Benzinga | Jul 12, 2021 01:02PM EDT

ByteDance Defers Foreign Listing Plans Following Regulatory Warning Over User Privacy: WSJ

* TikTok parent ByteDance Ltd indefinitely postponed its offshore listing plans following regulatory demand over data security risk focus, the Wall Street Journal reports.

* The company also lacked a CFO. Co-founder and human resources chief Liang Rubo became the CEO in May, succeeding Zhang Yiming.

* China's new cybersecurity rules mandated internet companies with over one million users to undergo a cybersecurity review for offshore listing. The rules aimed to protect the user data collected by the tech companies.

* China publicly called out ByteDance for multiple breaches, including an excessive collection of users' personal information and unsuitable content. The financial regulators summoned ByteDance and 12 other internet companies and told them to adhere to much tighter regulation of their data and lending practices in April.

* DiDi Global Inc (NYSE:DIDI), which went ahead with its initial public offering despite the Chinese tech crackdown, agreed to takedown 25 apps for privacy violations.

* China also prohibited DouYu International Holdings Limited's (NASDAQ:DOYU) proposed merger with HUYA Inc (NYSE:HUYA) following an antitrust review.