HONG KONG/BEIJING – China’s cyberspace regulator approved new guidelines Wednesday. This will be required for internet companies in China to raise funds or invest, according to sources.

Cyberspace Administration of China proposes the following requirements ()Any platform company that has more than 100,000,000 users and generates more than 10 million yuan ($1.58 trillion) annually, will be eligible, the officials said.

According to sources, any company that is involved in the sector on China’s National Development and Reform Commission’s negative list last year must also apply for approval.

As the information wasn’t yet publicly available, sources refused to give their names. A Reuters inquiry for comment was not answered by the CAC immediately.

China’s assertive regulators are now implementing the proposed rules. These regulations were created in response to the growing independence of China’s Internet companies.

CAC released a set of new rules for platform companies that have more than one million users. They require them to pass security inspections before they are allowed to list abroad.

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