China Implements Gaming Spend Curbs Impacting Tencent and NetEase

China has implemented strict rules to limit spending on online games, causing panic in investors and leading to a significant drop in share prices for Tencent and NetEase. The new rules set spending limits for online games, ban daily login rewards, and impose restrictions on live streaming. Additionally, game approvals must be processed within 60 days, and probability-based luck draw features are banned for minors. The Chinese government aims to earnestly study public concerns over the draft rules, but there is skepticism about potential rollback. This move reflects China's negative perception of video games, citing their impact on education and health.