More Information Internet Security Policyīy using this site, you are agreeing to security monitoring and auditing. For more information, contact more information, please see the SEC’s Web Site Privacy and Security Policy. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. Please declare your traffic by updating your user agent to include company specific information.įor best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. Your request has been identified as part of a network of automated tools outside of the acceptable policy and will be managed until action is taken to declare your traffic. To allow for equitable access to all users, SEC reserves the right to limit requests originating from undeclared automated tools. First it was probes into financial risk, then measures to curb monopolistic behavior.Your Request Originates from an Undeclared Automated Tool Now, in the last two weeks the regulatory landslide sweeping over Chinese internet companies has incorporated an even more sensitive area: national security. The government’s top cybersecurity regulator this month announced national security probes of three recently U.S. listed firms and proposed draft rules that would require it to approve virtually any overseas listing by a mainland tech firm. The hammer fell first on the company group that includes Didi Global, then simultaneously on the world’s largest truck-booking platform Manbang Group, and the operator of recruitment platform Boss Zhipin. All three are now under investigation after an office of the Cyberspace Administration of China (CAC) publicly enacted cybersecurity review provisions for the first time since they came into effect in June last year. Insiders and experts say the move, which stunned markets and saw investors flee Chinese tech stocks in their droves, is the clearest signal yet of local regulators’ increasingly acute focus on the potential security implications of the large datasets held by private firms - and fears such data will be transferred outside their jurisdiction.Ī new draft revision to the cybersecurity review measures could mean any Chinese company that holds the personal information of 1 million or more users would have to seek a government review before listing abroad. The draft changes to the Measures for Cybersecurity Review were revealed on Saturday and are open for public comment until July 25.Ĭompanies should provide their prospectuses to the Cybersecurity Review Office, the CAC office that conducts cybersecurity reviews, the draft shows. This would mean that companies’ prospectuses and other filings will be checked by the government before they file for a listing outside China. Spooked investors have dumped Chinese technology stocks since the domestic watchdogs’ moves earlier this month, extending a rout that has seen more than $800 billion wiped from their market value since a February peak. The regulatory hits that have contributed to that collapse have been continuous, but varied. They have come from different agencies and spanned financial risk, privacy, antitrust, and personal data protection.īeijing’s clampdown on Didi is the latest example of a major Chinese internet firm falling afoul of the country’s regulators. But while the case resembles recent hits on tech giants like Tencent Holdings Ltd. blockbuster IPO last year, there’s more to the story. When Alibaba was fined a record 18.2 billion yuan in April, the penalty was ordered by the State Administration for Market Regulation (SAMR), which manages market principles like fair competition.Īfter a four-month investigation, SAMR concluded that Alibaba had violated antitrust rules by forcing vendors on its e-commerce platforms, including Taobao and Tmall, to choose between its services and those of its competitors, as well as burning cash to build market share. Similar issues have seen other penalties slapped on other platform companies like delivery giant Meituan and T encent Holdings Ltd.
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