SHANGHAI (Reuters) – Shares of online gaming companies, including Tencent Holdings and Netease Inc, tumbled on Tuesday after Chinese state media called the business “spiritual opium”.
Tencent tumbled more than 9% in early morning trade, while Netease slumped over 13%.
Many teenagers are addicted to online gaming, which has made a huge negative impact on their growth, according to an article in the Economic Information Daily, which is affiliated with the official Xinhua Agency.
(Reporting by SHANGHAI NEWSROOM; Editing by Christian Schmollinger)
