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.
A final decision on the IPO-bound companies' data handover plan is yet to be made, said the sources, who declined to be identified due to the sensitivity of the matter. Chinese regulators have recently put companies' overseas listing plans, particularly in the United States, on hold pending new rules on data security.calling for companies with over 1 million users to undergo security reviews before listing overseas.
"Any company that does business in the PRC must answer to the CCP, threatening investor transparency, consumer privacy, and national security," he added.
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