A chill has settled over global finance after a fortnight in which China first cracked down on its Uber-like Didi Global Inc. within days of a U.S. trading debut, followed swiftly by the State Council announcing closer scrutiny of all offshore listings, according to The Japan Times. On Saturday, a cybersecurity review was proposed for companies with data on more than 1 million users before they seek to list in foreign countries. ; The warning signs had been flashing for a while. Deals are being shelved and investors are nursing heavy losses. As underwriters totted up a record 1.5 billion in fees last year from helping Chinese firms with initial public offerings offshore, relations between China and the U.S. were at a low ebb. Simultaneously, Chinese President Xi Jinping stepped up oversight of big technology firms, partly to secure the treasure trove of data they control. In December, then-U.S. President Donald Trump signed a bill that could delist Chinese companies that don't meet audit inspection rules. (news.financializer.com).
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Tagged under cybersecurity review, state council topics.