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China tech

China to require review of overseas IPOs by companies with data on 1m users

Move is part of Cyberspace Administration's revision of network safety measures

The Cyberspace Administration of China has begun a revision of its network safety review measures, including a proposal that companies holding the personal information of over 1 million individuals must undergo a security review when listing overseas.   © Reuters

SHANGHAI -- Chinese companies seeking to list overseas will be subjected to regulatory screening by Beijing authorities if they have 1 million or more users with registered personal information, the country's internet regulator said on Saturday.

The decision marks China's first big move in its crackdown on offshore listing by Chinese companies. China is home to a number of companies with millions of registered online users. The clampdown will likely affect many companies and cast a shadow over the country's tech sector. 

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