Tencent leads US$60bil loss as game crackdown expands


A child leans on a mascot for Tencent during a promotion event in Beijing. China is cracking down on gaming companies, to curb how much children are playing and spending on games. — AP Photo

Tencent Holdings Ltd and Netease Inc shed more than US$60bil (RM248.94bil) of value as investor fears grow that Chinese regulators are preparing to tighten their grip dramatically on the world’s largest gaming industry.

Chinese regulators summoned industry executives to a Wednesday meeting to instruct them to break their “solitary focus” on profit and prevent minors from becoming addicted to games, according to the official Xinhua News Agency. Regulators also said China will slow down approvals for all new online games, the South China Morning Post reported on Sept 9.

Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

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

Elon Musk blasts Australia's planned ban on social media for children
Bitcoin's wild ride toward $100,000
OpenAI considers taking on Google with browser, the Information reports
One tech tip: How to get started with Bluesky
FCC proposes fining Chinese video doorbell manufacturer after security concerns raised
Snap seeks to dismiss New Mexico lawsuit over child safety
Crypto industry jockeys for seats at Trump's promised council
Reddit back up after latest outage impacts thousands of users
Massachusetts student's punishment for AI use can stand, US judge rules
Exclusive-Amazon likely to face investigation under EU tech rules next year, sources say

Others Also Read