WeChat has halted registration of new users as it “undergoes a technical upgrade to align with relevant laws and regulations. (Image Credit: Reuters)
China is in the process of tightening policies regarding privacy and data protection. It is preparing a personal information protection law, which calls on tech platforms to take stringent measures to ensure the secure storage of user data.
- Reuters
- Last Update:28 July 2021, 09:57 AM
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Tencent’s WeChat has temporarily suspended registration of new users in mainland China as it undergoes technological upgrades “to align with relevant laws and regulations”, China’s leading instant messaging platform said on Tuesday. . “We are currently upgrading our security technology to align with all relevant laws and regulations,” the company said in a statement to Reuters. “During this registration of new Vexin Personal and official accounts have been temporarily suspended. Registration services will be restored after the upgrade is complete, which is expected in early August.”
The Chinese name of Weixin is WeChat. Tencent shares fell 9.0 per cent in Hong Kong on Tuesday amid shocks in the broader market over Chinese regulatory action on high-growth sectors including online platforms and recent private tutoring. Hong Kong’s benchmark Hang Seng Index (.HSI) fell 4.2 per cent. China is in the process of tightening policies regarding privacy and data protection. It is preparing a personal information protection law, which calls on tech platforms to take stringent measures to ensure the secure storage of user data.
Beijing-based technical adviser Zhou Zhanggui said investors were overreacting to the “reforms” of Chinese tech companies. “The suspension of new user registrations on WeChat has no significant impact on Tencent in the short term,” Zhou said. Keeso Hong, an independent industry analyst, said the drop in Tencent’s share price was due to changes in the overall regulatory environment, including crackdowns on tutoring firms. “It happened today when the panic in the market was increasing,” he said.
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