HONG KONG - China unveiled a raft of new measures to rein in spending on online games, signalling the start of another industry crackdown that wiped out roughly US$42 billion (S$55.8 billion) of Tencent Holdings' value.
Beijing's top gaming regulator on Dec 22 published draft rules broadly designed to clamp down on practices that encourage players to spend more money and time online. Among other things, they include a ban on rewards for frequent log-ins, forced player duels and a vague prohibition on any content deemed to violate state secrets.
The sweeping restrictions, which likely surprised industry players and investors, suggest Beijing is getting ready to launch another crackdown on the world's largest mobile gaming arena.
Tencent slid as much as 16 percent - its biggest intraday fall since 2008 before closing down 12.4 percent. Its smaller rival NetEase dived 28 per cent before it ended down 24.6 percent. Nexon, which derives a chunk of its revenue from China, fell 11.9 percent. Bilibili, a social media service popular with gamers, fell 9.7 percent.
Denne historien er fra December 23, 2023-utgaven av The Straits Times.
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Denne historien er fra December 23, 2023-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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