The stock price of the world’s largest games vendor Tencent went on a roller coaster ride on Tuesday. Its value dropped over ten percent after state-run media labelled its products as “spiritual opium” in an article. “A ‘spiritual opium’ has grown into a several hundred billion worth business,” the state-run Xinhua affiliated Economic Information Daily reported on early Tuesday morning. Spiritual opium refers to products which can first make people have a mental addiction, then go on to damage their physical and mental health. The article said that it’s common that Chinese minors have video game addiction, which severely impacts their health, and the largest vendor, Tencent, earned over $24 billion from the market last year. The article was quickly reposted by Chinese web portals, news outlets, and online news platforms. As one of the consequences, stock prices of Tencent and other Chinese video game suppliers dropped dramatically when markets …
World’s Largest Games Vendor Zaps $60 Billion After China Media Labels It ‘Spiritual Opium’
August 4, 2021
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