Tencent-backed S Korean firm Krafton sinks on debut

Tencent-backed S Korean firm Krafton sinks on debut

Seoul, South Korea. Photo by Emile-Victor Portenart on Unsplash

Shares in Krafton Inc, the Tencent-backed South Korean company behind blockbuster video game “PlayerUnknown’s Battlegrounds” (PUBG), fell as much as 20% from their IPO price on their trading debut on Tuesday.

Gaming companies are facing uncertain prospects in China where regulators have come down hard on a number of industries, upending norms with new guidance and regulations.

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