Beijing wants cybersecurity reviews on foreign IPOs by tech firms

China's process for approving initial public offerings (IPOs) in foreign capital markets will require an additional layer of oversight, as the cyberspace regulator is being formally inserted into the procedures, according to draft rules proposed by the Cyberspace Administration of China (CAC). Technology platform companies that possess the personal data of at least 1 million users must apply for a review by the Cybersecurity Review Office, a group backed by 12 powerful Chinese ministries, if they plan an IPO in a foreign market, according to a draft of the updated version of Beijing's Measures for Cybersecurity Review published on Saturday,…