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Zuo Xiaodong, the institute’s deputy director, revealed during a webinar last week that other than the state securities regulator, officials from about ten other state organs including the central bank, National Development and Reform Commission as well as ministries and bureaus responsible for information technology, public security, national security, finance, commerce, market regulation, radio and television and state secrets protection would also sit on the CAC-convened panel. The potential for crucial information infrastructure and core data falling into the hands of Beijing’s foreign adversaries will also be weighed.Īnalysts with the semi-official China Information Security Institute believe that such risk evaluations would be “overtly stringent and cumbersome” and officials would follow rules and guidelines to the letter when weighing applications.

The outcome of such a review will be based on an assessment of the risks of core data and personal information being stolen, leaked, harvested, exploited or illegally transferred to a foreign entity via a share sale.

Photo: AFP / Koki Kataoka / The Yomiuri Shimbun The DiDi logo on a phone screen with a stock chart in the background.

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All is not well in the headquarters of Didi Chuxing after Beijing cracked down on the ride-hailing app. Key insertions to the ordinance include legal responsibilities for data processors to report to the CAC before selling shares overseas and the expansion of the terms of reference of a “joint checking body” established under the ordinance to include representatives from the China Securities Regulatory Commission (CSRC).Ī summary of the amendment reviewed by Asia Times noted that any Chinese tech companies with more than a million users must file applications and be subject to a CAC-led cybersecurity and data review and approval before going public on any foreign stock exchange, with the CSRC empowered to scrutinize IPO plans and make recommendations. The state news agency said the Cybersecurity Review Ordinance would serve as the law’s detailed implementation guidelines since the new law only laid out principles and penalties in broad strokes. Xinhua cited a CAC spokesperson as saying that the ordinance must be updated to prepare for the arrival of China’s Data Security Law that would take effect from September 1. State cybersecurity specialists are sifting through the company’s databanks to determine the scope of any data-related offense and penalties to be meted out, amid rumors that the firm had shrugged off Beijing’s warning and handed perceived as sensitive data to US regulators for its IPO to be approved. The watchdog has denied the revisions are linked to its actions against Didi, whose business model and trove of data were put under a national security microscope soon after Didi debuted on the New York bourse at the end of June. The watchdog has inserted several catch-all clauses to give more powers to regulators to scrutinize, encumber, vet and veto overseas IPO plans.