Tencent shares plummet by $20 billion thanks to Chinese regulations
Tencent is responsible for publishing Fortnite and PUBG in China, developing robot zombie versions of Call of Duty, and releasing a major competitor to Steam. Everything seems to be going right for the company – but even it’s still vulnerable to market fluctuations. So when China’s Ministry of Education put out regulations targeting the video game industry, Tencent’s stock value plummeted by a staggering $20 billion.
China has made extensive changes to its regulatory systems over the past year, which is already frustrating studios in the industry. But a new set of recommendations go a step further and limit the number of online games approved for distribution.
Once these recommendations went public, Reuters and GamesIndustry.biz reported that Tencent’s stock value decreased by $20 billion. That brings the total losses over the past year up to $160 billion.
The good news is this might be a temporary setback for Tencent, who reported that profits were up by 25% for the first half of 2018. But until the approvals process is addressed in a way investors can feel secure in, further losses could be in store.
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Related Forum: PC Gaming Forum
Source: https://www.vg247.com/2018/09/03/tencent-shares-plummet-20-billion-thanks-chinese-regulations/
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