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China drafts new rules for internet giants' fundraising, investments

The Cyberspace Administration of China, the nation’s cyberspace regulator, is reportedly drafting new rules that will require Chinese tech platforms with more than 100 million users, or which are worth more than USD1.58bn, to seek government approval before undertaking fundraising or investments. The cyberspace regulator earlier approved a new set of rules that require platforms with data on more than 1 million users to undergo security reviews before they list overseas. In the draft new guidelines, the regulator also requires internet companies involved in sectors named on the Chinese National Development and Reform Commission’s negative list last year to apply for approval. The cyberspace regulator has declined to comment on the report.

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