Tencent Leads $60 Billion Loss as Game Crackdown Expands
- China has slowed down approvals on new games, SCMP reports
- Investors remain on edge as the crackdown approaches a year
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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 China will slow down approvals for all new online games, the South China Morning Post reported Thursday.