Modern crowdfunding refers to issuing fundraising projects and raising funds through the Internet. Compared with traditional financing methods, crowdfunding is more open, and whether to obtain funds is no longer based on the commercial value of the project. As long as it is a project that netizens like, they can get the first fund to start the project through crowdfunding, which provides unlimited possibilities for more small-scale operators or creators. For example, crowdfunding in JD.COM, crowdfunding in Europe and crowdfunding in Taobao.

Compared with public offering, private placement refers to the sale of shares by a small number of qualified investors (usually less than 35), which can avoid the registration procedure with the US Securities and Exchange Commission (SEC). Investors should sign an investment statement, and the purpose of buying is to invest, not to sell again.

Direct investment is the equity investment of brokers, which invests in the equity of non-listed companies that brokers think are excellent in order to obtain the investment income after listing in the future, or the investment income obtained from equity transfer, similar to private equity investment funds.

Venture Capital (VC for short) is a conventional concept with specific connotation in China, but it is more appropriate to translate it into venture capital. Venture capital in a broad sense refers to all investments with high risks and high potential returns; In a narrow sense, venture capital refers to the investment in the production and operation of technology-intensive products based on high technology. According to the definition of American National Venture Capital Association, venture capital is a kind of equity capital invested by professional financiers in emerging, rapidly developing enterprises with great competitive potential.

Initial public offering (IPO): refers to the first time that an enterprise or company (joint stock limited company) sells its shares to the public (IPO refers to the way that a joint stock company makes an initial public offering to the public).