The fastest-growing domestic equity audience June legislation

Absrtact: The domestic stock-raising has been experiencing the brutal growth, is ushering in the regulatory moment. Tencent Science and technology learned that the SFC in recent days in Beijing, Shanghai, Shenzhen and other research, for the June may be announced in the stock-raising management methods to prepare. This afternoon, the Commissioner

The domestic equity audience is facing a regulatory moment after a brutal growth. Tencent Science and technology learned that the SFC in recent days in Beijing, Shanghai, Shenzhen and other research, for the June may be announced in the stock-raising management methods to prepare.

This afternoon, the SFC in Beijing organized a meeting of the industry, the participation of officials including the Securities and Futures Commission innovation Business Supervision Department deputy director Wang Ou, Law department, Zhang and deputy director of Zhongguancun Management Committee Jianhua.

The enterprise includes the network letter finance CEO Cheng, the net letter finance Vice Chairman Li, the Angel remit CEO Lanning, the excellent investment net founder Derrihone and the naming time and so on the public raise industry related responsible person.

People familiar with the matter to Tencent technology, the whole meeting time up to 4 hours, the SFC is mainly to the various enterprises to ask the industry to meet the challenges of development, the next supervision of the view, and the future may give the stock to plan a red line.

The SFC hopes to support the development of the stock-raising industry, but does not want the equity sector to raise another peer-to-peer industry, causing unnecessary social problems such as runaway. "The stock-raising industry is developing rapidly and the SFC is pressing for urgent legislation," said the source. ”

The SFC hopes to establish a safe entry threshold for the stock-raising industry, cutting the entire financing chain into several different parts, namely Angel Investment, VC Investment, PE investment, and the part of the grassroots entrepreneur.

One industry source pointed out that the SFC does not want to cover the entire financing chain, may set a limit on the amount of public funding.

This policy of the SFC may have a greater impact on the angel sinks, the Angel services cover the entire financing chain, if the policy is truly implemented, angel sinks may need to split part of the business out, to avoid unnecessary policy risks.

Network letter Finance has long been the stock of equity and non-shareholder planning, its stock-raising platform for the original, the Non-public equity platform for the public to raise the network, each platform positioning is relatively clear, the impact is relatively small.

Call TIME Business cooperation Director Lippett mentioned that the current roll time is more positioning into a new intelligent hardware to launch the platform, but no longer emphasize itself is a public-raised web site, the stock-raising model is not too suitable for the development model of roll-call time. In response, the SEC officials responded that after the implementation of the equity laws and regulations, regardless of what the public-funded websites think they are, everything is implemented in accordance with the new policies and regulations.

The most likely impact on the various home sites is the capital limit. Analysts said that if the SFC rules for the largest number of shareholders can only be tens of millions of projects involving tens of millions of of the project will not be involved.

The domestic stock-raising platform has more than 15, there are several still in preparation, has been under the "legality" question. Equity public fund-raising to not specific groups of public funds, to dividends in return, easy to encounter illegal fund-raising high-voltage lines.

According to the people involved in the meeting, the SFC hopes that after the entry of the threshold of equity, it will not only promote the healthy development of the public sector, but also set a threshold to crack down on illegal fund-raising and money-laundering, so that the stock-raising companies can really serve the grassroots entrepreneurs.

The popularity of the public is rooted in 2008, 2009, the online U.S. website Indiegogo and Kickstarter, the original intention is to help those who lack funds to achieve their dreams. When the enterprise to sell shares of the way to achieve the collection of funds, the stock is completed.

The Securities and Futures Commission has been giving recognition to the domestic equity audience. Prior to the Securities and Futures Commission spokesman Xiaojun said that the stock-raising model has a positive significance, the SFC is on the stock-raising model of research, will timely release guidance to prevent financial risks.

Xiaojun said that the equity public financing is a concern, the SFC that the model for the expansion of small and medium-sized enterprises financing channels have a positive significance. This is the first time since March this year, the SFC evaluation of the stock-raising model.

Of course, the stock-raising in the acquisition of support, while still unable to circumvent the current "company law" and "securities law" restrictions. The company law requires that the number of shareholders in unlisted companies should not exceed 200, and that the number of shareholders of limited liability companies shall be no more than 50.

The Securities Act stipulates that the Act of issuing securities to "a particular object" and "issuing more than 200 persons to a particular object" is a public issue of securities that must be approved by the SFC and underwritten by the securities company.

According to people familiar with the matter, the SFC in Shanghai is being drawn up in the management of the shares of the public to seek advice from the industry. "The symposium was also discussed under the broad framework of" shareholder size limited to 200 people, non-public offerings. " ”