Shares in Europe-listed gaming companies fell on Tuesday and U.S. names were tipped to open lower after a steep selloff in China's social media ...
LONDON: Shares in U.S. and European-listed gaming companies fell on Tuesday after a steep selloff in China's social media and video games group Tencent driven by fears the sector could be next in regulators' crosshairs.
The slide in European and U.S. gaming stocks followed a tumble in Tencent, down more than 10per cent at one point in Hong Kong in a decline that wiped off almost US$60 billion from its market capitalisation, after a Chinese state media outlet branded online video games"spiritual opium". Analysts at Citi said the news was not expected to have a major operational impact on gaming companies outside China, though the reaction showed how jittery the market was on the topic of China tech regulation.Grace Peters, EMEA head of investment strategy at J.P. Morgan Private Bank, said:"It's that reminder of regulatory risks in a market that's at all-time highs where some people are looking to lock in profits. Hence we are seeing a small amount of contagion.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tencent falls after China media calls online gaming 'spiritual opium'Shares of online gaming companies, including Tencent Holdings and Netease Inc, tumbled on Tuesday after Chinese state media called the business ...
Read more »
Feng Tianwei: ‘No pressure’ on us against ChinaSingapore will adopt a 'nothing to lose' mentality when they take on mighty China in the Olympic table tennis women's team quarter-finals today. The Republic swept France 3-0 in the round of 16 yesterday, but defending champions China, with their line-up of top talents -...
Read more »
Asian shares weighed down by China worries as US earnings shineAsian shares face another tough week as Beijing's regulatory crackdown fans fears about China's economy, though upbeat economic data in the United ...
Read more »
'They Have My Sister': As Uyghurs Speak Out, China Targets Their FamiliesShe was a gifted agricultural scientist educated at prestigious universities in Shanghai and Tokyo. She said she wanted to help farmers in poor areas, like her hometown in Xinjiang, in western China. But because of her uncle’s activism for China’s oppressed Muslim Uyghurs, her family and friends said, the Chinese state made her a security target. At first they took away her father. Then they pressed her to return home from Japan. Last year, at age 30, Mihriay Erkin, the scientist, died in Xinjia
Read more »
Millions under COVID-19 lockdown as China battles Delta outbreakMillions of people were confined to their homes in China Monday as the country tried to contain its largest coronavirus outbreak in months with ...
Read more »
Olympics: Singapore women's team defeat France, to meet China nextSingapore's paddlers Feng Tianwei, Yu Mengyu and Lin Ye are through to the Tokyo 2020 women's team quarter-finals following a 3-0 win over France's Stephanie Loeuillette, Yuan Jia Nan and Prithika Pavade in the round of 16 on Monday (Aug 2). Fresh off her unexpected run to...
Read more »