Examples of Measures for Cybersecurity Review in a sentence
However, since the Measures for Cybersecurity Review was recently adopted, and there remains significant uncertainty as to the enactment, interpretation and implementation of regulatory requirements related to current and future PRC Laws, overseas securities offerings and other capital markets activities, and there can be no assurance that the PRC Authorities will take a view that is not contrary to or otherwise different from our opinion stated above.
The Measures for Cybersecurity Review, among others, evaluates the potential risks of critical information infrastructure, core data, important data, or a large amount of personal information being influenced, controlled or maliciously used by foreign governments after the overseas listing of an operator.
On December 28, 2021, the Measures for Cybersecurity Review (2021 version) was promulgated and took effective on February 15, 2022, which iterates that any “online platform operators” controlling personal information of more than one million users which seeks to list on a foreign stock exchange should also be subject to cybersecurity review by the Cyberspace Administration of China (the “ CAC”).
We are of the view that the Company is not subject to the cybersecurity review by the CAC for the Offering, since (i) the Measures for Cybersecurity Review is not applicable to further equity or debt offerings by companies that have completed their initial public offerings in the United States; (ii) data processed in the Company’s business does not have a bearing on national security and may not be classified as core or important data by the PRC governmental authorities.
On December 28, 2021, the Measures for Cybersecurity Review (2021 version) were promulgated and took effect on February 15, 2022, which provide that any “online platform operators” controlling personal information of more than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review.
However, our listing won’t be subject to review under China’s proposed Measures for Cybersecurity Review.
On 28 December 2021, the CAC and twelve other Governmental Agencies issued the Measures for Cybersecurity Review, which became effective on 15 February 2022 (“Measures”).
Given that: (i) the Company does not possess personal information on more than one million users in business operations; and (ii) data processed in the Company’s business does not have a bearing on national security and thus may not be classified as core or important data by the authorities, this offering would not be required to apply for a cybersecurity review under the Measures for Cybersecurity Review (2021).
As a result, national laws of the PRC not listed in Annex III of the Basic Law, including but not limited to, the PRC Data Security Law, the Measures for Cybersecurity Review, and the PRC Personal Information Protection Law do not apply to our Hong Kong-based businesses.
On December 28, 2021, the Cyberspace Administration of China (the “CAC”) jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021) which took effect on February 15, 2022, and replace the former Measures for Cybersecurity Review (2020).