China may require a cybersecurity review for companies holding data that plan to go public in Hong Kong, if it’s decided that the listing will potentially have an impact on its national security.

The draft rule, published by China’s cyberspace regulator on Sunday, didn’t specify how the regulators will define if a listing will endanger security. 

Firms holding data of more than 1 million users must undergo cybersecurity approval when seeking listings in other nations, the Cyberspace Administration of China said in the statement, reiterating a guideline published in July. It didn’t specify the requirement for Hong Kong listings then.

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