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Tencent loses over $43 billion in market value after China proposes new online g...
source link: https://www.cnbc.com/2023/12/22/tencent-netease-shares-plummet-on-new-china-online-gaming-guidelines.html
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China Markets
Tencent loses over $43 billion in market value after China proposes new online gaming rules
Published Fri, Dec 22 202312:20 AM ESTUpdated Fri, Dec 22 20232:51 PM EST
Key Points
- Beijing released draft guidelines aimed at curbing excessive gaming and spending Friday mid-morning ahead of four-day Christmas weekend holiday in Hong Kong.
- Tencent shares tumbled 12.4%, NetEase shares plunged 24.6%, Bilibili shares slid 9.7%
- The new measures don’t fundamentally change the online gaming business model and operations, Vigo Zhang, Tencent Games vice-president, told CNBC.
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