China tells gaming firms to end ‘solitary’ focus on profit

Tencent, the country’s largest gaming company, dropped as much as 5.8% in Hong Kong. - AFP

BEIJING (Bloomberg): Chinese regulators summoned gaming companies including Tencent Holdings Ltd. and Netease Inc. to discuss further oversight of the industry and the need to deemphasise profits, prompting a slide in share prices.

The Publicity Department of the Communist Party of China’s Central Committee, the National Press and Publication Administration and two other agencies called the meeting to convey plans to step up supervision and start checks on illegal behaviour, according to the state-run Xinhua News Agency.