China Literature Ltd., in which Tencent holds a controlling stake, tumbled as much as 10% before closing down 7.3% at a new low in Hong Kong, as another of its online sites was targeted for alleged violations. Beijing Jinjiang Networking Technology Co. was put under investigation by local authorities on Thursday for allegedly disseminating obscene information, China News Service reported last week. The Shanghai city government had ordered China Literature to clean up another website earlier that week, after it was found of spreading “vulgar and pornographic” information.
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