China’s central bank wants non-bank payment firms to report overseas IPOs

China’s central bank on Friday said that non-bank payment firms must report plans for overseas initial public offerings and other major events, the latest move in a widespread regulatory squeeze on the country’s tech firms.

The shifting regulations first scuttled a $37 billion listing planned by Alibaba fintech affiliate Ant Group late last year and extended to ride-hailing giant Didi Global earlier this month, just days after its New York Stock Exchange debut.

Non-bank payment firms should report both domestic and overseas listing plans, the People’s Bank of China (PBOC) said in a statement.

The requirement applies to payment firms with a variable interest entity (VIE) structure, which has been widely adopted by internet companies and allows them to bypass the lengthy domestic listing process and raise funds overseas.