It's a significant blow to Tencent. Although it has massively popular games like Arena of Valor (Honor of Kings in its home country) and involvement in both Fortnite and PUBG, it's still heavily dependent on releasing new games in its native China. Tencent's shares fell by more than 20 percent in 2018 due to the approvals freeze, and they're unlikely to recover now that an approval still isn't in the cards. Unless Tencent's games are simply taking longer to approve, the company might have to significantly rethink its approach if it wants to keep releasing new titles.