China proposed new rules that would require nearly all companies seeking to list in foreign countries to undergo a cybersecurity review, a move that would significantly tighten oversight over its internet giants. The regulator is seeking feedback on the proposed rules, which apply to listings in foreign countries specifically, before implementation. The State Council said Tuesday that rules for overseas listings will be revised while publicly traded firms will be held accountable for keeping their data secure. Even before the rules were announced, some companies that had planned to list in New York pulled their IPOS. The new rules could impact Chinese tech firms such as TikTok owner ByteDance Ltd. and on-demand logistics and delivery firm Lalamove, which are considering IPOs.

Source: Mint July 10, 2021 07:30 UTC