Chinese self-driving car technology startup Pony.ai reportedly has scrapped plans to go public in the U.S. as the Chinese government continues to crack down and regulate various sectors of the country’s economy.

Reuters reported today that Pony.ai had planned to go public through a special-purpose acquisition company in the U.S. in a $12 billion deal, but those plans have been put on hold after the company failed to gain assurances from Beijing that it would not become a target of a crackdown against Chinese technology companies.

The biggest victim to date of the Chinese Communist Party’s crackdown on tech companies has been Didi Global Inc. Didi listed on the New York Stock Exchange on June 29. and then, on July 4, the CCP ordered the removal of the Didi app from all mainland China app stores on supposed security grounds. By July 29, Didi denied reports that it was planning to take the company private to placate the CCP.

The crackdown has forced other Chinese companies to change plans to go public in the U.S. as well. ByteDance Ltd., the owner of TikTok, was reported July 9 to be going public in Hong Kong after shelving plans for an initial public offering in the U.S. earlier this year.

Though a Chinese company, Pony.ai has a range of investors from outside of mainland China. Among them are Toyota Motor Corp., the Brunei Investment Agency, Eight Roads Ventures and the Ontario Teacher’s Pension Plan. The company has raised $1.1 billion in venture capital funding, including rounds of $102 million in July 2018, $267 million on a $5.3 billion valuation in November and $100 million more in February.

Reuters noted that although the company will now seek to raise additional private funding, it still hopes for a U.S. listing in the unlikely event it receives a green light from the CCP.

The news comes as China’s State Council published a statement that it was “actively” working on legislation in all areas of national security, technological innovation as well as anti-monopoly laws.

The statement discussed strengthening law enforcement in sectors ranging from food and drugs to education tutoring. Bloomberg notes that the announcement could fuel more concern among investors following the previous crackdown on the tech sector.

One investor that is concerned is prolific tech investor SoftBank Group Corp. The company has announced that it plans to pause new investments in China until the impact of the regulatory actions against the country’s tech firms becomes clearer. SoftBank, through its Vision Fund, is an investor in Chinese companies including Alibaba Group Holding Ltd., Didi and ByteDance.

Picture: Pony.ai