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Tencent loses $20 billion in value after China attacks myopia with gaming curbs


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https://www.reuters.com/article/us-china-gaming/tencent-loses-20-billion-in-value-after-china-fights-myopia-with-gaming-curbs-idUSKCN1LF25B?feedType=RSS&feedName=technologyNews

 

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Tencent Holdings’ (0700.HK) market value slumped by around $20 billion on Friday after China intensified a crackdown on online gaming citing rising levels of myopia, heightening regulatory risks for companies in the world’s biggest gaming market.

 

China’s Ministry of Education, in a notice late on Thursday, directed the publishing regulator to limit the number of new online video games, take steps to restrict the time young people spend playing games and explore an age-appropriate system for players.

 

Beijing’s directive was included in a document published on the website of the ministry outlining how China should respond to worsening rates of myopia, or near-sightedness, among young people, and blamed the spread of mobile phones and other electronic devices partly for it.

 

The curbs are the latest challenge for Tencent, China’s largest gaming and social media firm, which earlier this month blamed a freeze on new game approvals for the technology giant’s first quarterly profit fall in nearly 13 years.

 

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