China tightens foreign IPO rules for firms with large user data | Markets - Gulf News

Beijing: China said its companies which hold the data of more than 1 million users must now apply for cybersecurity approval when seeking overseas listings, as regulators tighten oversight of the country’s tech giants. The new rule is required because of the risk that such data and personal information could be “affected, controlled, and maliciously exploited by foreign governments,” the Cyberspace Administration of China said in a statement on Saturday. The cybersecurity review will also look into the potential national security risks from overseas IPOs, it said. Authorities this week issued a sweeping warning to the nation’s biggest companies, vowing…