Tencent loses over $43 billion in market value after China proposes new online gaming rules
Publishing timestamp: 2023-12-22 07:32:06
Summary
Beijing released draft guidelines to curb excessive gaming and spending, causing shares of Tencent, NetEase, and Bilibili to plummet. The new rules aim to limit high-value transactions in virtual entities and ban daily login rewards. The measures have raised concerns about the viability of existing business models in the online gaming industry.
Sentiment: NEGATIVE
Tickers: 700-HK, 9626-HK, 9999-HK,
Keywords: bilibili inc, tencent holdings ltd, breaking news: asia, xi jinping, netease inc, business news, asia economy, beijing, china,