BlackRock bans laptops, phones on employee trips to China

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USA | Planet & Commerce 

In a dramatic escalation of corporate caution amid rising geopolitical tensions, BlackRock, the world’s largest asset manager, has implemented a sweeping new travel protocol: employees traveling to China are now barred from carrying company-issued phones, laptops, or accessing internal networks during their stay. The policy, outlined in an internal memo obtained by Bloomberg and Reuters, took effect on July 16 and is a stark reflection of how global firms are recalibrating operations in an increasingly opaque Chinese security environment.

Instead of bringing their usual devices, staff are now required to use temporary “loaner” phones, which will be cleared and issued specifically for China travel. Employees will also be cut off from BlackRock's network access, including through VPNs, while inside Chinese territory—even if visiting for personal reasons.

“This is about managing escalating cyber and data risks in a high-risk jurisdiction,” a person familiar with the memo told Bloomberg.
 

BlackRock’s stringent move underscores a deepening anxiety among multinational corporations about data security, surveillance, and mobility in China. These concerns are not new—but have sharpened significantly following the 2021 implementation of China’s Personal Information Protection Law (PIPL) and other national security legislation that compel data access by the state under certain conditions.

Adding fuel to the fire are recent high-profile incidents:

• A U.S. Patent and Trademark Office employee was blocked from leaving China while on a personal visit, according to a U.S. State Department announcement earlier this week.
   
• In a separate case, a Wells Fargo banker was detained and prevented from departing China, with Beijing’s foreign ministry stating the individual was involved in a criminal matter.
   

While China maintains that such actions are lawful and based on legitimate grounds, they have sent shockwaves across the financial and tech sectors, particularly among firms with deep digital footprints and sensitive data exposure.

Despite these precautions, BlackRock remains heavily invested in China. The firm operates:

• A wholly owned mutual fund company within the country
   
• A joint wealth management venture with China Construction Bank Corporation
   

These operations provide BlackRock with access to China’s massive investor base, part of CEO Larry Fink’s long-standing strategy to deepen the firm’s global footprint. But growing U.S.-China friction is now forcing even the biggest players to re-evaluate their operational exposure.

“China is too big to ignore, but increasingly too complex to navigate without risk,” said one risk analyst. “This policy shift is BlackRock protecting its flanks.”
 

The firm has not publicly commented on the new device restrictions, but sources indicate the policy was rolled out quietly to avoid inflaming already delicate cross-border business dynamics.

BlackRock’s new rulebook comes amid escalating concerns over cybersecurity breaches, forced data disclosures, and detention risks involving foreign nationals. The United States and other Western countries have warned corporate travelers about China’s expansive surveillance system, including the risk of state monitoring of electronic devices, encrypted communications, and even private emails.

The loss of access to internal networks while in China is particularly notable, reflecting fears that even secured VPNs or encrypted access points may be vulnerable to interception.

This policy mirrors similar precautions taken by other multinational firms:

• Some Wall Street banks already mandate “clean laptops” or travel kits with limited functionalities for employees traveling to China.
   
• A few major consulting and law firms now advise employees to factory-reset devices before and after travel, or to leave them behind altogether.
   

BlackRock’s high-profile restrictions are likely to serve as a blueprint for other global firms, especially those in the finance, defense, tech, or strategic manufacturing sectors. As China tightens its grip on data sovereignty, Western businesses are being forced into an uncomfortable corner: comply and risk breach of home-country privacy laws, or resist and risk detainment, access loss, or regulatory punishment.

Already, multinationals are reassessing what data should be allowed to cross Chinese borders, and which personnel should be permitted to travel to China at all. The chilling effect could extend to:

• Reduced physical travel by executive teams
   
• Remote or hybrid staffing models for China-facing work
   
• New internal protocols separating China-based operations from global systems
   

BlackRock’s China travel directive is the clearest signal yet that doing business in China is no longer business as usual—even for financial juggernauts with billions invested in the market. As geopolitical rivalry between the U.S. and China hardens, companies are being forced to draw invisible firewalls not just around data, but around people, devices, and daily operations.

For now, BlackRock employees may still travel to China—but they’ll do so digitally disconnected, with loaner phones in hand and the weight of global politics in their carry-on.

