China’s homegrown tech giants confront insurmountable obstacles when listing abroad, as the Communist Regime has stepped up efforts to control them, says a China expert. Li Hengqing, a scholar at the Washington Institute for Information and Strategy, said the proposed scrutiny of all offshore listings was aimed at stopping companies’ data, and more importantly, money from flowing abroad. On July 10, China’s cybersecurity regulator announced it would review plans by homegrown companies before they seek initial public offerings (IPO) in foreign countries, if they have the data of over 1 million users. According to the draft of the new rule, Cybersecurity Review Measures, the Cyberspace Administration of China (CAC) said policing overseas listings was to prevent companies’ data from being “affected, controlled, or malicious exploitation” by foreign governments. This move follows new guidelines unveiled by China’s State Council on July 6. The rule instructed watchdogs to improve cross-border cooperation over …