China's Tencent limits gaming for minors after media outcry

China's biggest gaming company, Tencent Holdings, said Tuesday it volition bounds gaming clip for minors and prohibition children nether property 12 from making in-game purchases aft a authorities media nonfiction called games "spiritual opium."

Tencent's pledge to curb gaming for minors came hours aft the company's banal plunged arsenic overmuch arsenic 11% pursuing a critique published by the Economic Information Daily, a paper affiliated with China's authoritative Xinhua News Agency.

The paper nonfiction named Tencent's wildly fashionable Honor of Kings crippled arsenic 1 that minors were addicted to, and cited a pupil arsenic saying that immoderate played the crippled for 8 hours a day. The online nonfiction was removed hours later.

"'Spiritual opium' has grown into an manufacture worthy hundreds of billions," the paper said, adding that nary manufacture should beryllium allowed to make successful a mode that volition "destroy a generation."

On Tuesday, Tencent said successful a connection it volition bounds gaming clip for minors to 1 hr a day, and 2 hours a time during holidays. Children nether property 12 volition besides beryllium prohibited from making purchases wrong the game, the institution said.

Under Chinese law, users nether property 18 tin play online games for a maximum of 1 and a fractional hours a day, and 3 hours during holidays.

Tencent besides called for the manufacture to power gaming clip for minors and sermon the anticipation of banning those younger than 12 from playing games.

It was not wide if Tencent issued the curbs successful airy of the article. The company did not instantly comment.

The critique of the gaming manufacture sparked a selloff of stocks successful Chinese gaming companies including NetEase amid fears that the gaming manufacture could beryllium the adjacent to acquisition a clampdown.

Chinese authorities successful caller months person targeted e-commerce and online education, implementing caller regulations to curb anti-competitive behaviour aft years of accelerated maturation successful the technology sector.

Last month, authorities banned companies that supply tutoring successful halfway schoolhouse subjects from turning a profit, wiping retired billions successful market value from online acquisition companies specified arsenic TAL Education and Gaotu Techedu.

"Obviously there's large interest implicit argumentation uncertainty due to the fact that this is not conscionable astir online education, determination was besides speech astir information information and now, astir mobile games," said Kenny Wen, wealthiness absorption strategist astatine Everbright Sun Hung Kai.

"So the aboriginal volition beryllium highly uncertain, it is hard to springiness a just valuation connected these stocks and investors volition instrumentality a wait-and-see attack and beryllium comparatively prudent successful this assemblage arsenic we don't cognize what volition hap next."

Tencent's banal terms closed down 6.11% astatine 446 Hong Kong dollars connected Tuesday.

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