Tencent shares tumble after Chinese media calls online gaming ‘spiritual opium’

BEIJING: Tencent Holdings Ltd dived as much as 10% Tuesday after an offshoot of China’s official news agency decried the “spiritual opium” and “electronic drugs” of games, stoking fears Beijing will next set its sights on online entertainment.

The social media giant joined rivals NetEase Inc and XD Inc in an abrupt selloff in early Hong Kong trading after an outlet run by the Xinhua News Agency published a blistering critique of the gaming industry. The Economic Information Daily cited a student as saying some schoolmates played Tencent’s Honor of Kings — one of its most popular titles — eight hours a day and called for stricter controls over time spent on games.