After months of subdued activity, India’s primary market witnessed a powerful resurgence in June 2025, with both mainboard and SME IPOs launching in large numbers. According to stock exchange data, eight large IPOs and 30 SME listings helped raise a cumulative ₹19,017 crore, marking the strongest monthly fundraising via IPOs in six months.

The sharp rebound follows a slowdown earlier in the year, driven by weak investor sentiment and geopolitical tensions. However, improved macro stability, regulatory pressures, and urgency among companies to capitalize on favorable windows have reignited the IPO engine.

Of the total, ₹17,688 crore was raised by eight mainboard IPOs, with the lion’s share attributed to HDB Financial Services’ ₹12,500 crore issue. Other major offerings included Kalpataru Projects (₹1,590 crore), Oswal Pumps (₹1,387 crore), and Ellenbarrie Industrial Gases (₹852.53 crore). Additional issuers like Sambhv Steel Tubes and Arisinfra Solutions also contributed to the fundraising momentum.

On the SME side, 30 companies launched IPOs in June to raise a combined ₹1,329 crore, the highest monthly tally in nine months.

Market experts link the surge in activity to Sebi’s regulatory deadlines, which prompted many firms to fast-track their listing plans to avoid the re-filing process in uncertain markets.

Despite the high volume, analysts urge caution, noting that not all IPOs are created equal. Several companies—especially larger IPOs—attract investor capital at the expense of the secondary market, sometimes hurting overall liquidity. Poor post-listing performance could further depress investor confidence.

Rajnath Yadav, Senior Analyst at Choice Broking, said many IPOs are being launched out of necessity rather than ideal timing. “A majority of recent IPOs are fresh issues, reflecting urgent capital requirements,” he said.

Currently, six major IPOs are open for subscription:

• HDB Financial Services
   
• Kalpataru Projects
   
• Ellenbarrie Industrial Gases
   
• Sambhv Steel Tubes
   
• Indogulf Cropsciences
   
• Globe Civil Projects
   

Together, these aim to raise over ₹15,800 crore, with HDB Financial accounting for 80% of the total.

Experts recommend a selective approach. Mahesh Ojha of Hensex Securities and Astha Jain of Hem Securities both back HDB Financial for its long-term growth story, albeit with limited listing gains. Their second pick is Ellenbarrie, with Globe Civil Projects recommended only for short-term plays.

Bajaj Broking echoes similar views, calling HDB Financial their top pick, citing a diversified business model. They also back Sambhv Steel for its niche product range and fair pricing, and Ellenbarrie for its strong fundamentals.

On the flip side, Sourav Choudhary of Raghunath Capital advises avoiding Globe Civil Projects due to low transparency and instead highlights Kalpataru Projects for listing gains only, with caution.

GMP (Grey Market Premium) trends show moderate optimism:

• Globe Civil Projects: ₹15 premium (~21% pop)
   
• Sambhv Steel: 10% expected gain
   
• Indogulf Cropsciences: 10% premium
   
• Ellenbarrie: ~5% expected gain
   
• HDB Financial: GMP dropped from ₹75 to ₹50
   
• Kalpataru: GMP fizzled out completely
   

This cautious enthusiasm underlines the broader concern about inflated valuations and uncertain listing performance.

In light of HDB Financial’s lower-than-expected pricing, questions are being raised over the hype surrounding pre-IPO investments. Some early investors continue to see gains, but those who joined the bandwagon recently are staring at losses.

Radhika Gupta, a market expert, warned against overhyping unlisted shares and stressed the importance of transparent valuations and long-term vision.

Astha Jain emphasized that IPOs are no longer guaranteed pop generators. The days of massive listing gains are likely behind us—long-term fundamentals should be the primary driver for IPO investors moving forward.

While June marked a record-breaking revival for the IPO market, experts agree that due diligence and strategic selection are crucial. Investors are encouraged to focus on valuation, growth outlook, and risk appetite, rather than chasing short-term returns.

With ₹19,000 crore mobilized and more listings on the horizon, the IPO season is far from over. But for retail participants, the mantra remains: Choose wisely, invest long-term.

Disclaimer:
This article is for informational purposes only. Investors should consult certified financial advisors before making any investment decisions.