China targets US IPOs, use of cloud, algorithms – Times of India

SHANGHAI: China has launched a multi-pronged attack on its tech companies, threatening to curb their ability to list in the US, seeking to tighten up regulation of their use of algorithms and sidelining their cloud computing businesses in a major city.
In another move, Beijing has also cracked down on what it described as a “chaotic” celebrity fan culture, imposing new restrictions on already tightly controlled content in China. The moves further clip the wings of Chinese tech behemoths such as Alibaba Group and Tencent Holdings and have unnerved investors, hammering Chinese shares. China is framing rules to ban internet firms whose data is deemed to pose a potential security risk from listing abroad, a person familiar with the matter said.
As China’s tech sector has grown in size and prominence, Beijing has become increasingly wary of its influence and the mountains of data it controls. In a move underlining that concern, Tianjin, a city of 14 million lying south of Beijing, told companies controlled by the municipality to migrate data from clouds run by private operators like Alibaba and Tencent to a staterun system by September 2022.
The Cyberspace Administration of China said on Friday it was also tightening oversight of algorithms.