Shares in China’s biggest online gaming companies slumped on Friday after Beijing fired a volley of new measures to tighten control over the industry.
The National Press and Publication Administration, China’s gaming regulator, said it would curb excessive consumption and high-priced features on games as well as require them to issue more warnings to users.
Tencent, one of China’s biggest tech groups, fell nearly 7 per cent in Hong Kong, while rival NetEase dropped 10 per cent, according to Reuters data.
China’s online gaming industry is the biggest in the world with about 650mn users and annual revenues of $45bn last year, according to Goldman Sachs.
