NetEase

China's second-biggest game publisher after Tencent is NetEase, a company Ding Lei founded in 1997 as an internet portal and email provider. Games are the heart of it now, generating most of the revenue through popular domestic titles and partnerships that brought franchises like Blizzard's games to Chinese players. Around that core sit a music-streaming service, an education arm and other internet businesses.

The strength of the games model is high margins and loyal, long-lived franchises that keep spending money for years. The dependence on games is also the vulnerability: Chinese regulators control how many new titles get approved and how minors are allowed to play, and any tightening lands directly on NetEase's biggest business. Its overseas push, aimed at reducing that home-market concentration, is still small relative to the Chinese operations that drive the stock.

On MyRWA, NTES trades tokenized across 3 on-chain venues - see the listings below.