China plans to block tech firms with large amounts of sensitive user data from listing abroad, dealing another blow to the ambitions of its largest digital companies
In this file photo taken on July 9, 2021, a Chinese national flag flutters outside the China Securities Regulatory Commission building on the Financial Street in Beijing.
The ban is also expected to be imposed on companies involved in ideology issues, said an official familiar with the matter, declining to be identified. Under the rules being drafted, the China Securities Regulatory Commission plans to ban firms, which collect vast amounts of data from users or create content, from overseas listings, said the person.The plan is one of several proposals under consideration by Chinese regulators as Beijing has tightened its grip on the country's internet platforms in recent months, including looking to sharpen scrutiny of overseas listings.
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