical approval to start selling Nintendo Switch console in the largest video games market across the world.

Friday’s (April 19th) upsurge had been the biggest percentage gain of Nintendo since mid-year 2016, when Nintendo-backed Pokemon Go had pushed its shares to another record high. Apart from that, Friday (April 19th) lift had sent the Nintendo share price to its highest level since last October and secured a gain of 32 percent on a year-on-year basis.

Besides, Nintendo’s US-listed shares snowballed more than 12 percent overnight, after the China’s Guangdong province had allowed Tencent, a Chinese e-commerce giant, to distribute the Switch Consoles alongside a test version of “New Super Mario Bros.

U Deluxe” game. However, it still remains unknown when the consoles could launch in China, as its games required to clear a separate approval process. One of the gaming industry leaders, Tencent had still been trying to dissolve a lengthy game approval process in Chain since last year.

While Nintendo secured robust gains on both New York and Tokyo stock exchanges, Tencent, listed in Hong Kong is likely to climb higher when the market opens on next Monday (April 22nd), as Hong Kong stock exchange was closed on Friday (April 19th) due to Great Friday Easter holiday.