On 14 November 2021, the Cyberspace Administration of China ("CAC") published the network Internet Data Protection Draft Regulations (Draft for Comments) (the "Draft Regulations"). The Draft Regulations build on the foundations set by the Personal Information Protection Law, the Data Security Law, and the Cybersecurity Law. The Draft Regulations establish a comprehensive set of regulations to implement the protection of personal information and "important data" protection provisions set out in those laws. The Draft Regulations answer certain questions not addressed by the Measures for Cybersecurity Reviews (Draft for Comment) ("Draft Measures"), also issued by CAC in July 2021. This article is the first in a series of Han Kun interpretations of the Draft Regulations, and will focus on the potential impact of the Draft Regulations on the overseas listing of PRC companies.