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$107.47 -4.3  -3.9%

Last Trade - 02/12/21

Sector
Technology
Size
Large Cap
Market Cap £57.39bn
Enterprise Value £50.41bn
Revenue £9.82bn
Position in Universe 174th / 7294

Refinitiv Newscasts - China halts approval for new online games - SCMP

Thu 9th September, 2021 11:36am
Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_wn1sb9cr&referenceId=tag:reuters.com,2021:newsml_OVEU067PN_930&pageId=RefinitivNewscasts
Source: Reuters

Description: China has suspended approval for all new online games in a bid to
curb a gaming addiction among young people, the South China Morning Post
reported. Ciara Lee reports
Short Link: https://refini.tv/3BUEcw1

Video Transcript:

China has suspended approval for all new online games, that's according to a
report in the South China Morning Post on Thursday. It's thought to be part of
Beijing's bid to curb gaming addiction among young people. Citing sources with
knowledge of the matter, the report said the decision was revealed at a
meeting between Chinese authorities and industry giants Tencent and NetEase.
Tencent declined to comment. NetEase did not immediately respond to a Reuters
request for comment. China moved in August to ban under-18s from playing video
games for more than three hours a week. It wants to curb a growing addiction
to what it once described as spiritual opium. Chinese gaming and media stocks
including Tencent and NetEase fell on Thursday. A day after authorities
summoned them and other gaming firms to ensure they implemented new rules for
the sector. After the news, Tencent shares shed more than 8% while NetEase
dropped as much as 13%. The tighter gaming regulations come as China conducts
a broader crackdown on a wide range of sectors. These include tech, education
and property, strengthening government control after years of runaway growth
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