Tencent Shares Fall – On Aug. 3, the BBC reported that shares of Tencent and NetEase 2, two of China’s biggest online game companies, were down. Slumped more than 10% in early trading in Hong Kong today. behind the economic newspaper Information Daily, Chinese official media affiliated with Xinhua news agency published an article stating that Many teenagers have become addicted to online games and this has a negative impact on the youth population.
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The article cited Tencent’s most popular game, Honor of Kings, where students play up to 8 hours a day, suggesting further restrictions on the online gaming industry. “No industry, no sport, is allowed to develop in such a way that it destroys the younger generation,” the article states, and likens online games to “there is no such thing as a sport.” “Mind Opium”
However, the share price recovered some losses. after the economy Information Daily has removed the article from its Weibo account. Chinese social media go out
In the past several months The official announced measures to be more strict with technology companies and private education causing more concern to investors as well While Tencent will now take new measures to reduce children’s access and time spent playing Honor of Kings, the company plans to roll out the policy on all games.
Previously, Tencent shares fell last week. after receiving an order to terminate a music licensing agreement with music labels around the world It aims to solve the dominance of online music streaming technology giants in the country. which currently controls more than 80% of China’s music streaming rights solely. After the acquisition in 2016
Chinese curfew “online games” 4pm-8am Prohibiting young people from playing and controlling addiction to games