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NYT: Chinese video game shares plunge after state media calls the products ‘spiritual opium.’

Tue August, 2021, Age: 3 years

Shares of Tencent Holdings and other prominent Chinese video-game companies plunged in Hong Kong trading on Tuesday after a Beijing-affiliated media outlet called their products “spiritual opium.” The outlet, Economic Information Daily, was under months of pressure from Beijing aimed at the broader Chinese internet industry. That pressure has moved global investors to pull billions of dollars out of Chinese technology stocks, on fears that tighter regulation could hurt company prospects.