SHANGHAI : Chinese gaming and media stocks including Tencent Holdings and NetEase fell on Thursday a day after authorities summoned them and other gaming firms to ensure they implemented new rules for the sector.
Bilibili's Hong Kong-listed shares shed more than 7per cent, also tracking an overnight fall in the U.S. shares of the short video sharing and gaming company.The tighter gaming regulations come as China has conducted a broader crackdown on a wide range of sectors including tech, education and property to strengthen government control after years of runaway growth.
Companies should also"resolutely curb incorrect tendencies such as focusing 'only on money' and 'only on traffic', and change rules and gameplay designs that induce players to indulge," the regulators said, according to Xinhua. Separately on Thursday, Chinese state media cautioned investors against blindly buying Chinese stocks hoping to profit from the so-called Metaverse, saying that they will likely end up in tears.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chinese government summons gaming firms, says it will crack down on ride-hailingHONG KONG (Reuters) -China's government on Wednesday summoned gaming firms including Tencent Holdings Ltd and NetEase Inc to ensure they implement new rules for the sector. It also said it would crack down on illegal behaviour in the ride-hailing industry. Beijing last month moved to ban under-18s from playing video games for more than three hours a week in a tighter set of regulations for gaming https://www.reuters.com/world/china/china-rolls-out-new-rules-minors-online-gaming-xinhua-2021-08-30 as it looks to strengthen control over sectors of its economy https://www.reuters.com/world/china/education-bitcoin-chinas-season-regulatory-crackdown-2021-07-27 such as tech, education and property.
Source: YahooSG - 🏆 3. / 71 Read more »
China's 'quant' funds curb growth as regulator flags risksSHANGHAI : Tianyan Capital has become the latest hedge fund manager in China to limit the size of its quantitative investment business, after the main securities regulator advised bourses to pay attention to the explosive growth of 'quant' funds.The regulators' remarks on Monday came amid heightened marke
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Sony Music's purchase of AWAL raises competition concerns - UK regulatorSony Music Entertainment's purchase of London-based independent record label AWAL has raised competition concerns as it may lead to worse terms for artists, a UK watchdog said on Tuesday.The Competition and Markets Authority (CMA) found that the wholesale distribution of recorded music in the UK is highly
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US markets regulator takes aim at Coinbase lending productWASHINGTON/HONG KONG :The U.S. Securities and Exchange Commission has told Coinbase Global Inc that it plans to sue the cryptocurrency exchange if it goes ahead with plans to launch a programme allowing users to earn interest by lending digital assets, Coinbase said.The top U.S. markets regulator last week to
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China's 'quant' traders fend off regulatory flakSHANGHAI : Chinese hedge fund managers parried criticism of their trading techniques and market impact on Tuesday, a day after the country's top securities regulator said the rapidly growing number of 'quants' was a challenge to stock exchanges.Yi Huiman, chairman of the China Securities Regulatory Commis
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »