China looks to impose new restrictions on offshore listings by firms in sectors that are off-limits to foreign investment, Bloomberg reports . Curbing VIEs from foreign listings would close a gap abused for two decades by technology giants from Alibaba Group Holding Ltd (NYSE: BABA ) to Tencent Holdings Ltd (OTC: TCEHY ) to sidestep restrictions on foreign investment and list offshore. The structure allows a Chinese firm to transfer profits to an offshore entity registered in places like the Cayman Islands or the British Virgin Islands with shares that foreign investors can own. Related Content: More Trouble For Alibaba…