Editorial:Mainland big tech company under fire over US listing

【明報專訊】The storm surrounding the biggest ride-hailing company on the mainland, Didi Chuxing, has continued to smoulder. The Cyberspace Administration of China (CAC) has proposed revisions to its rules to make it mandatory for any tech company possessing information of more than one million users to apply for permission before filing for an overseas initial public offering (IPO) as a way to prevent customer data from being leaked. According to various mainland and foreign news reports, Didi had ignored Beijing's demand of assuring a sound protection of sensitive information and cybersecurity before listing hastily in the US. The central government's move to straighten up regulations has not only highlighted the importance of data security to the state but also reflected Beijing's intolerance of conceited tech giants that regard themselves as ''too big to fail'' and consider only profit chasing without any concern about their responsibility to society and the state. Further observation is still needed to determine whether Beijing's move to toughen supervision over US-listed mainland companies will mean the speeding up of the ''decoupling'' between China and the US in the capital market. Nevertheless, as some of the mainland tech companies are likely to slow down the pace of going public in the US in the short term, the Hong Kong government should grasp the opportunity, get on with its work and strengthen the city's status as an international financial centre.