NEW DRAFT RULES TARGETING IN-GAME SPENDING WIPE BILLIONS FROM CHINA’S TECH GIANTS

Summary from the TLDR newsletter

China has revealed new regulations to restrict online spending in the gaming industry. The news sent shares of several Chinese tech giants falling, wiping billions off their collective value. Online games will be required to set spending limits and in-game measures that could induce high spending will be banned. In-game measures that could lead to trading of virtual goods at high prices and large tips to livestreamers will also be banned. China is currently cracking down on the online gaming industry to reverse what it sees as a growing trend of gaming addiction among young people.