China tells gaming firms Tencent, Netease to end 'solitary' focus on profit

Chinese regulators summoned gaming companies including Tencent Holdings Ltd. and Netease Inc. to discuss further oversight of the industry and the need to deemphasize profits, prompting a steep share selloff.
 

Tencent, the country’s largest gaming company, dived as much as 6.7%, on track for its biggest fall since July, while smaller rival Netease fell as much as 7.7%.

The Publicity Department of the Communist Party of China’s Central Committee, the National Press and Publication Administration and two other agencies called the meeting to convey plans to step up supervision and start checks on illegal behavior, according to the state-run Xinhua