HONG KONG -- Shares of Tencent Holdings, China's most valuable company, rebounded somewhat on Wednesday after Beijing attempted to soothe concerns sparked by the government's latest blow against the gaming industry.
The Chinese gaming regulator on Friday signaled a further tightening of standards governing the gaming sector with the release of a set of draft rules to curb player spending. The surprise move spooked investors and wiped $46 billion off Tencent's market capitalization. The company's shares closed down more than 12% on Friday, while rival NetEase's plunged more than 24%.
