Tencent tanks 10% after Chinese media calls online gaming 'opium'
Shares of Tencent and NetEase plunged on Tuesday after Chinese state media branded online gaming 'opium' and likened it to a drug.
plunged on Tuesday after Chinese state media branded online gaming "opium" and likened it to a drug.The article also called for further restrictions on the industry in order to prevent addiction and other negative impacts on children.Tencent fell around 10% in morning while NetEase was almost 14% lower in Hong Kong. Tencent is one of the world's largest gaming companies responsible for high-profile games like "Honor of Kings."
NetEase declined to comment. Tencent was not immediately available for comment.Thearticle, by Economic Information Daily, a Chinese state-run publication that's affiliated to the official Xinhua newspaper, said that online gaming addiction among children is "widespread" and could negatively impact their growth.
The article said that in 2020, more than half China's children were nearsighted and online games affects their education.The sentiment in the article is not that new. For a long time, the Chinese government has been concerned about the impact of video games on minors. headtopics.com
In 2018, Beijing froze new game approvalsover concerns that gaming was impacting youngsters' eyesight. In China, online games require approvals from the regulators.In 2019, China brought in rules that banned those under 18 years from playing online games between 10 p.m. and 8 a.m. and restricted the amount of time they could play.
The article also called for more control over the amount of time children are playing games for and review content of games more stringently to reduce the amount of "improper" information shown to minors. Read more: CNBC »
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What the hell is wrong with over there? They’re going to destroy progress and people will resent their behavior But they’re not wrong 🤔 Tencent has been implementing anti-addiction systems since 2017 and children under 16 revenue only represent 3.2% of total gaming revenue. You know what this means… buy $GME
His highness is destroying the country's jewel by himself. So yeah, Chinese children are developing nearsightedness because of gaming and online no way because of crazy studying they have to do year round and late into the night. No, it must be the games. Sounds bullish to me. The Chinese government is correct on this. The 'opium' ruined his life and his family. Later like alcoholism it took his life. The winners are few
Jenlovescrypto Lmao Opium sells good
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