Stock Buy first network platform: or suspected disguised public offering

"Qualified investor" standard checking willow lamp March 5, a network platform called Angelcrunch Angel sinks to "only a BP (business plan) 14 days to raise 3.35 million yuan over 34%, the domestic first successful projects are how to refine it?" "As the title, introduced this year's launch of the" fast combination "-" quick buy quality start-up company Equity "model, claiming that" Lavaradio became the first Chinese domestic investment success project, is the first single Chinese angel cast. "But unlike other networks, this is an investment in the equity category. Industry insiders said that this approach is not illegal, but there are questionable and improved places. "This is a new thing and we need strong support, but we must avoid going astray and consult the legal profession." Hu Fangzhi, Deputy Secretary-General of the China Investment Association's professional Committee on Equity and Venture Capital (hereinafter referred to as "the VC Committee"), pointed out that if improper operation, easy to evolve into illegal fund-raising, must grasp the "qualified investors" standards, to avoid the lack of risk identification and risk tolerance to raise funds. Group Buy equity mode or suspected disguised as a public offering angel in the end of 2011 online, is a help start-ups quickly find Angel investment, help angel investors find quality start-up projects of the Internet platform. Angel of the CEO Lanning 5th in an interview with this newspaper told reporters that last year, 30 projects through the Angel Exchange financing more than 80 million yuan, this year, the Angel Exchange launched a "fast combination" online mode, is currently in the testing phase. The first single project Lavaradio is a software and hardware equipment combined with the Internet environment Music Radio, the company's founder and CEO Chen Xi introduced, in the login Angel sinks, Lavaradio This product is not officially online. For this kind of equity type of network public investment model, Hu Fangzhi to reporters, "this approach from the formal view does not violate the rules." "However, the funds raised by who supervision and use is not clear, the fund-raising program through the network release, there is a" disguised public offering "suspicion, through the publication of some celebrities to participate in investment, may attract some people without risk tolerance and judgement of natural persons involved, there is a greater social risk. It is reported that angel investors cheerfully, Dai Zhou each invested Lavaradio 10,000 yuan, "angel investor Zhenggang on Weibo said, investment lavaradio and entrepreneurs without any private contact (promised to invest), is to recognize the industry, this way, this time is suitable for doing this. "But an angel founding partner said that 10,000 yuan has" fishing "meaning, using so-called celebrities to attract investors. In addition, angel sinks examples of the United States micro-media through Taobao publicly sell the company equity, but, the United States micro-media in Taobao store fund-raising has been stopped. "There are a lot of questionable questions about group buying. Tianjin Gold promises law firm partner Guo Wei introduced, the project enterprise financing is understandable, but should consider whether the behavior is suspected of violating the issue (public offering), such as whether to target not specific investors, split stock transactions, the actual investors reached 200 people. At the same time, financing intermediary to help finance, to consider whether it is to finance consultancy fees did not advertise, and even participate in product design. Based on the above considerations, Guo Wei advised investors to first judge the value of the project, such as directly with the project negotiations to fund shareholders, the risk can be controlled, otherwise it is necessary to play a question mark. At the same time, group purchase profit model is still to be broken. Lanning Introduction, the current platform does not charge fees, the first to create a market, may one day will be charged, temporarily there is no specific profit model. Beijing Blue Shi Zhi Investment Management Partnership Founding partner Gui introduced, Angel Investor's project channel mainly from the circle of friends, acquaintances and so on, such a platform will not become the mainstream model, because can not find a good profit model, but could try to do. Priority attention to the "qualified investors" standard Hu Fangzhi stressed that this mode of fund-raising must grasp the "qualified investors" standard, first of all, to the selection of investors, and secondly, can not raise funds through public channels, only within a limited range of fund-raising; Finally, the number of investors can not exceed the number of legal provisions. It is understood that the angel of the selection of investors mainly to see professionalism, past investment cases and performance, mainly institutional investors, have past investment cases of the more well-known angel investors, continuing entrepreneurs and so on. Lanning introduced, "The current audit is relatively strict, the applicant tens of thousands of, approved a few, only hundreds of." Perhaps more investors will come up later and are relatively strict at the moment. There will be a standard that is constantly being perfected. "Sunland Law firm partner Zhang Mingjo introduced, the illegal fund-raising charge is the illegal raising of stock bonds, which is an important element of collecting the object for the not specific public or the specific object accumulated more than 200 people, in the form of issuing or in the form of shareholder transfer, the issue of stock or corporate debt in disguise, without approval. Another senior lawyer who did not want to be named was advised to take two steps to circumvent the risk of raising capital to an unspecified group of people. First of all, if the site to gather money to do angel investment, investors and the site signed a FA (Finance Advisor, financial advisor) commissioned by the agreement, become a member of the Web site, investors do not know the enterprise information or not running to invest in a company, this stage can not be considered as a public offering, Because there is no disclosure to the public company information, the site is equivalent to a financial advisor, as a financing intermediary. The key is to establish the criteria for investor access, only those who have a certain risk identification and affordability can become members. The second step, the site only provides a one-to-one service obligations of the FA agreement, that is, in the future, if there is a project to meet the needs of investors to provide services separately, this time the membership is not a specific majority, the conversion into a specific person.