China tightens cybersecurity review on overseas IPOs

Proposed revisions to China's cybersecurity review process would require companies that control data of more than 1 million users to seek permission from regulators before filing for IPOs overseas. China's cyberspace authority proposed a series of revisions to the cybersecurity review rules Saturday. Why it matters: The proposal came a week after regulators launched a cybersecurity review on ride-hailing giant Didi . The changes proposed align with a recent decision from senior Party and government bodies to increase scrutiny on companies seeking overseas listing. – The revision "would make it very difficult or even impossible for Chinese internet firms to…