Forwarded from 📡Guardians of Hong Kong
According to reports, the Australian Ministry of Financial has rejected the Chinese state-owned enterprise China State Construction Company’s acquisition of an Australian construction company in response to national security risks
China state-owned enterprise China State Construction Group planned to acquisition Australian Construction Company Probuild up to 300 million USD, which is 23.4 million HKD. However, Australian Finance Minister Josh Frydenberg and Foreign Investment Review Committee believed that the trade may constitute risks of national security in Australia. This is not in the interests of Australia, the Australian Federal Government will veto the transaction, and China State Construction will eventually cancel the acquisition.
According to ABC, South African parent company of Probuild Wilson Bayly Holmes-Ovcon (WBHO) confirmed to the local media, China State Construction already cancel acquisition. The reason is Frydenberg, and Foreign Investment Review Committee thought that the trade is harmful to national security, so that Australian Government rejected the trade. WBHO also stated, they already communication with potential acquirer in very long time, both had reached consensus, but the transaction fell through.
Australian Financial Department had not response to report and indicated to not commenting on foreign investment review arrangements. Australian Acting Prime Minister McCormack confirmed that China Construction withdraw the acquisition but said it could not disclose the reason for the rejection of foreign investment review.
Source: Stand News #Jan12
https://bit.ly/33sXZU9
#Australia #NationalSecurity #China #Construction #Finance #Risk #Probuild #WBHO
China state-owned enterprise China State Construction Group planned to acquisition Australian Construction Company Probuild up to 300 million USD, which is 23.4 million HKD. However, Australian Finance Minister Josh Frydenberg and Foreign Investment Review Committee believed that the trade may constitute risks of national security in Australia. This is not in the interests of Australia, the Australian Federal Government will veto the transaction, and China State Construction will eventually cancel the acquisition.
According to ABC, South African parent company of Probuild Wilson Bayly Holmes-Ovcon (WBHO) confirmed to the local media, China State Construction already cancel acquisition. The reason is Frydenberg, and Foreign Investment Review Committee thought that the trade is harmful to national security, so that Australian Government rejected the trade. WBHO also stated, they already communication with potential acquirer in very long time, both had reached consensus, but the transaction fell through.
Australian Financial Department had not response to report and indicated to not commenting on foreign investment review arrangements. Australian Acting Prime Minister McCormack confirmed that China Construction withdraw the acquisition but said it could not disclose the reason for the rejection of foreign investment review.
Source: Stand News #Jan12
https://bit.ly/33sXZU9
#Australia #NationalSecurity #China #Construction #Finance #Risk #Probuild #WBHO
立場新聞 Stand News
據報澳洲財政部因應國家安全風險 拒絕中國國企中國建築 收購澳洲建築公司 | 立場報道 | 立場新聞
中國國企中國建築集團，計劃收購澳洲建築公司 Probuild，作價高達 3 億美元，即約 23.4 億港元。但...
Forwarded from 📡Guardians of Hong Kong
Mainland China Re-examines Mobile Apps and Bans New User Registration; The Global Times: US-listed Science and Technology Enterprises Need Stricter Supervision
China Cyber Security Review Office announced on 5th July that due to the risk of national security and public benefits, they are reviewing the network safety to “Full Delivery”, “Truck Gang” and “Boss Appointment”. During the review period, those three apps will ban new registration. The announcement stated that it was based on the “National Security Law of the People’s Republic of China” and the “Network Security Law of the People’s Republic of China” to prevent risks from expanding. This action targets the Chinese technological enterprises listed in the United States after the mainland government requested “DiDi Travels" being delisted on 4th July.
The Internet Information Office also announced on 4th July that another mobile app “DiDi” has a serious violation of laws and regulations on collecting and using personal information. The office notified the app store to remove an app from DiDi Technology Co. Ltd based on the “Network Security Law of the People’s Republic of China” regulation. The office also requested that the Company strictly follows the legal requirements and refers to the relevant national standards to seriously rectify the existing problems, effectively protecting the personal information security of users.
Source: Stand News #Jul05
https://bit.ly/3BhZRP8
#China #Network #SecurityLaw #NationalSecurity #Risk #UnitedStates #PersonalInformation #GlobalTimes #MobileApps #Regulations #TruckGang
China Cyber Security Review Office announced on 5th July that due to the risk of national security and public benefits, they are reviewing the network safety to “Full Delivery”, “Truck Gang” and “Boss Appointment”. During the review period, those three apps will ban new registration. The announcement stated that it was based on the “National Security Law of the People’s Republic of China” and the “Network Security Law of the People’s Republic of China” to prevent risks from expanding. This action targets the Chinese technological enterprises listed in the United States after the mainland government requested “DiDi Travels" being delisted on 4th July.
The Internet Information Office also announced on 4th July that another mobile app “DiDi” has a serious violation of laws and regulations on collecting and using personal information. The office notified the app store to remove an app from DiDi Technology Co. Ltd based on the “Network Security Law of the People’s Republic of China” regulation. The office also requested that the Company strictly follows the legal requirements and refers to the relevant national standards to seriously rectify the existing problems, effectively protecting the personal information security of users.
Source: Stand News #Jul05
https://bit.ly/3BhZRP8
#China #Network #SecurityLaw #NationalSecurity #Risk #UnitedStates #PersonalInformation #GlobalTimes #MobileApps #Regulations #TruckGang