Chinese gaming stocks are sharply lower Friday after the Chinese government announced new draft rules for online gaming industry. Tencent’s stock fell -12.35% to HK$274, NetEase dumped -24.60% to HK$122, and Bilibili (BILI) fell around 10% on the Hong Kong Stock exchange. The stocks continued to slide heading into the US opening. Netease fell to 81.69 -22.72 (-21.76%) Pre-Market. BILI 10.32 -1.25 (-10.80%) Pre-Market. The new rules are aimed curbing the amount of money and time players spend playing the … Continue reading “New China Draft Rules for Online Gaming Send Chinese Stocks Sharply Lower”
Tencent Cashes Out $16.4 Billion Stake in JD.com
Chinese social-media and gaming giant Tencent Holdings said Thursday it would reduce its stake in JD.com to a little over 2% from the current 17%.and distribute $16.4 billion in JD stock as a dividend to shareholders. JD.com (JD) shares fell by more than 7% Thursday. Tencent (TCEHY) shares were up 4% on the news, though is down nearly 40% since its January high. The move follows technology stocks in China being under pressure because of uncertainty surrounding a regulatory crackdown … Continue reading “Tencent Cashes Out $16.4 Billion Stake in JD.com”