Business

China Targets Firms Listed Overseas After Launching Didi Probe

Wall Street has long been a bridge between China’s economic miracle and the U.S. Blockbuster listings of firms like Alibaba Group Holding Ltd. in New York emphasized China’s rising economic clout while letting American investors profit from their growth.

Now, China is proposing tougher rules to restrict such listings, highlighting the diverging visions in Beijing and Washington of the future of technology, data protection and security.

With a widening gulf of distrust on a range of issues, both Chinese and American companies could get caught in the middle.

China said Tuesday it will tighten rules for companies seeking to sell shares abroad and strengthen oversight of overseas-listed companies, moves that could hinder attempts by homegrown firms to raise money in the U.S.

The shift comes as Chinese regulators intensify scrutiny into technology companies, including Didi Global Inc., that recently listed in the U.S.

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