Breakingviews - Hong Kong IPO detour turns into rockier road
, closer scrutiny of companies housing sensitive data sparked anticipation that Hong Kong’s bourse would benefit at New York’s expense. A new draft rule from the powerful Cyberspace Administration of China, however, would require a similar security review for would-be market debutants in the Asian financial hub.
Many new issuers will be caught up; while having information on just 1 million users doesn’t automatically trigger an inspection as it does for foreign listings, what data might endanger national interests is vague. That could slow down, or even throw up a roadblock, for companies such as Xiaohongshu, or “Little Red Book”, an Instagram-like social-media app. It put its U.S. IPO plan on hold to pursue one in Hong Kong instead, according to Bloomberg.
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