Top story: Tencent suffers stock market slump amid esports myopia fears

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Top story: Tencent suffers stock market slump amid esports myopia fears

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Top Story

Tencent Holdings, China’s largest gaming and social media firm, has seen its market value drop by US$20 billion after a government crackdown on esports.

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The company, which is a large investor in esports with stakes in developers such as Riot Games and Fortnite’s Epic Games, has had no new releases approved by the Chinese government since April as rising myopia cases among children has led to tighter restrictions being imposed in the online gaming industry.

China’s ministry of education issued a directive to set a limit on new video games being published as well as restricting the amount of time being spent on games by young people due to the increase in myopia cases, citing electronic devices and a lack of outdoor activities as its main causes.

Regulations have meant that Tencent announced a quarterly loss for the first time in 13 years last month. There are fears as to what effect the restrictions will have on the gaming industry in China, which has a bleak outlook at present.

Sponsorship

Home appliance company Haier has been named as the official global partner for cricket’s Unimoni Asia Cup, which takes place in the United Arab Emirates later this month.

Tokyo 2020 has announced stationery and furniture supplier Kokuyo as an official supporter of the 2020 Olympic Games.

Italian Serie B soccer club Hellas Verona have signed a partnership with gas and electricity supplier Sinergy Group, which becomes their main shirt sponsor.

Media Rights

Agency Lagardère Sports has announced a deal with terrestrial broadcasters in Vietnam, Laos and Brunei which will show free-to-air soccer coverage of November’s AFF Suzuki Cup.

Asian broadcaster ABS-CBN has agreed a partnership with Karate Combat, a new professional karate league.

Indian television network DSport will show live coverage of SAFF Championship soccer, which starts this week in Bangladesh.

SmartSeries

Clothing manufacturer Rubie’s Masquerade has partnered with Epic Games to create licensed costumes and accessories on gaming phenomenon Fortnite.

Politics & Governance

The International Judo Federation (IJF) has entered a partnership with the International Testing Agency (ITA) to develop a global anti-doping programme for the sport.

Our industry digest will update throughout the day as deals break so check back to make sure you do not miss a story