Naspers feels further squeeze amid China’s regulatory crackdown
Naspers’s sell-off returned with a vengeance on Tuesday, shaving R100bn off its market value after China’s scathing criticism of the online gaming industry sparked worries Tencent’s popular games could be swept into a tech industry regulatory crackdown.
Shares in Naspers, which owns a 29% stake in Tencent, slumped more than 7%, following in the footsteps of Tencent after state-owned Xinhua news agency denounced the sector that is pivotal to bottom lines in the industry, likening it to historically loaded “opium”. ..
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