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China to order cyber security reviews for some firms seeking overseas listings

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China’s cyber space regulator said on Tuesday (Jan 4) it will implement new rules from Feb 15 that require platform companies with data for more than one million users to undergo a security review before listing their shares overseas.

The Cyberspace Administration of China (CAC) also said such firms should apply for cyber security reviews before submitting listing applications to foreign securities regulators, according to statements published on its WeChat account.

Companies will not be allowed to list abroad if the review finds that national security could be impacted, it said in a statement on its official WeChat account.

The CAC first proposed the rules in July, saying that the security review will put a focus on risks of data being affected, controlled or manipulated by foreign governments after overseas listings

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