Tencent shares dive after Chinese media brand online games 'spiritual opium'

Tencent shares dive after Chinese media brand online games ‘spiritual opium’
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published :
3 Aug 2021 at 13:28
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FILE PHOTO: Visitors are seen at the Tencent Games booth during the China Digital Entertainment Expo and Conference, also known as ChinaJoy, in Shanghai, China, July 30, 2021. (Reuters)
Tencent Holdings Ltd dived as much as 11% 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 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. The online link to the post was removed hours later -- though the story remains in the print version -- and Tencent recouped some of its losses in afternoon trade.

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