China’s internet regulator moved Saturday toward requiring data-rich tech companies to undergo cybersecurity reviews ahead of any foreign listings, making explicit for the first time a data-security requirement that marred last week’s U.S. initial public offering by Didi Global Inc.
Separately, China’s main antitrust regulator on Saturday blocked Tencent Holding Ltd. ’s bid to combine the country’s two biggest game-streaming platforms, its first public intervention to halt a merger in China’s technology sector. The moves come at the end of a week that was marked by a flurry of actions by Beijing aimed at reining in the nation’s tech giants. The two moves are the clearest signals yet that authorities are tightening the leash on overseas-listed Chinese companies amid concerns about data security. It also shows that regulators are rethinking the bigger-is-better mentality that allowed homegrown companies like Tencent and Alibaba Group Holding Ltd. to become global players.
The security review revision, released Saturday by the Cyberspace Administration of China for public comment, said companies holding personal data on at least one million users must apply for a cybersecurity review. Previously, companies seeking overseas stock listings weren’t explicitly obligated to conduct such reviews, though they would typically do so if asked by officials.
China isn’t going to allow their ‘National Interests’ to be subordinated to Globalist rule unlike America & Europe did to Supra-National body like WTO or UN agencies. Nor would they allow their Tech companies to be used to create internal political divisions like 🇺🇸.
我们国家为了国家安全有什么错吗?
Doing what President Biden propose to do.
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This may result in a collapse in foreign direct investment in tech sector. Most of these venture capital aims at foreign listing.
What's it? China is concerned about its data being stolen? LMAO! It would be lucky if China doesn't steal from others! China is a master at stealing things!
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Source: Variety - 🏆 108. / 63 Read more »