Tencent tumbles after Chinese media calls online gaming “spiritual opium”

SHANGHAI: Shares of online gaming companies, including Tencent Holdings Ltd and NetEase Inc, tumbled on Tuesday after a Chinese state media outlet branded online gaming “spiritual opium” and called for more curbs on the industry.

Tencent, China’s biggest social media and video games company, tumbled more than 9% in early morning trade, while Netease slumped more than 13%.