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Privacy, user data, national security, malicious foreign governments: It's not all that different from what the White House says it's worried about. ( Here's an explainer on the purpose of the new rules, from a Chinese Communist Party-affiliated newspaper.) Corporate cybersecurity reviews would specifically focus on information that could be "influenced, controlled or maliciously used" by foreign governments.

The government is concerned about users' personal data, but also national security.

Most recently, it's pushing for a rule that would require any internet company with more than a million users to get a cybersecurity review before going public abroad. The Cyberspace Administration of China has been tightening its rules and upping its enforcement across the board.

That comes with all kinds of data-sharing questions, accounting issues and a total lack of visibility into how things really work, as Protocol's Tomio Geron and Shen Lu recently reported.Īnd China's not just making one-off decisions, either.

But there's also the question of Chinese companies going public on international markets.

(Around the time of the IPO decision, Zhang also stepped down as ByteDance's CEO and named Liang Rubo as his successor.)

China continues to take a sharper look at its biggest tech companies, and those tech companies continue to shy away from the spotlight.

As we've discussed here before, there's both an international story here and an intra-national one.

(Or so it seems!) But in China, where there are so many huge private companies that investors are scrambling to get a piece of, a chill has come over the market.

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IPO market is absurdly hot, and companies are rushing to go public in practically any way they can because money's free and stocks only go up. And don't forget about Ant Group, which had its own IPO put on ice indefinitely.īut there's an odd dichotomy here. Ximalaya, Keep, LinkDoc and others have all reportedly delayed or canceled planned IPOs. Others are following ByteDance's lead, too. "It does create difficulty, and it creates higher expectations for what you can achieve."

"There is a continuing sense of uncertainty and risk," former TikTok CEO Kevin Mayer said on CNBC yesterday.

DiDi ignored similar warnings, went public and has now faced extremely public bans and investigations.

It was shaping up to be a blockbuster IPO, too, with ByteDance valued at $180 billion after a huge recent funding round.

And per the WSJ, it wasn't just because of the regulatory issues ByteDance also didn't have a CFO, though Shou Zi Chew is now in that role (as well as running TikTok.)

Zhang decided to drop the IPO in March, according to the report.

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Things just never seem to get less complicated for ByteDance, do they? Zhang Yiming and his team barely got to take a deep breath after months of threats from the Trump White House before it had to figure out how to avoid the ire of the Chinese government.īyteDance scuttled its IPO plans earlier this year, The Wall Street Journal reported, after Beijing regulators urged the company to look into its data security.