The Chinese authorities They don’t want other countries to have access to Chinese companies’ customer information. This is why they will Tighter restrictions on companies that want to go public in other countries. China’s government, according to Reuters, This action follows a wave of companies of Chinese origin that want to go public in the United States.
The country’s regulatory authorities have announced their new privacy measures, which, among other regulations, state that any company with data from more than a million customers must face a review of how it manages that information before obtaining permission to release to the public. Foreign country.
The regulators will be responsible for examining the risks of this data being affected, controlled or tampered with by foreign governments after it has been announced in other countries. In addition, it added two more sets of rules for companies, focusing on data collection and storage, to the Data Security Act and the Personal Information Protection Act. All in an effort to list Chinese companies on the national stock markets. It seems that with Byte Dance They got it, or at least they got it Now give up the idea of listing in the United States.
according to CNBC, the group halted plans to list some of its businesses outside of China, in Hong Kong or the United States, after Chinese government officials asked the company to focus on potential data security risks, among other things. In light of requests, at the end of last March, Fundador de Byte Dance, Zhang YimingHe decided to postpone his international debut in the parks indefinitely.
Of course, ByteDance had other reasons to delay its initial public offering. Among them, who did not have it then Financial Director, which now has: What are you, Qiu?, former Xiaomi director. It hired him in the same month in March, but that didn’t push ByteDance forward with its plans to go public, and in April it claimed it had no immediate plans to do so.