China regulator proposes cybersecurity review for some firms planning Hong Kong IPOs

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FILE PHOTO: A woman takes photographs in front of tall buildings in the Central Financial District after sunset on March 30, 2021 in Hong Kong, China. Businesshala / Lam Yik
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BEIJING (Businesshala) – China’s cyberspace regulator published draft rules on Sunday proposing that companies planning a Hong Kong initial public offering would be required to apply for cybersecurity oversight if they were to protect national security. handle related data.

China’s Cyberspace Administration (CAC)’s latest draft resolutions on online data security management follows a proposed regulation in July that any company with data from more than one million users should be subject to security review prior to foreign listing of its shares. Will have to pass

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China is widely pushing to list more companies domestically.

Its cyberspace regulators have also been imposing strict restrictions on data collection and storage here.

Reporting by Roxanne Liu, Brenda Goh and Shivani Singh; Editing by Edmund Klamann

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