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apple developer account for sale :Tencent vows fresh gaming curbs after \u0027spiritual opium\u0027 attack zaps $60 billion

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SHANGHAI -China's Tencent Holdings Ltd said on Tuesday it would further curb minors' access to its flagship video game, hours after its shares were battered by a state media article that described online games as "spiritual opium".

Economic Information Daily cited Tencent's "Honor of Kings" in an article in which it said minors were addicted to online games and called for more curbs on the industry. The outlet is affiliated with China's biggest state run news agency, Xinhua.

The broadside re-ignited investor fears about state intervention in China after Beijing had already targeted the property, education and technology sectors to curb cost pressures and reassert the primacy of socialism after years of runaway market growth.

"They don’t believe anything is off limit and will react, sometimes overreact, to anything on state media that fits the tech crackdown narrative,” Ether Yin, partner at Trivium, a Beijing-based consultancy.

China's largest social media and video game firm saw its stock tumble more than 10% in early trade, wiping almost $60 billion from its market capitalisation. The stock was on track to fall the most in a decade before trimming losses after the article vanished from the outlet's website and WeChat account. The CSI300 index last week fell more than 5% for its biggest monthly loss since October 2018.

In the article, the newspaper singled out "Honor of Kings" as the most popular online game among students who, it said, played for up to eight hours a day.

"'Spiritual opium' has grown into an industry worth hundreds of billions," the newspaper said.

"....No industry, no sport, can be allowed to develop in a way that will destroy a generation."

Opium became a sensitive subject in China after it ceded Hong Kong island to Britain "in perpetuity" in 1842 at the end of the First Opium War, fought over the export of the drug to China where addiction became widespread.

Tencent in a statement said it will introduce more measures to reduce minors' time and money spent on games, starting with "Honor of Kings". It also called for an industry ban on gaming for children under 12 years old.

The company did not address the article in its statement, nor did it respond to a Reuters request for comment.

The article also hit rivals' shares. NetEase Inc dropped more than 15% before paring losses to sit around 8% lower in late afternoon trade. Game developer XD Inc fell 8.2% and mobile gaming company GMGE Technology Group Ltd dropped 15.6%.

Outside of gaming, investors were also caught off guard by the State Administration For Market Regulation (SAMR) on Tuesday saying it would investigate auto chip distributors and punish any hoarding, collusion and price-gouging. The semiconductor stock index subsequently fell more than 6%.

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