Overseas listings: China tightens grip with review of firms with large data

China's cyberspace regulator said on Saturday any company with data for more than 1 million users must undergo a security review before listing its shares overseas, broadening a clampdown on its large "platform economy".

The security review will put a focus on risks of data being affected, controlled or manipulated by foreign governments after overseas listings, said the Cyberspace Administration of China.

China's cyberspace regulators are imposing tighter restrictions on data collection and data storage, while authorities more broadly are pushing for companies to list domestically.

Saturday's announcement will also require firms to submit the IPO materials they plan to file for review.