Chinese technology shares, including Alibaba and Bilibili, experienced declines after the country’s cyberspace regulator, the Cyberspace Administration of China (CAC), recommended restricting smartphone usage for children under 18. The proposed law aims to limit children’s phone usage to a maximum of two hours a day and bans internet access on mobile devices from 22:00 to 06:00 local time.
The CAC’s proposal also requires industry players to develop a “minor mode” function to set usage limits based on age. Children between 16 and 18 years old would be allowed two hours of screen time per day, while those under eight would have only eight minutes. The proposal is open for public feedback, and technology giants are expected to enforce the rules.
Shares of Alibaba and Bilibili saw significant declines, while Tencent’s shares were slightly higher. China has implemented various measures to address video game addiction among minors, impacting the country’s gaming industry. The increased regulations have led to the US surpassing China as the world’s largest gaming market by revenue.
