Beijing tightens rules on foreign IPOs

Beijing tightens rules on foreign IPOs China proposed new rules that would require nearly all companies seeking to list in foreign countries to undergo a cyber security review, a move that would significantly tighten oversight over its internet giants. Companies holding data on more than 1 million users must now apply for cyber security approval when seeking listings in other nations because of the risk that such data and personal information could be "affected, controlled, and maliciously exploited by foreign governments," the Cyberspace Administration of China said in a statement on Saturday. The cyber security review will also look into…