Only a few weeks ago Didi Global staged a $4.4 billion IPO in New York.
Now it looks like the listing by the ride hailing giant could be the last of its kind.
A Reuters source says China is set to ban internet companies whose data poses national security risks from listing overseas.
Beijing said last month that it planned to strengthen supervision of all firms listed offshore.
Now the source says all internet firms wanting a foreign listing will have to apply for review by the powerful Cyberspace Administration of China.
That could prevent a swathe of firms from holding IPOs.
Though there was no comment from the CAC, and the plan is reportedly just one of the options being considered.
Even so, the news is just the latest twist in China's crackdown on its tech giants.
It has been targeting allegations of unfair competition and lax data handling.
Firms including Didi, Alibaba and Tencent have seen their share prices roiled as a result.