China cyberspace regulator drafts new rules for internet behemoths - sources

The proposed requirements from the Cyberspace Administration of China (CAC) will apply to any platform company with more than 100 million users, or with more than 10 billion yuan ($1.58 billion) in revenue, they said. Any internet firm involved in sectors named on the negative list issued by China's National Development and Reform Commission last year will also need to apply for approval, the sources said.

China's cyberspace regulator has drafted new guidelines that will require the country's internet behemoths to obtain its approval before they undertake any investments or fundraisings, sources familiar with the matter said on Wednesday. The proposed requirements from the Cyberspace Administration of China (CAC) will apply to any platform company with more than 100 million users, or with more than 10 billion yuan ($1.58 billion) in revenue, they said.

Any internet firm involved in sectors named on the negative list issued by China's National Development and Reform Commission last year will also need to apply for approval, the sources said. The sources declined to be name as the information was not yet public. The CAC did not immediately respond to a Reuters request for comment. ($1 = 6.3483 Chinese yuan)