Beijing issued regulation in 2019, when it allowed minors to play computer games for an hour and a half a day and three hours on holidays.
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Beijing’s restrictions affect big technology companies like NetEase or Tencent, whose game Honor of Kings is very popular worldwide.
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AP wrote that Tencent shares fell 0.6 percent today before the announcement of another cut and that its market value has fallen by more than $ 300 billion (6.5 trillion crowns) since the February peak, which exceeds the total value of Nike or Pfizer. Shares of NetEase fell nine percent at the opening of trading in New York.
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The restrictions on video game companies in China are related to fears of their social influence, writes AP. Tencent recently responded to these concerns by announcing that it would limit minors’ access to its products to one hour a day and two hours on holidays, and that it would not allow children under the age of 12 to shop.
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At the time, Tencent responded to criticism of the industry in the Chinese press. At the beginning of August, the state newspaper Economic Information Daily described online games as electronic drugs because children become addicted to them. According to the paper, students also spend eight hours a day playing Honor of Kings
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China has also regulated e-commerce and education in recent months. Companies offering tutoring in school subjects can only be non-profit.
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