Tencent Stocks Plunge After Chinese Media Labels Gaming ‘Spiritual Opium’

Tencent Stocks Plunge After Chinese Media Labels Gaming ‘Spiritual Opium’
Students use their mobile phones while walking in a mall in Beijing, China on Jan. 26, 2018. Wang Zhao/AFP via Getty Images
Nicole Hao
Updated:

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.

Nicole Hao
Nicole Hao
Author
Nicole Hao is a Washington-based reporter focused on China-related topics. Before joining the Epoch Media Group in July 2009, she worked as a global product manager for a railway business in Paris, France.
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