Today, 7 Jul, Wednesday
China Vows to Tighten Oversight on Overseas Listed Firms After Didi Probe
China will step up scrutiny on overseas listed Chinese companies, the State Council said Tuesday, shortly after regulators put the newly listed ride hailing giant Didi Global Inc. under a cybersecurity investigation.The State Council, China’s cabinet, issued new guidelines to crack down on illegal activity in the securities market. According to the document, China will strengthen oversight of Chinese companies listed abroad and improve regulations for cross-border data flows and security. In the document, the cabinet pledged to set up a supervisory system to tackle risks and emergencies related to overseas listed companies. Rules for overseas listings will be revised, the State Council said.