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China regulator demands security reviews for firms with data on over 1 million users before overseas listing

China's cyberspace regulator said on Saturday any company with data for more than 1 million users must undergo a security review before listing its shares overseas.

China regulator demands security reviews for firms with data on over 1 million users before overseas listing

A man walks past the New York Stock Exchange on the corner of Wall and Broad streets in New York City, New York, US, Mar 13, 2020. (File photo: REUTERS/Lucas Jackson)

SHANGHAI: China's cyberspace regulator said on Saturday any company with data for more than 1 million users must undergo a security review before listing its shares overseas.

The security review will put a focus on risks of data being affected, controlled or manipulated by foreign governments after overseas listings, said the Cyberspace Administration of China.

The notice comes after Chinese authorities launched a probe of ride-hailing giant Didi Global Inc for allegedly violating user privacy, days following its listing in New York.

(Reporting by Josh Horwitz; Editing by Tom Hogue and William Mallard)

Source: Reuters

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