China Sacks Top Official After Game Rules Backlash, Reuters Says

Tencent Holdings Ltd. and its Chinese rivals slid Wednesday, after nervous markets shrugged off signs Beijing is trying to tamp down a backlash against harsh new regulations that triggered an $80 billion rout.

Beijing has removed a top official who helped oversee China’s gaming industry, Reuters and the South China Morning Post reportedBloomberg Terminal. Feng Shixin lost his job as head of the publishing unit of the Publicity Department, which runs the country’s gaming regulator, Reuters reported, citing sources briefed on the matter. His departure was linked to the surprise release of draft rules days before Christmas, which spooked investors and incited outraged comments from industry participants.

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