THE Cyberspace Administration of China (CAC), which regulates all areas of China's online activity, has published new regulations for domestic financial info providers, which it fears are adding to instability in the country's slowing economy, Reuters reports
THE Cyberspace Administration of China (CAC), which regulates all areas of China's online activity, has published new regulations for domestic financial info providers, which it fears are adding to instability in the country's slowing economy, Reuters reports. Rules that take effect February 1 stipulate that info providers must not distort Chinese fiscal and monetary policies, disturb economic order or to harm the nation's interests, according to a CAC statement.
They are also banned from publishing stories that could move stock, fund, futures and foreign exchange markets.
The government is concerned about companies offering financial analysis, financial trading and financial decision-making, the CAC said. Those which breach the regulations will be 'condemned publicly' and 'ordered to rectify' their misbehaviour, according to the statement.
Separately, mainland companies made a record number of overseas listings this year, Caixin reports, with landmark debuts from some of China's biggest tech names driving the surge.
In Hong Kong and New York, IPOs by Chinese firms were worth a total US$45.6 billion, according to UBS data compiled mid-December. This nearly doubled from last year's $19.2 billion.
Chinese companies, particularly in the technology sector, rode strong market sentiment worldwide towards the beginning of the year, aided by new regulation in Hong Kong to allow small, unprofitable biotech firms to go public.
Tech firms made up 58 per cent of new Chinese listings in Hong Kong and 68 per cent in New York. The top three largest IPOs - China Tower, Xiaomi, and Meituan - are from this sector.
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