Tencent shares dive after Chinese media brand online games ‘spiritual opium’


Tencent joined rivals NetEase Inc and XD Inc 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. — Reuters

Tencent Holdings Ltd dived as much as 10% on Aug 3 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 Inc and XD Inc 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. The Economic Information Daily cited a student as saying some schoolmates played Tencent’s Honor Of Kings – one of its most popular titles – eight hours a day and called for stricter controls over time spent on games.

Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Tech News

Musk now says it's 'pointless' to build a $25,000 Tesla for human drivers
Google defeats lawsuit over gift card fraud
Russian court fines Apple for not deleting two podcasts, RIA reports
GlobalFoundries forecasts upbeat Q4 results on strong demand from smartphone makers
Emerson sharpens automation focus with offer for rest of AspenTech in $15 billion deal
Palantir shares surge to record as AI boom powers forecast raise
Tax fraud investigators search Netflix offices in Paris and Amsterdam, says source
Singapore's Keppel to buy Japanese AI-ready data centre
Tesla increases wages for staff at German gigafactory by 4%
Apple explores push into smart glasses with ‘Atlas’ user study

Others Also Read