China Set To Propose Ban On Foreign Listing For Firms Handling Sensitive User Data, Report Says

  • by:
  • Source: Forbes
  • 08/27/2021
TOPLINE 
China is planning to introduce new regulations that would ban several Chinese companies that handle sensitive user data from listing abroad, the Wall Street Journal reported on Friday, in a move that could be a severe blow to the ambitions of local internet companies who are planning to launch foreign initial public offerings (IPOs).

KEY FACTS
  • According to the WSJ report, the China Securities Regulatory Commission (CSRC) has informed some companies and their foreign investors that local internet giants who hold a large amount of user data will be prohibited from listing abroad.
  • As part of the rule change, the Chinese regulator will set up a mechanism that will require companies to obtain formal approval before moving ahead with a foreign IPO.
  • The approval process will be handled by a cross-ministry committee that will be set up in the coming months. 
Chinese Flag by Will Clayton is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)

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