In the latest step to tighten the grip on the enormous technology sector, China announced on Tuesday that it will implement new guidelines to boost government monitoring of plans by Chinese firms to list on global stock exchanges.
The new guidelines, according to the Cyberspace Administration of China (CAC), go into effect on February 15 and require firms, with data of more than 1 million users, to undergo a security review before listing their shares outside of China.
‘There is a risk that key information infrastructure, core data, important data or a large amount of personal information could be impacted, controlled or maliciously used by foreign governments,’ the CAC said in a statement, reiterating a concern raised when the changes were first proposed in July.
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