Disaster for anyone long on China tech. Seems like every other day there is some regulatory news. China stocks are currently value traps with no end in sight. There are reports peppered in between of Chinese authorities assuring investors to not worry, but I don't know why anyone would be long on China tech after months of crackdowns and regulatory pressure
Tencent Holdings Down 8.2%
NetEase Skids 11%
Alibaba Down 6%
Others like BILI, BIDU, JD, etc down big
Sources said the decision to freeze new video game approvals was revealed at a meeting between Chinese authorities and industry giants Tencent and NetEase It is unclear how long this suspension of new game approvals will last, the sources said
The Chinese government has temporarily suspended approval for all new online games in the country, dealing a fresh blow to the video gaming businesses of industry giants Tencent Holdings and NetEase, as Beijing steps up measures to tackle gaming addiction among young people, according to people with knowledge of the matter.
That decision was revealed during a meeting on Wednesday called by Chinese authorities, led by the publicity department of the Chinese Communist Party and gaming watchdog the National Press and Publication Administration (NPPA), to discuss with representatives from Tencent and NetEase how they will implement Beijing’s new restrictions on video gaming for minors, according to a person briefed on the matter, but declined to be named because the information is private.
The authorities’ move means “everything is on hold”, the person said.
Submitted September 09, 2021 at 04:03AM by GadnukBreakerOfWrlds https://ift.tt/3tpKPUf
