[Special Report] Chinese State Media Calls Games "Mental Opium"...Domestic Game Stocks Plunge Together
[Asia Economy Reporter Park Jihwan] On the 3rd, domestic game companies sharply fell in unison following strong criticism from Chinese state media, which referred to online games as "mental opium."
As of 2:33 PM on the same day, Pearl Abyss was trading at 71,200 KRW on the KOSDAQ, down 6.44% from the previous day. Other major domestic game companies such as Kakao Games (-3.59%), Com2uS (-3.61%), and NCSoft (-1.82%) also saw their stock prices decline simultaneously.
The strong criticism of online games by Chinese state media is interpreted as having frozen investor sentiment toward domestic game stocks.
On this day, the Economic Information Daily, a newspaper published by Xinhua News Agency, a Chinese state media outlet, urged strict regulation by authorities, citing some students playing Tencent's "Wangzhe Rongyao" for eight hours a day.
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The newspaper criticized online games as "electronic drugs," stating that no industry or sport should be allowed to develop in a way that destroys a generation.
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