Tencent bought back 3.6 million shares for HK$1 billion on Dec 22, and the average daily repurchase amount was HK$400 million previously.
China released draft guidelines aimed at curbing excessive gaming and spending Friday mid-morning. In a statement, China’s National Press and Publication Administration, the top gaming regulator, proposed curbs on excessive spending on games by consumers, and bans on rewards from multiple logins and pop-up rules that would warn users against overspending on such games.
Shares of NetEase tumbled 24%, and Tencent fell 12% in Hong Kong trading.
