Benzinga | Nov 15, 2021 11:21AM EST

China Proposes Cyber Review For Select Hong Kong IPOs

* Cyberspace Administration of China proposed requiring companies pursuing Hong Kong IPOs to apply for cybersecurity inspections if they handle data that concerns national security, Reuters reports.

* The diktat mandates large internet platforms to report to regulators before setting up headquarters, operating, or research centers abroad.

* The document, published on the regulator's Tencent Holdings Ltd (OTC:TCEHY) WeChat account website, sought public comment on internet platforms formulating privacy policies or making amending rules that could significantly affect user rights and interests.

* Firms with over 100 million daily active users would require to review changes by third-party agencies and obtain government approval.

* Companies that provide instant messaging services need to stop prohibiting users from accessing other or transferring files to other Internet platforms.

* Alibaba Group Holding Ltd's (NYSE:BABA) Ant Group features amongst significant domestic companies harboring IPO ambitions.

* Price Action: BABA shares traded higher by 0.17% at $167.09 in the market session on the last check Monday.