After the CSRC announced that the merger and reorganization was unconditionally passed, it went public in an average of 63 days. The M&A Committee of China Securities Regulatory Commission takes about 63 days on average to submit these conditions to China Securities Regulatory Commission for approval. China Securities Regulatory Commission (CSRC) is a ministerial-level institution directly under the State Council. According to laws, regulations and the State Council's authorization, it conducts unified supervision and management of the national securities and futures market, maintains the order of the securities and futures market, and ensures its legal operation. The China Securities Regulatory Commission is located in the capital, Beijing. At present, it has 1 chairman, 4 vice-chairmen, 1 secretary of the Disciplinary Committee (deputy minister level) and 3 assistants to the chairman. There are 18 functional departments, 1 inspection corps and 3 centers in the conference organ.