China signals wider clampdown on overseas listings after Didi IPO

Rules for overseas listings will be revised, China’s State Council says, and publicly traded firms will be held accountable for keeping their data secure.

China issued a sweeping warning to its biggest companies, vowing to tighten oversight of data security and overseas listings just days after Didi Global Inc.’s contentious decision to go public in the U.S. While the statement from China’s State Council on Tuesday was thin on details, it suggests Beijing is preparing to intensify a crackdown on its corporate sector that has spanned everything from property debt and fintech to antitrust issues and now cybersecurity. Rules for overseas listings will be revised, the State Council said, while publicly-traded firms will be held accountable for keeping their data secure. China also said it will step up its regulatory oversight of companies trading in offshore markets.