NetEase CEO Says Its Metaverse Tech “May Run Faster Than Anyone”

17th November 2021
NetEase CEO Says Its Metaverse Tech “May Run Faster Than Anyone”

On Wednesday, NetEase announced its unaudited financial results for 3Q 2021, with net income for the period at RMB 22.2 billion, a YoY increase of 19%. The net profit attributable to the company’s shareholders was RMB 3.9 billion.

NetEase’s bright earnings profile proved that it has not been held back by China’s crackdown on the gaming sector. Data shows that in 3Q 2021, the company’s net income from online gaming reached RMB 15.9 billion, a YoY increase of 15%.

In a conference call, NetEase founder and CEO William Ding, or Ding Lei, said the company is ready for metaverse technology and is currently planning its moves. When the timing is ripe, “NetEase may run faster than anyone,” reported by the Chinese digital newspaper The Paper.

The company is also ready to go on its IPO track. NetEase’s company filings showed on Tuesday that it has restarted the Hong Kong IPO of its music streaming business Cloud Village. Sources said it is aimed at raising about USD 500 million by the end of 2021.

Not all comments on Weibo appreciated the great speech. The tag “Ding Wei claims NetEase’s metaverse may run faster than anyone” received more than 32 million views and 686 discussions. 

Some comments doubted NetEase’s ability to deliver high-quality metaverse games, and mocked that it is a gimmick to cheat investors. A comment with 2,200 likes wrote, “Running off in the fastest speed after cutting chives [deceiving investors]”.

NetEase’s speech came after state media warnings last week, telling retail traders not to be hasty in investing in a new and “immature” concepts. Previously, Tencent expected the authority to allow metaverse virtual environment services if are in line with Chinese regulations.

Image credit: Raysonho @ Open Grid Scheduler / Grid Engine

Written by Bread News Team
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