Tencent Holdings WeChat, China’s most successful messaging app, has declared that registration of new users in mainland China will be blocked until early August following a serious upgrading.
The statement comes as Chinese regulators concentrate their efforts on technology and private tutoring firms.
WeChat, also known as Weixin in China, said the restriction was attributed to the upgrading of security technology “in accordance with relevant laws and regulations” in a social media post.
In the sequel to the declaration, the company further revealed that
It did not, however, go into length about the upgrading or the laws and regulations that are applied to banning the registration of new users.
According to sources, Tencent’s Hong Kong shares dropped about 9% on Tuesday, its worst day in a decade.
After numerous agencies of the Chinese government commenced an investigation into the potential exploitation of private data, cab-hailing giant Didi recently banned new user registration.