Tencent shares fall most in 10 years on fear of crackdown

Chinese state media called online video games ‘spiritual opium’, sending stocks of Tencent, other gaming firms tumbling.

Tencent Holdings Ltd shares were on track to fall by their most in 10 years on Tuesday after a Chinese state media outlet branded online video games “spiritual opium”, stoking concern that the sector may be next in regulators’ crosshairs. China’s biggest social media and video game firm saw its stock tumble more than 10 percent in morning trade, wiping almost $60bn from its market capitalisation. Shares of rival NetEase Inc slumped as much as 15.7 percent, while those of game developer XD Inc and mobile gaming company GMGE Technology Group Ltd also plunged.