Tashi lhunpo monastery, Monastery in Shigatse, China

China is planning to tighten restrictions on its companies that want to list overseas, CNN reported adding that Beijing won't ban the companies from trading abroad altogether, life might be getting a lot tougher for firms hoping to score more foreign investment.This move is among the latest regulatory steps taken by China this year to tighten its grip on Chinese companies. This year has also seen a crackdown on capital, private businesses and the entertainment industry.China's securities regulator proposed late Friday that any firm that wants to go public in another country has to register with the agency first, and then meet a set of requirements set forth by government officials, CNN reported."Domestic enterprises issuing and listing overseas shall strictly abide by laws, regulations and relevant provisions on national security such as foreign investment, cybersecurity and data security, and earnestly fulfill the obligations of national security protection," the China Securities Regulatory Commission said in its proposal.It made clear that companies may be blocked from holding foreign initial public offerings if authorities deem them as threats to national security, and added that companies may be required to divest some assets "to eliminate or avoid the impact of overseas issuance and listing on national security."On Monday, the Chinese government took additional steps to explain its authority over foreign listings. Two major authorities clarified rules related to the country's "negative list," which includes sectors usually banned from foreign investment, such as publishing and telecommunication, CNN reported.Citing the statement from the National Development and Reform Commission and the Ministry of Commerce, CNN reported that companies that are doing business within the scope of the negative list should get permission from the Chinese regulatory authorities if they want to go for an IPO overseas.Foreign investors will not be allowed to participate in the management of such companies. The authorities also stressed that a single foreign investor should not hold more than 10 per cent of a company's total shares, and foreign investment overall in one company should not exceed 30 per cent.The announcements come after weeks of speculation about when and how Beijing might tighten its scrutiny over IPOs.Meanwhile, Washington has also enacted audit rules that could affect Chinese firms, a sign of continuing tensions between the United States and China.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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China is planning to tighten restrictions on its companies that want to list overseas, CNN reported adding that Beijing won't ban the companies from trading abroad altogether, life might be getting a lot tougher for firms hoping to score more foreign ...