BusinessWorld
August 5, 2021 | 12:03 am
Economic Information Daily cited Tencentâs
Honor of Kings in an article in which it said minors were addicted to online games and called for more curbs on the industry. The outlet is affiliated with Chinaâs biggest state-run news agency, Xinhua.
The broadside re-ignited investor fears about state intervention after Beijing had already targeted the property, education and technology sectors to curb cost pressures and reassert the primacy of socialism after years of runaway market growth.
âThey donât believe anything is off limit and will react, sometimes overreact, to anything on state media that fits the tech crackdown narrative,â said Ether Yin, partner at Trivium, a Beijing-based consultancy.
China warns gaming firms could lose tax breaks in latest threat dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.
REUTERS/Aly Song
August 4, 2021
Bewildered investors in China’s tech sector scrambled once again from regulators on Tuesday, fearing that a state media story that likened internet gaming to opium signals a new front in the barrage of scrutiny that is being directed toward big business.
The article was later altered to remove the historically loaded opium reference, but, together with the opening of a probe into automotive chip distributors, it roiled markets still smarting from a panic sell-down a week ago.
Tencent, the social-media-to-gaming behemoth, fell 6% and was briefly knocked from its mantle as Asia’s most valuable company, while semiconductor stocks slid as the moves seemed to unwind authorities’ days-old promise of a calmer hand.
August 04, 2021
published at 1:48 AMReuters
Visitors are seen at the Tencent Games booth during the China Digital Entertainment Expo and Conference, also known as ChinaJoy, in Shanghai, China, on July 30, 2021.
Reuters
SHANGHAI - China s Tencent Holdings Ltd said on Tuesday (Aug 3) it would further curb minors access to its flagship video game, hours after its shares were battered by a state media article that described online games as spiritual opium .
Economic Information Daily cited Tencent s Honor of Kings in an article in which it said minors were addicted to online games and called for more curbs on the industry. The outlet is affiliated with China s biggest state-run news agency, Xinhua.
August 04, 2021
published at 2:26 AMReuters
The Tencent Games logo is seen on its game on a mobile phone in this illustration picture taken Aug 3, 2021.
Reuters
SHANGHAI/SINGAPORE, Aug 3 - Bewildered investors in China s tech sector scrambled once again from regulators on Tuesday (Aug 3), fearing that a state media story that likened internet gaming to opium signals a new front in the barrage of scrutiny that is being directed toward big business.
The article was later altered to remove the historically loaded opium reference, but, together with the opening of a probe into automotive chip distributors, it roiled markets still smarting from a panic sell-down a week ago.