Gaming Stocks Fall as CCP Official Fired

Gaming Stocks Fall as CCP Official Fired

Drama

03 January 2024 19:48

Recent reports by Reuters revealed that after the recent proposal of rules aimed at restricting spending on video games, China has reportedly removed Feng Shixin from his role as the head of the publishing unit within the Communist Party's Publicity Department. This department oversees the National Press and Publication Administration (NPPA), which plays a crucial role in regulating China's extensive video games sector. Following the announcement Tencent shares dropped 16%, and NetEase shares slumped 25%.

Tags: China

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Gaming Stocks Fall as CCP Official Fired

Drama

03 January 2024 19:48

Tags: China

Recent reports by Reuters revealed that after the recent proposal of rules aimed at restricting spending on video games, China has reportedly removed Feng Shixin from his role as the head of the publishing unit within the Communist Party's Publicity Department. This department oversees the National Press and Publication Administration (NPPA), which plays a crucial role in regulating China's extensive video games sector. Following the announcement Tencent shares dropped 16%, and NetEase shares slumped 25%.

Share:

Sources:

Report mistake Submit news

Related news

View All

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China appears to have reevaluated its controversial proposed regulations that targeted monetization and engagement tactics in the gaming industry. The draft...

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