Download
China always supports firms seeking overseas listings: cyber regulator
CGTN
Officials from the Cyberspace Administration of China answer questions in a press conference in Beijing, China, August 19, 2022. /CFP

Officials from the Cyberspace Administration of China answer questions in a press conference in Beijing, China, August 19, 2022. /CFP

China's cyberspace regulator on Friday said the country will continue to support domestic enterprises seeking overseas listings, amid regulatory scrutiny on the country's internet and tech companies.

"We have and will always support domestic enterprises raising funds from the foreign capital markets in accordance with the laws and regulations," said Sun Weimin, head of the cybersecurity coordination bureau at the Cyberspace Administration of China (CAC).

"Online platform firms which hold personal information of more than one million users should apply for a cybersecurity review before seeking initial public offerings in a foreign country," said Sun, referring to the country's revised cybersecurity review rules that was made effective February 15.

The security review is aimed at preventing a range of national security risks including key information infrastructure being illegally controlled and key data being maliciously used by foreign governments, according to Sun.

Sun's comments came just about a month after China wrapped up a one-year probe into the ride-hailing giant DiDi Global for violating user privacy. The Beijing-based company was fined 8.026 billion yuan ($1.19 billion) and its CEO Cheng Wei and president Liu Qing were each fined 1 million yuan.

According to the CAC, DiDi has illegally processed a massive amount of over 64 billion pieces of personal information.

The cybersecurity watchdog will continue to guide DiDi to make corresponding rectification work to eliminate hidden safety risks, said Sun.

Search Trends