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China Expands Data Security Surveys for US Listed Technology Companies

A division of China’s cybersecurity regulators launched a data security review of apps run by two US-listed Chinese companies a few days after the announcement. Similar probe to Ride Hailing Giant, Didi.

The latest action targets two truck dispatching apps operated by Full Truck Alliance Co. and an online recruiting app owned by Kanzhun Ltd. Both companies were launched in the United States in June. Like Diddy, they were ordered to stop adding users during the investigation.

China’s cybersecurity review office, which belongs to China’s Cyberspace Administration, said on Monday that it launched a data security investigation of apps Yunmanman, Huochebang and BossZhipin. The review stated that it aims to prevent national data security risks, maintain national security, and protect the public interest.

SoftBank Group shares, in which Vision Fund owns Didi and Full Track Alliance shares, fell 5.3% on Monday trading on the Tokyo Stock Exchange. The Hang Seng Tech Index, an indicator of Hong Kong-listed tech stocks dominated by major Chinese companies such as Tencent Holdings Ltd., fell 1.8%.

Diddy Raised $ 4.4 Billion Initial public offering Last week, the Full Track Alliance Raised $ 1.6 billion Kanzhun raised $ 912 million in early June, according to a regulatory filing. Although Diddy’s New York-listed securities fell 5.3% on Friday after recent regulatory measures, all American Depositary Receipt prices were above IPO prices at the time of their trading debut.

China Expands Data Security Surveys for US Listed Technology Companies

Source link China Expands Data Security Surveys for US Listed Technology Companies

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