Reuters

Chinese gaming and ‘metaverse’ shares battered by regulatory squeeze

Chinese gaming and “metaverse”-related shares skidded on Thursday, dragged down by an ongoing regulatory squeeze that has engulfed industries ranging from online platforms and entertainment to for-profit tutoring and real estate. In the latest blow to China’s online gaming sector, the South China Morning Post reported on Thursday afternoon that Beijing had temporarily suspended approvals of new games, further hitting shares in the likes of Tencent Holdings and NetEase. The decision to freeze new video game approvals was revealed at a Wednesday meeting between Chinese authorities and gaming firms including Tencent Holdings and NetEase, said the report citing unnamed sources briefed on the matter, adding that it was not clear how long the suspension would last.

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