Tag Archives: Didi

China to review all offshore listings

The Cyberspace Administration of China will implement new regulations that would require nearly all Chinese companies seeking to list overseas to undergo a data security review, confirming a Bloomberg report from last week that said the CAC was considering such a move. There will be a review and consultation period in which the CAC seeks feedback to its proposed rules, which cover companies that hold data on more than 1 million users. The CAC said it was concerned that such data and personal information could be “affected, controlled, and maliciously exploited by foreign governments,” it said in a statement.

The new rules will cover just about every company wanting to do an IPO in the US, analysts said, and regulators are also considering requiring Variable Interest Entities (VIEs) like Alibaba Group, which have already gone public, to seek approval for additional share offerings offshore, according to Bloomberg.

So far this year, 37 Chinese companies have listed in the US, surpassing last year’s count, and raised a combined $12.9 billion, according to Bloomberg.

Read more on Bloomberg

Read our analysis of what this means for Hong Kong.

GBA Briefs: 27/6/2019

BGI Investment:Shenzhen-based genome sequencer BGI Group will invest RMB470 million (US$68.3 million) to build a base for the research and development and production of reagents used in genetic testing in Qingdao. Read more.

Didi and GAC:Didi expands partnership with Guagndong-based auto giant GAC Group on ride-hailing operations, fleet management, autonomous driving and other areas of smart automobile technology. Read more. 

HK Retail Gloom:As global uncertainties continue to cast a shadow over consumer sentiment, Hong Kong’s total retail sales are expected to decline 5% to HK$460 billion in 2019, according to PwC Hong Kong. Read more.

BYD Design:Carmaker BYD is ready to open its global design hub in Shenzhen, which will have 400 engineers and designers working together on design, clay modeling, facility processing, comprehensive review as well as virtual evaluation. Read more. 

Bao’an Deals:Shenzhen’s Bao’an district inked three cooperative deals with German companies and institutions, focusing on high-end intelligent manufacturing technologies and the development of vocational education. Read more.