Eric Zheng, president of the American Chamber of Commerce in Shanghai, said in a statement that the organization was “concerned” by the raids. “Without proper due diligence, foreign companies will be unable to invest in new projects in China,” he said.

Capvision appears to have been near the center of the business intelligence industry. According to its website, Capvision offers a matchmaking service connecting a roster of 450,000 “experts” across various industries with clients looking for more information. It has said its clients include most of the world’s leading consulting firms, the largest private and venture capital firms investing in China, and all of the country’s biggest financial securities firms.

Officers raided several of the firm’s offices in China, including in Shanghai, Beijing, Suzhou and Shenzhen, state media said, adding that the company was not “earnestly fulfilling the responsibilities and obligations” of preventing espionage.

Capvision did not respond to requests for comment.

On Monday night, the company said on its official account on WeChat, the Chinese social media and chat app, that it would “firmly implement national security development” and take a leading role in regulating the consultancy industry.