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Stock impact report

Chinese regulators issue new draft rules on transfer of personal data overseas [Reuters]

Full Truck Alliance Co. Ltd. American Depositary Shares (each representing 20 Class A Ordinary Shares) (YMM) 
Company Research Source: Reuters
The new rules being draftedare part of Chinese regulators' drive to strengthen oversight over troves of data collected by the country's private sector and its array of popular apps. Under the draft rules, entities collecting personal data would be responsible for assessing the legality, legitimacy, the need for the data, its scope and whether it would remain protected once it is transferred overseas. The draft also covers methods of handling personal information by domestic processors and overseas recipients. China has in recent years emphasised the risks to national security inherent in transferring user data overseas. CAC launched cybersecurity reviews into Full Truck Alliance and Kanzhun alongside Chinese ride-hailing giant Didi Global in July last year, and ordered them to stop registering new users, citing national security and the public interest. On Wednesday, Full Truck Alliance and Kanzhun said they had rectified their security issues and received the regulator's c Show less Read more
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