Tencent tanks 10% after Chinese media calls online gaming ‘opium’ as regulatory concerns mount

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A brand of Tencent is seen in the course of the World Web Convention (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020.

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Aly Music | Reuters

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GUANGZHOU, China — Shares of Tencent and NetEase plunged on Tuesday after Chinese language state media branded on-line gaming “opium” and likened it to a drug.

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The article additionally known as for additional restrictions on the business with a view to stop dependancy and different damaging impacts on youngsters.

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Tencent fell round 10% in morning whereas NetEase was virtually 14% decrease in Hong Kong. Tencent is likely one of the world’s largest gaming firms chargeable for high-profile video games like “Honor of Kings.”

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NetEase declined to remark. Tencent was not instantly accessible for remark.

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The article, by Financial Info Each day, a Chinese language state-run publication that is affiliated to the official Xinhua newspaper, mentioned that on-line gaming dependancy amongst youngsters is “widespread” and will negatively impression their development.

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The article mentioned that in 2020, greater than half China’s youngsters had been nearsighted and on-line video games impacts their training.

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The sentiment within the article will not be that new. For a very long time, the Chinese language authorities has been involved concerning the impression of video video games on minors.

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In 2018, Beijing froze new recreation approvals over considerations that gaming was impacting children’ eyesight. In China, on-line video games require approvals from the regulators.

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In 2019, China introduced in guidelines that banned these underneath 18 years from enjoying on-line video games between 10 p.m. and eight a.m. and restricted the period of time they might play.

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The article additionally known as for extra management over the period of time youngsters are enjoying video games for and overview content material of video games extra stringently to scale back the quantity of “improper” info proven to minors.

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“For the subsequent step, there must be stricter controls over the period of time minors play on-line video games. It must be decreased by great amount from present stage,” the article mentioned, in line with a CNBC translation.

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