Tencent slumped as much as 10% on Tuesday after an offshoot of China’s official news agency decried the "spiritual opium" and "electronic drugs" of games. Tencent dived as much as 10% Tuesday after an offshoot of China’s official news agency decried the "spiritual opium" and "electronic drugs" of games, stoking fears Beijing will next set its sights on online entertainment. The social media giant joined rivals NetEase and XD in an abrupt selloff in early Hong Kong trading after an outlet run by the Xinhua News Agency published a blistering critique of the gaming industry. In the fourth quarter of 2020, minors aged under 18 accounted for just 6% of the company’s Chinese online gaming gross receipts. On July 27, Tencent said it was suspending new user registrations for its WeChat messaging super-app, prompting concerns about Beijing’s intentions for the gaming industry leader.

Source: News 24 August 03, 2021 05:03 UTC