Shares of Chinese video game companies plummet amid state pressure for underage addiction
On September 2, the Chinese government issued its mandate that no one under the age of 18 can play more than three hours of video games per week.
What are we addicted to? Minors in China seem to have the government of the Asian country very concerned, which recently reduced the number of hours that a child, adolescent or young person can spend in front of the screen with a video game.
In the midst of this controversial decision and the call by state regulators to several companies in the sector, the shares of some of them fell on the Hong Kong Stock Exchange .
According to CNBC , Tencent's assets fell 8.48% while NetEase's fell 11% in the day of Thursday, September 9, after local media reported on a meeting that the companies had with regulators, in which 'allegedly' Beijing temporarily froze video game approvals.
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On the other hand, according to the RT medium , the shares of other technology companies also fell: Meituan reported -4.75%, Xiaomi -3.67%, while Alibaba registered a fall of -5.79 percent.
On September 2, the Chinese government issued its mandate that no one under the age of 18 can play more than three hours of video games per week. The watchdog for Chinese media, the National Press and Public Administration (NPPA), made the announcement in a statement released by the state-run Xinhua news agency.