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Is "crowdfunding" illegal fund-raising?
This should be judged according to the nature of crowdfunding. Crowdfunding may be illegal or legal.

Crowdfunding and illegal fund-raising operate in different ways. Crowdfunding is a new form of economic operation. Release information from project launch, market positioning, crowdfunding plan release, product research and development, product production and other links. Openness and transparency are the core values of crowdfunding, but the information disclosed by the sponsors of illegal fund-raising projects is very limited. They follow the protection of trade secrets, and people who participate in equity investment generally need to sign a confidentiality agreement to participate in the project. Even public companies such as listed companies generally only disclose information about major business activities, related transactions and other activities, and many of them make announcements afterwards through annual reports and semi-annual reports, which is not timely enough.

Their behavioral characteristics are different. Illegal fund-raising refers to illegal absorption of public deposits or disguised absorption of public deposits. It refers to the act of absorbing funds from the public (including units and individuals) or absorbing funds in disguised form in violation of financial management laws and regulations, and promising to repay principal and interest or pay returns in the form of money, kind or equity within a certain period of time.

It is also believed that the purpose of financing should be used to judge whether it constitutes the crime of illegally absorbing public deposits. If the financing purpose is used for normal production and business activities, it cannot be characterized as the crime of illegally absorbing public deposits. The crime of fund-raising fraud refers to the act of illegally raising funds by fraudulent means for the purpose of illegal possession, and defrauding a large amount of funds. Equity crowdfunding is most likely to commit the crime of issuing stocks and corporate bonds without authorization. The standards for filing and prosecuting this crime are:

(1) The issuance amount is more than 500,000 yuan;

(2) Although the above-mentioned amount standard is not met, the unauthorized issuance causes more than 30 investors to buy stocks, companies and corporate bonds;

(3), can not be repaid in time;

(four) other serious circumstances; In fact, when the crime of issuing company stocks and corporate bonds without authorization was introduced, new economic forms such as crowdfunding had not yet appeared. This crime aims at maintaining the order of financial management. Its legal conflict with equity investment is that equity investment is an investment behavior, and investment may have gains or losses. There are limited exit channels before listing. According to the spirit of the company law, we should tide over the difficulties with the company. If the sponsor or company is forced to buy back under the loss of the company, this will undoubtedly increase the financial pressure of the issuer or company.