Tencent tumbles after China calls gaming 'opium'

Online gaming is "spiritual opium".

That at least is the view of one Chinese state media outlet.

And the comment has investors spooked.

They're wondering if the sector is the next target for regulators.

Shares in gaming giant Tencent tumbled as much as 10% on Tuesday (August 3).

That wiped almost $60 billion off the firm's market value.

Other Chinese game makers also tanked, with NetEase down 15% or more at one point.

Several of the country's tech titans have come under scrutiny of late.

Chinese regulators have been cracking down on tech, property, ride-hailing and private education firms.

Tencent's WeChat social network has already experienced disruption.

On Tuesday the state-run Economic Information Daily repeatedly targeted the firm's flagship game 'Honor of Kings'.

It says no sport or industry can be allowed to develop in a way that will destroy a generation.

Later in the day, Tencent said it would introduce new measures to limit how much time minors can spend playing the game.

It said the measures would eventually be rolled out to all its games.

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