Tencent Holdings Ltd led a stock tumble after Chinese state media expressed concern of the addictive nature of games, triggering fears Beijing will set its sights next on the largest gaming arena.
- China’s most valuable corporation joined close rivals from NetEase Inc. to Nexon Co. in a gaming selloff.
- Tencent followed up with a commitment to further limit playtime for minors to just an hour during weekdays and more than two hours during vacations and holidays.
- The gaming giant also plans to forbid in-game purchases for under 12-year-olds starting with its signature title.
- The company was open to the possibility of the industry banning games for those under the age of 12.
Tencent was down 11% on Tuesday before recovering some of those losses to end at 5% lower. The company has now shed close to $400 billion of its market value since January Record High.
Tencent down 6%
Source: Bloomberg.