China denounces online gaming , Tencent drops

On Tuesday, Chinese newspaper linked online gaming as “opium for the mind,” which led to the fall of Tencent Holdings Ltd. TECHY -7.32. The item was pulled off the newspaper within hours. Meanwhile, Tencent announced that it would impose additional limitations on younger users.

According to reports, Tencent’s shares recovered its losses when the item was removed from the newspaper from 10% to 6.1%. Companies i.e, Bilibili Inc. and Peers NetEase Inc. finished 3.4 and 7.8% down, respectively. The Hang Seng Technology Index in Hong Kong fell 1.5%. American depositary receipts in two firms slummed 11% and 7.1% , respectively.

On Tuesday, Chinese economic daily quoted and claimed that excessive gaming can harm children and needs to be controlled. Tencent announced Tuesday that, beginning with its flagship “Honor of Kings” game, it will implement new restrictions that would impose stricter limits on playing time than the authorities need.