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 that Tencent’s popular games could be swept up in a regulatory crackdown.

Shares in Naspers, which owns a 29% stake in Tencent, slumped more than 7%, following in the footsteps of Tencent after the state-owned Xinhua news agency denounced a sector that is pivotal to bottom lines in the industry, likening it to historically loaded “opium”...

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