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Economy

Tencent shock: Beijing's tighter grip leaves game sector in cold

Tech giant takes hit as Communist Party turns focus to social ills

Tencent's booth is pictured at the Global Mobile Internet Conference in Beijing.   © Reuters

GUANGZHOU -- The Chinese government's renewed clampdown on video games has rattled tech giant Tencent Holdings as well as the global gaming industry.

Once a gleaming symbol of the Chinese tech boom, the operator of the WeChat messaging platform and the world's biggest video game company by revenue has lost more than $170 billion in market capitalization since January. In the latest hurdle it has faced, regulators have held up approval of in-game purchases on Chinese mobile versions of South Korea's "PlayerUnknown's Battlegrounds."

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