Private equity financing is divided into three stages. The first stage includes seven steps: 1. First, the enterprise signs a service agreement with the investment bank (or financing consultant). 2. The investment bank immediately set up a full-time team with the financing enterprise to prepare professional private equity financing materials. 3. Investment banks and enterprises set target valuations for enterprises. 4. Prepare private financing materials. 5. The investment bank will send PE financing materials to several companies at the same time and discuss the financing problems of the project with them. 6. Under normal circumstances, investment banks will answer the first round of PE questions instead of enterprises and communicate intensively on these issues. 7. Select a few most suitable investors. The second stage consists of five steps: 1. Arrange face-to-face talks between PE partners and company bosses. 2. Field trip 3. Letter of intent for investment. 4. Investment banks will negotiate private equity investment funds with their bosses to help them get the best prices and terms. 5. The boss decides which private equity investment funds to accept and signs the investment letter of intent. The third stage includes three steps: 1, due diligence. 2. After due diligence, make and send the final investment contract of PE. 3. After the final contract is signed, the funds will be transferred to the company account within 15 working days. Interpretation of Several Issues Concerning the Specific Application of Law in the Trial of Criminal Cases of Illegal Fund-raising Article 4 Whoever commits the acts listed in Article 2 of this Interpretation by fraudulent means for the purpose of illegal possession shall be convicted and punished for the crime of fund-raising fraud in accordance with the provisions of Article 192 of the Criminal Law. Illegal fund-raising by fraudulent means can be regarded as "for the purpose of illegal possession" under any of the following circumstances: (1) After fund-raising is not used for production and business activities, or it is obviously disproportionate to the scale of fund-raising, so that the fund-raising cannot be returned; (two) wantonly squandering fund-raising, so that the fund-raising can not be returned; (3) fleeing with funds; (4) The funds raised are used for illegal and criminal activities; (5) Evading, transferring funds, concealing property or evading the return of funds; (six) concealing or destroying accounts, or engaging in fake bankruptcy or bankruptcy to escape the withdrawal of funds; (seven) refused to account for the whereabouts of funds, to escape the return of funds; (eight) other circumstances that can be identified as the purpose of illegal possession. The purpose of illegal possession in the crime of fund-raising fraud should be determined according to the situation. If part of the illegal fund-raising behavior of the actor has the purpose of illegal possession, the fund-raising involved in this part of illegal fund-raising behavior shall be convicted and punished for the crime of fund-raising fraud; If the center of the crime of illegal fund-raising has the purpose of illegal possession and other actors have no intention or behavior of illegal possession of fund-raising, the actor with the purpose of illegal possession shall be convicted and punished for the crime of fund-raising fraud.