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China’s National Press and Public Administration released new rules for online gaming. At the news, Tencent and NetEase stock fell, each dropping billions in value. Beijing now appears to be backpedaling, quickly approving over 100 new online games, including some from Tencent and NetEase. Feng Shixin, an official overseeing the press and publications regulator, has been relieved of his position.

The new restrictions aimed to limit how much time and money players can spend on online games, catching the industry off guard. Tencent’s stock fell 12% while NetEase’s shares dropped by almost 25%. The downward trends wiped about 80 billion in value from the industry. Beijing may be responding to the backlash from investors and Chinese president Xi Jinping recently acknowledged economic weaknesses.

It’s unclear if recent developments will ease the concerns in the country’s video game industry. Tencent and NetEase shares were up around 1% in Hong Kong trading but are still trading below pre-rule levels.



Read more: Beijing reportedly removes official after video game rules cause investor freakout