Financial Times perspective: Beijing gives Tencent a 10% “spiritual opium” hit

"Industry accused of peddling ‘spiritual opium’ as China escalates regulatory assault on tech," writes the Financial Times.
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It's going to be another awful day for Naspers/Prosus shareholders after Beijing last night swung its anti-corruption cannons on the gaming sector, describing Tencent's core business as "opium for the mind". Given the Middle Kingdom's history involving that drug, the description could hardly be more threatening. China's State-owned news agency this morning published a story saying the gaming industry was "worth hundreds of billions…no industry…can develop in a way that destroys a generation." Tencent shares dropped 10% this morning. The FT's report is republished below – and here's the link to the WSJ article on the subject. – Alec Hogg

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