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.
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.", 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 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.over concerns that gaming was impacting youngsters' eyesight. In China, online games require approvals from the regulators.
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