Shares in Amsterdam-listed tech investment company Prosus (PRX.AS), which holds a 29% stake in Chinese social media and video games group Tencent, were down 1.45%, while European online video gaming stocks Ubisoft (UBIP.PA) and Embracer Group (EMBRACb.ST) each fell over 2%. The crackdown reverberated around the world. The Chinese games market will generate an estimated $45.6 billion of revenue in 2021, ahead of the United States, according to analytics firm Newzoo. "They will just use their parents' logins, how can they control it?" asked one. Others expressed doubt that the restrictions could be enforced. "This is so fierce that I'm utterly speechless," said one comment that received over 700 likes. Some users expressed support for the measures while others said they were surprised at how drastic the rules were. The new rules swiftly became one of the most discussed topics on Weibo, China's answer to Twitter. Previously, China had limited the length of time under-18s could play video games to 1.5 hours on any day and three hours on holidays under 2019 rules.
#Children rule the world tonight verification#
Gaming companies will be barred from providing services to minors in any form outside the stipulated hours and must ensure they have put real-name verification systems in place, said the regulator, which oversees the country's video games market. "Protecting the physical and mental health of minors is related to the people's vital interests, and relates to the cultivation of the younger generation in the era of national rejuvenation." "Teenagers are the future of our motherland," Xinhua quoted an unnamed NPPA spokesperson as saying. The campaign to prevent what state media has described as the "savage growth" of some companies has wiped tens of billions of dollars off shares traded at home and abroad.
The rules from the National Press and Publication Administration (NPPA) regulator coincide with a broader clampdown by Beijing against China's tech giants, such as Alibaba Group (9988.HK) and Tencent Holdings (0700.HK).
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