Chinese business & finance updates
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Tencent has announced new restrictions on how long minors can play its online games after the Chinese internet group came under intense pressure from state media, which labelled gaming as “spiritual opium”.
In a social media post, the company said it was introducing the measures after “relevant authorities” requested greater protection of minors in gaming and for companies to carry out their “societal responsibility”.
Shares in Tencent, whose online games business generated Rmb39.1bn ($6bn) in the first quarter and accounted for 30 per cent of its total revenues, fell as much as 10.8 per cent in Hong Kong before paring losses to close down 6.6 per cent.
That left the stock down almost a quarter in the past month. The company’s market value has shed $400bn from its January peak.
The renewed volatility came after China’s tech…
