Shares of Tencent (OTC: TCEHY), the Chinese tech giant and parent of WeChat, were moving higher today on news that Beijing had taken a step to support the gaming industry, potentially signaling looser regulations following the crackdown on the tech industry that began three years ago.

Chinese gaming stocks fell earlier on a proposal to restrict spending on video games. But Beijing seemed to reverse its position today after it removed the official in charge of regulating China's video game sector, Feng Shixin.

As a result, Tencent stock was up 3.1% as of 12 p.m. ET.

Continue reading

Source Fool.com