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'Data handling and overseas IPOs' are newly added to suspected behaviors that are deemed to potentially harm or do harm national security. Any of the 13 agencies that suspects a risk to national security can initiate a cybersecurity review. 'It is very timely to set up such a threshold at this moment,' Dong Shaopeng, an advisor to the China Securities Regulatory Commission (CSRC), told the Global Times, noting that the rules make protecting users' data and ensuring China's information security a 'premise' for Chinese companies seeking IPOs abroad.ДЄ new member - the CSRC - was added to the national cybersecurity review work mechanism, which previously composed of 12 national agencies, per the draft revision. The draft rules outlined specific steps and materials for a cybersecurity review, including an analysis on national security by the company and all procurement documents, current or future agreements as well as IPO materials prepared to be submitted. There is no room for compromise,' Liu said. 'This is in line with the basic principles of safeguarding national information security.

The threshold of a million users, as clarified by the new rules, means almost all platforms operating in China which aspire to sell shares abroad need to go through a cybersecurity review,' Liu Dingding, a Beijing-based internet sector analyst, told the Global Times. 'In the Chinese market, there are countless internet platforms that have stored the information of over 10 million or even 100 million users. Most notably among the draft revision released Saturday is that all internet product and service providers that collect data of more than a million users must file for review and approval before seeking an IPO abroad. It was the first time that the Cyberspace Administration of China (CAC) released a draft amendment and sought public opinion on the cybersecurity review measures since June last year, when the original measures became effective. Regulators' tightening scrutiny on internet firms, which have been inclined to seek IPOs in the US market over recent years, came at a crucial moment that the potential risks posed by data breaches have been amplified along with the value those companies generated as China pushes ahead with digitization in various industries, analysts told the Global Times, adding that it will be impossible now to bypass local regulations via overseas listings.

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It marked another crucial step in China's broader efforts to ensure data security amid growing China-US tensions as Washington continues to crack down on Chinese firms. The move by officials prompted investors to unload Chinese stocks listed in the U.S.ДЄnalysts told Reuters that despite the fact that U.S.China has tightened cybersecurity reviews for internet companies that seek IPOs in the overseas markets with a set of draft rules, including a new threshold that businesses holding data of more than a million users in China must undergo a regulatory review before applying for an overseas IPO, which indicated the country's resolve to rein in potential national security risks brought by domestic businesses that own oceans of data amid their cross-border operations. LinkDoc is likely the first Chinese startup to have retreated from its IPO plans as ChinaвЂ™s regulatory agencies stepped up Big Tech oversight. The move against Didi from Chinese regulators came just two days after it went public in the U.S. Sources told Reuters that LinkDoc was in the midst of filing for a $211 million initial public offering (IPO) in New York but scrapped the plans after Beijing pulled Didi from app stores and from payment platforms WeChat Pay and Alipay. Medical data firm LinkDoc Technology and digital fitness platform Keep have both pulled out following regulatorsвЂ™ probes into ride-hailing giant Didi Global, according to separate reports from the Financial TimesВ and ReutersВ on Thursday (July 8). in light of ChinaвЂ™s crackdown on domestic companies looking to list overseas.

Two Chinese startups suspended public listing plans in the U.S.