“Tencent loses over $43 billion in market value after China proposes new online gaming rules”
January 1, 2024
“Tencent lost about $43.5 billion in market value on Friday after China surprised financial markets with a fresh set of rules aimed at curbing excessive gaming and spending.
The draft guidelines from China’s National Press and Publication Administration sank the Hong Kong-listed shares of Tencent, NetEase and Bilibili — among the largest online gaming-related counters in the world’s biggest online gaming market…”
That’s what happens when you pass laws to limit gaming to 3 hours a day. This is not the only thing that’s happened. In general China is hostile to any business. It’s obvious any stock or business would tank in such a scenario.