China’s new cybersecurity rules to take effect on 15 February

The Cyberspace Administration of China (CAC) will require platform companies with data for more than one million users to undergo a security review before listing their share overseas. CAC said that starting February 15, such firms should apply for cybersecurity reviews before submitting listing applications to foreign securities regulators. In a statement, the CAC said that companies will not be allowed to list abroad if the review finds that national security could be impacted. It was the latest move in a series of recent regulatory changes ordered by the Chinese government to tighten the rules governing offshore listings. The CAC first proposed the rules in July, saying that the security review will put a focus on risks of data being affected, controlled or manipulated by foreign governments after overseas listings.