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China state media – online games are ‘spiritual opium’ – shares battered
- Tuesday | 3rd August, 2021
SHANGHAI (Reuters) -China’s Tencent Holdings Ltd said on Tuesday it would further curb minors’ access to its flagship video game, hours after its shares were battered by a state media article that described online games as “spiritual opium”. Economic Information Daily cited Tencent’s “Honor of Kings” in an article in which it said minors were addicted to online games and called for more curbs on the industry. China’s largest social media and video game firm saw its stock tumble more than 10% in early trade, wiping almost $60 billion from its market capitalisation. In the article, the newspaper singled out “Honor of Kings” as the most popular online game among students who, it said, played for up to eight hours a day. But authorities have in recent months placed a fresh focus on protecting child wellbeing and said they want to further strengthen rules around online gaming and education.
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