Tencent Holdings Ltd. and its rivals’ stocks plummeted on Tuesday after state-owned Chinese newspapers criticized online games as a “heart opium,” and investors said the company’s popular games could be wiped out. It fueled concerns. Broader regulatory crackdown.
However, a few hours later, the story became inaccessible on a paper website and the stock regained the lost land. Meanwhile, Tencent said it would introduce stricter regulations for younger users.
Tencent’s stock, which fell more than 10% early in the session, held back some losses as it fell about 6.3% in Hong Kong by mid-afternoon. Peers NetEase Inc. And Bilibili Inc. They also regained their lost ground and traded about 9.5% and 5.2% lower, respectively, but the city’s Hang Seng Tech Index fell 1.3%.
The state-run Economic Information Daily released a special feature on Tuesday, stating that excessive games could have a negative impact on children and emphasized the call of experts for stricter regulation.
“Society has become aware of the harm caused by online games, which is often referred to as” opium for the psyche “or” electronic drugs, “” the newspaper said. Game addiction is on the rise, affecting children’s research and causing alienation.
Tencent’s plunge China calls online games “opium for the spirit”
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