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Shares slide after China brands online games 'electronic drugs'

August 4, 2021 3:16 pm
[Source: BBC]

Shares in two of China’s biggest online gaming firms have slipped after a state media outlet called them “electronic drugs”.

Tencent and NetEase shares fell more than 10% in early Hong Kong trade before regaining some of those losses.

Investors are increasingly concerned about Beijing cracking down on firms.

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In recent months authorities have announced a series of measures to tighten their grip on technology and private education companies.

An article published by the state-run Economic Information Daily said many teenagers had become addicted to online gaming and it was having a negative impact on them. The news outlet is affiliated with the official Xinhua news agency.

The article cited Tencent’s hugely popular game Honor of Kings, saying students were playing it for up to eight hours a day, and asked for more curbs on the industry.

Tencent has said it would introduce measures to reduce children’s access to and time spent on its Honor of Kings game. The company also said it plans to eventually roll out the policy to all of its games.`

The recovery in share prices came as Economic Information Daily deleted the article from its account on the Wechat social media platform.

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