TokyoTokyo Mon - Fri 10:00-18:00 +81 (368) 662-975

Chinese regulatory squeeze weighs on gaming shares worldwide

Mount Equity Group Tokyo, Japan > News > Business > Chinese regulatory squeeze weighs on gaming shares worldwide

A logo of Tencent is seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2020. REUTERS/Tingshu Wang

SHANGHAI, Sept 9 (Reuters) – Chinese gaming and related shares skidded on Thursday, dragged down by an ongoing regulatory squeeze that has engulfed industries ranging from online platforms and entertainment to for-profit tutoring and real estate.

In the latest blow to China’s online gaming sector, the South China Morning Post reported on Thursday afternoon that Beijing had temporarily suspended approvals of new games, further hitting shares in Tencent Holdings (0700.HK) and NetEase (9999.HK). read more

The publication later corrected its story to say China had temporarily slowed down, rather than suspended, approval for new online games.

Shares in the two companies closed more than 8% and 11% lower respectively.

U.S. gaming stocks also were lower, with Activision Blizzard…

Read more…