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Exclusive: China eyes pushing U.S. IPO-bound firms to hand over data control – sources

August 21, 2021
Source: dnyuz.com dnyuz.com
News Snapshot:
HONG KONG, Aug 20 – Chinese regulators are considering pressing data-rich companies to hand over management and supervision of their data to third-party firms if they want U.S. stock listings, sources said, as part of Beijing’s unprecedented scrutiny of private sector firms. The regulators believe bringing in third-party information security firms, ideally state-backed, to manage and monitor IPO hopefuls’ data could effectively limit their ability to transfer Chinese onshore data overseas, one of the people said. That would help ease Beijing’s growing concerns that a foreign listing might force such Chinese companies to hand over some of their data to...
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Tags: Ant Group | Beijing | Business | cache | capital | China | China Securities Regulatory Commission | Chinese | commission | communism | communist | cybersecurity | finance | fraud | Hong Kong | Internet | ipo | national security | online payment | Security Law | stock market | stocks | technology | Tencent | United States

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