People dislike losing far more than they like winning. Game makers know that, and investors do too. Tencent, the world’s largest video-gaming company, provides ample opportunity to test the point. After years of spectacular growth, its shares have plummeted 43% from their January peak. Wednesday’s better-than-expected third-quarter results could be a turning point. For now, rattled investors still have a lot to worry about. The Shenzhen-based company confounded feeble forecasts with a 30% net profit increase to¥23bn ($3.3bn). But that owed a lot to a one-time¥9bn investment gain. News from the gaming division, the engine of the group, did little to soothe nerves. Online games accounted for about 40% of the company’s revenues last year, but are now less than a third. A state crackdown has stopped it making money from new titles such as PlayerUnknown’s Battlegrounds, an online multiplayer game. The regulatory fog shows no sign of lifting. More uncertain is the impact of Tencent’s move...

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