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China to require certain firms to undergo cybersecurity reviews before pursuing overseas listings -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A sign atop the Cyberspace Administration of China office (CAC), is seen in Beijing on July 8, 2021. REUTERS/Thomas Peter

SHANGHAI, (Reuters) – China’s cybersecurity regulator said Tuesday that it will implement security rules for any company with more than one million users. The rule would require the company to go through a review prior to listing shares abroad.

They should also apply for cybersecurity assessments before they submit an application for listing to foreign securities regulators. It stated that companies will be denied the right to register abroad if found to have an adverse effect on national security in a statement posted to its WeChat account.

In a separate announcement, it stated that new guidelines for algorithm recommendation technology will be implemented starting March 1.

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