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The Wall Street Journal, citing people familiar with the matter, reported that China plans to propose new rules that would prohibit companies that hold large amounts of sensitive consumer data from offering their shares in the United States.
According to the report, officials from the Chinese equities regulator have told some global companies and investors in recent weeks that the new rules will prevent internet companies with large amounts of user data from registering for the. foreigner.
Chinese authorities have cracked down on overseas-listed companies, and a proposal to submit any company with data on more than one million customers to a cybersecurity exam in China before being listed overseas is in the pipeline. study.
Chinese authorities continue campaigning against tech companies, including gaming companies, until China’s top billionaires are not immune to government regulatory attack, the latest of those billionaires being Tencent president Bonnie Ma, who has lost $ 14 billion in the past nine months.
For years, Chinese tech entrepreneurs have been seen as untouchable stars and icons, led by Alibaba e-commerce founder Jack Ma. But in recent months, a series of tough government-led sanctions tech giants have been handed down, starting with a record $ 2.75 billion monopoly fine on Alibaba, followed by charges of privacy breaches and data breaches against the sharing app. Didi. .
On the other hand, the United States Securities and Exchange Commission (SEC) has started issuing new disclosure requirements for Chinese companies wishing to register in New York, to raise investors’ awareness of the risks, according to a document obtained. by “Reuters”.
As a result, Chinese companies’ listings in the United States were halted following the suspension of operations by the Securities and Exchange Commission. In the first seven months of 2020, those quotes hit an all-time high of $ 12.8 billion, with Chinese companies benefiting from a bullish U.S. stock market.
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