Stocks hit by reported ban by CSRC on non-core buys

Caixin suggests finance, gaming, film and TV, and virtual reality deals targeted

Gaming, entertainment and virtual reality stocks declined on Wednesday after a media report suggested the Chinese securities regulator had banned listed-companies from acquiring assets in industries not related to their core activities.

Shenzhen-listed Kaiser (China) Holding Co Ltd, a textile manufacturer that has invested intensively in the gaming industry, saw its shares tumble 9.98 percent to close at 19.31 yuan while shares in digital media company AVIT Ltd, which is expanding into the VR industry, plunged by the 10 percent daily limit to close at 22.46 yuan.