China's securities regulator proposed tightening rules governing Chinese companies listing abroad on Friday, which it said would improve oversight while allowing firms to continue to do so.

       The China Securities Regulatory Commission (CSRC) said on its website that it proposed establishing a new framework for overseas listing of Chinese firms. Overseas IPOs have provided an alternative source of capital for Chinese companies in the past and a New York listing has been seen as a badge of honor for many.

       Beijing has been examining ramping up supervision of overseas listings since the $4.4 billion initial public offering (IPO) of ride-hailing giant Didi Global Inc and the proposals on Friday were not as stringent as some had expected.

       Chinese firms have raised about $12.8 billion in US listings in 2021, according to Refinitiv data.

       (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)