China 'Metaverse' stocks tumble on state media warning, regulators' at

China 'Metaverse' stocks tumble on state media warning, regulators' attention

Chinese shares seen with links to "Metaverse", a virtual shared space based on virtual reality technologies, slumped on Thursday after their recent surge raised regulatory eyebrows and prompted state media to warn against investing in them.

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Investment is not a virtual game and investors buying Chinese stocks hoping to profit from Metaverse will likely end up in tears, China's official Securities Times warned in a commentary on Thursday.

If people "blindly invest in such grand and illusionary concept as Metaverse, they will be burnt in the end," it said.

The commentary came a day after the Shenzhen Stock Exchange sent a letter to Zhejiang Jinke Culture Industry Co, urging the mobile Internet firm to substantiate its claim that it has the customer base to develop Metaverse products.

The bourse also asked if the company - whose share prices surged roughly 35per cent this week - played a part in boosting its own stocks with the hot concept.

Most Metaverse-related stocks tumbled on Thursday morning.

Wondershare Technology and Wahlap Technology both slumped over 10per cent, while Goertek lost over 8per cent. AVIT Ltd tumbled 13per cent, while Perfect World shed 5per cent.

China's top securities regulator, Yi Huiman, told a conference on Monday that exchanges should have a better understanding of investor behaviours in the Internet age.