Beijing won't ban them from trading abroad altogether, but life might be getting a lot tougher for firms hoping to score more foreign investment, reports CNN.

China's securities regulator proposed late Friday that any firm that wants to go public in another country has to register with the agency first, and then meet a set of requirements set forth by government officials, the American media outlet reported.

"Domestic enterprises issuing and listing overseas shall strictly abide by laws, regulations and relevant provisions on national security such as foreign investment, cybersecurity and data security, and earnestly fulfill the obligations of national security protection," the China Securities Regulatory Commission said in its proposal as quoted by CNN.