China Securities Regulatory Commission

The China Securities Regulatory Commission (CSRC) is China's national securities regulator. Per a 2024 article by 暗涌Waves, Zuo Ding, who later became a leader at Shenzhen Capital Group, joined the CSRC in July 2000 and held multiple posts including deputy division chief of the overseas listings division in the international cooperation department, deputy commissioner of the Shenzhen securities regulatory bureau, and other enforcement and supervisory roles .

In its regulatory capacity, the CSRC has taken several measures affecting venture capital and public markets. In August 2023, it announced a temporary tightening of IPO pace to promote dynamic balance between investment and financing ends, which reduced monthly listings across Shanghai, Shenzhen, and Beijing exchanges by about 20 companies per month in the following year, according to financial media outlet Daxiang IPO . By the 2025 Two Sessions, the CSRC signaled support for listing quality unprofitable tech companies and the prudent resumption of the STAR Market's fifth set of listing standards, aimed at better integrating technological and industrial innovation . In April 2024, the CSRC also issued five measures to facilitate capital-market cooperation with Hong Kong, supporting qualified mainland industry leaders to list in Hong Kong .