Shares in China’s biggest online gaming companies were headed for record losses on Friday after Beijing fired a volley of new measures to tighten control over the industry.
In a set of proposed guidelines, 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 publishers to issue more warnings to users.
Tencent, China’s biggest company by market capitalisation, tumbled as much as 15.7 per cent following the announcement and was on track for its sharpest one-day drop on record even after paring losses to about 14 per cent.
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