China Fires Gaming Regulator After Restrictions Tanked Stocks
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China fired top official Feng Shixin who oversaw the video game regulator after proposed restrictions sparked a massive sell-off of gaming stocks in December.
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The proposed video game restrictions were meant to discourage gameplay by limiting in-game spending and login rewards.
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Gaming giants Tencent, NetEase, and BiliBili lost over $80 billion in market value the day the restrictions were announced.
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China quickly walked back the proposed restrictions after negative feedback from the industry.
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Feng's removal may reduce chances of further panic selling but won't restore confidence because policies remain uncertain.