Tencent tumbles after China media calls online gaming “spiritual opium”
By Brenda Goh and Samuel Shen
SHANGHAI (Reuters) -Tencent Holdings Ltd shares had been on monitor to fall by their most in a decade on Tuesday after a Chinese state media outlet branded online video video video games “non secular opium”, stoking concern that the sector may be subsequent in regulators’ crosshairs.
China’s best social media and online recreation company observed its stock tumble higher than 10% in morning commerce, wiping nearly $60 billion from its market capitalisation.
Shares of rival NetEase Inc slumped as rather a lot as 15.7%, whereas these of recreation developer XD Inc and mobile gaming agency GMGE Technology Group Ltd moreover plunged.
State-run Economic Information Daily in an article on Tuesday talked about many children had been hooked on online video video video games and referred to as for additional curbs on the enterprise. The outlet is affiliated with China’s …