(Bloomberg) -- China will require technology companies seeking a listing in Hong Kong to undergo a cybersecurity review as part of sweeping new rules aimed at tightening control of information amassed by private firms.

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Prospective listings will need approval before selling shares in Hong Kong if authorities decide there is a potential impact to national security, according to a draft rule published by the Cybersecurity Administration of China, the country’s cyberspace regulator. The regulation was just one of many unveiled Sunday covering everything from takeovers to setting up overseas headquarters and transferring data across China’s border.

The listing review may cast a chill over offerings in the city by Chinese tech firms, which were counting on pivoting toward going public in Hong Kong without needing approval. American regulators have applied greater scrutiny to new listings and are moving forward with a plan to delist stocks whose auditors refuse to open their books to U.S. oversight. The crackdown could force almost $2 trillion worth of Chinese ADRs out of U.S. exchanges from 2024.

There may not be a wave of Hong Kong share sales by Chinese tech companies as some predicted months ago, said Winston Ma, adjunct professor of NYU Law School and author of “The Digital War - How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.”

AI chip firm Horizon Robotics, social media firm Little Red Book and e-commerce platform Huitongda Network Co. are among Chinese companies weighing billion-dollar Hong Kong listings after having explored going public in the U.S..

The cyberspace authority’s new rules are intended to enforce broader legislation passed in recent months that set out data security and internet privacy requirements. Beijing has made clear that the government will play a central role in the control of data and that private companies need to comply with its priorities, especially since Didi Global Inc.’s controversial U.S. listing triggered concern over sensitive information falling into foreign hands.

Large first-time offerings have almost entirely vanished in Hong Kong since early July, when Beijing announced that almost all businesses trying to go public overseas would require approval from the newly empowered cybersecurity regulator. Bloomberg previously reported China planned to exempt companies going public in Hong Kong from first seeking the approval of the cybersecurity regulator.