File photograph: A Tencent emblem is seen at its sales space on the 2020 China Worldwide Truthful for Commerce in Companies (CIFTIS) in Beijing.
SHANGHAI: Shares of on-line gaming corporations, together with Tencent Holdings Ltd and NetEase Inc, tumbled on Tuesday after a Chinese language state media outlet branded on-line gaming “religious opium” and referred to as for extra curbs on the trade.
Tencent, China’s greatest social media and video video games firm, tumbled greater than 9% in early morning commerce, whereas Netease slumped greater than 13%.
The article, revealed by the state-run Financial Data Every day, stated many youngsters had been hooked on on-line gaming and that was negatively impacting their progress. The information outlet is affiliated with the official Xinhua information company.
It repeatedly cited Tencent’s flagship recreation Honor of Kings, saying it was the preferred on-line recreation performed by college students, typically for as much as eight hours a day.
“No trade, no sport, will be allowed to develop in a approach that can destroy a technology,” stated the article, which additionally likened on-line video games to “digital medicine”.
Tencent didn’t instantly reply to a Reuters request for remark.
China has vowed to strengthen guidelines round on-line schooling and gaming to guard baby wellbeing. Final month, it issued sweeping guidelines barring for-profit after-school tutoring in core faculty topics, a transfer that threatens to decimate its $120 billion non-public tutoring sector.
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