Tencent leads $60 billion loss

Started by the-pi-guy, Sep 09, 2021, 01:08 PM

previous topic - next topic

0 Members and 1 Guest are viewing this topic.

the-pi-guy

Bloomberg


Quote
Tencent Holdings Ltd. and Netease Inc. shed more than $60 billion of value as investor fears grow that Chinese regulators are preparing to tighten their grip dramatically on the world's largest gaming industry.

Chinese regulators summoned industry executives to a Wednesday meeting to instruct them to break their "solitary focus" on profit and prevent minors from becoming addicted to games, according to the official Xinhua News Agency. Regulators also said there will be a temporary freeze on approvals for all new online games, the South China Morning Post reported Thursday, a move that will chill the pipeline of titles that developers depend on to drive growth.

On Thursday, Tencent extended losses in late afternoon trading to finish 8.5% lower, its steepest fall since July. Netease plummeted 11%. Representatives for the companies didn't immediately respond to requests for comment. Prosus NV, Tencent's biggest shareholder, fell 6.6% in Amsterdam while parent Naspers Ltd. dropped as much as 8.3% in Johannesburg.

Legend

Looking at a graph of the stock's history it doesn't look too bad but it could easily be a sign of what's to come.

I'd imagine this, arm, and everything else coming out of China these days is spooking investors pretty hard.

kitler53

"$60 billion loss" is inaccurate.   

TCEHY has hardly been the hardest hit chinese stock.   right now china is un-investible,.. winnie the pooh is tearing down all it's biggest corporations simply because he views it as a threat to his power.  authoritarian governments are the antithesis to prosperity.
          

Legend

I saw a rando website and people saying new video game releases in China are "on hold" until they can sort out game addiction.