The message said that May or will launch a stock-raising guidance

Abstract: A few days ago, the news said that May or will be issued the guidance of stock-raising. It is understood that the "securities law", which is being revised, some of the rules of the introduction or will have a role in promoting the stock. Earlier March 28, SFC spokesman Xiaojun said the SEC

A few days ago, the news said that May or will introduce the guidance of the public equity. It is understood that the "securities law", which is being revised, some of the rules of the introduction or will have a role in promoting the stock. Prior to March 28, CSRC spokesman Xiaojun said the SFC is conducting intensive research on the equity audience. The research is aimed at the business of stock raising. Due to a lot of types of public-chip models, different kinds of public-raised how to set regulatory standards, which departments to manage, but also need to co-ordinate the decision.

The stock-raising platform, the founder of Li Chunlin, confirmed to reporters that the SFC had gone to the company to conduct research. "The people who have come to the survey have a very detailed understanding of the rules and patterns of the stock-raising," Li Chunlin told reporters. "The specific regulatory thinking is still not a good guess, but the regulatory layer is generally supportive and encouraging attitude." ”

In fact, since 2011, as a new form of financing in China since the rise of a variety of forms of public fund-raising. Not only the book publishing public, concert, and the real estate, photovoltaic power stations and other major projects launched by the public. In addition, there are in the sensitive area of the public equity.

As the Executive Secretary of Zhongguancun Equity Investment Association, this March 4, Yin aspires to launch a public housing project in the micro-credit circle, and has been running for the project. "The number of people who have passed the review now is about 100, if not the number of people who control it, about 300." Yin aspires to say.

Innovation is endless

The so-called public chip, refers to the project sponsors to the Internet as a platform to centralize the public's funds, capacity and channels for small micro-enterprises or individuals to carry out a project or activities to provide financial assistance financing behavior.

Since 2011, the first domestic network of public-funded websites, many forms of public financing. From Alibaba's "entertainment treasure", to the network based on the micro-trust, and then to the network of public, which involves various projects of the public. and Yin determined to use micro-letter launched the "public to buy a house" by the industry is known as the domestic first public to buy a house.

Yin determined to buy a house project address selected in the Hebei province Cangzhou of the high-tech zone in the Czech Republic. According to the reporter understands, March 30, the Czech high-tech zone and Zhongguancun Equity Investment Association organized a group of interested party to participate in the building of the buyers to the Sino-Czech High-tech zone field visit.

"I know people who are involved in buying a house, and they are executives of financial or IT companies," he said. The current price is set at about 3500 yuan per square metre. However, there may be surprises in the future, we may launch 1000 yuan/square meters of the house. Yin determined to the reporter said.

As for how the public-funded housing projects to make the "middleman" profit, Yin determined that the model is still only a probe. "As intermediaries, we do not charge any fees at present, and if the pattern matures in the future, it might be another matter." Yin aspires to say.

Yin determined to buy a house project is just one of many public-funded projects. In fact, at present, there are a number of domestic development platform. According to the reporter understand, from 2011 domestic first home to raise the site "Roll Call time" was born, including chasing dream nets, the United States micro-media, angel sinks, such as a large number of public-funded sites have been online. There are analysis of the industry found that the domestic collection of sites focused on the sale of products, public goods and tickets sold, mainly for the sale of pre-sale + group buying mode. In addition, the stock-raising mode is one of the important ways of the public-raised website.

With the rise of the public-raised web site and the public financing model is more widely accepted, the financing channel has gradually become a small micro-enterprises and individuals increasingly important financing channels.

Some people in the industry said that compared to the traditional way of financing, the public is more open, whether access to funds is no longer the commercial value of the project as the only standard. "As long as the users like the project, can be through the public to get the project to start the first funds, for more businesses or creative people to provide unlimited possibilities." The industry said.

Regulatory proximity

One side is the fire, the other is the sea. In the sweep of the country at the same time, the public behind the legal risks are gradually highlighted.

Guo Qin, the executive partner of Beijing Zhongxin law firm, who is concerned with internet finance, said that at present, for the public, it is not without regulations, but the existing laws and regulations for the development of the public is bound. "such as illegal financing of the relevant provisions, criminal law on illegal fund-raising is very clear, this is the development of the public has constraints." Under the current rules and regulations, some of the innovation is easy to step on the red line, for example, for some irregular stock-raising, may be suspected unauthorized issue of shares illegal. "Guo Qin said.

The offence of issuing shares without authorization is two red lines, one is to issue shares to the public, such as public propaganda or advertising, which is not related to the number of people, the second is to more than 200 specific individuals to issue shares.

"Even if the CSRC rules, it will not exceed the current legal restrictions." "Guo Qin said.

But Yang, deputy dean of Renmin University Law School, said in an interview that there is basically no legal barrier to the current product offerings, but for large projects such as real estate, PV and other projects, because of the large amount of funds, the future needs supervision.

In fact, even product-raising has a problem of giving back to investors. For example, the film "Meimei School", a Kickstarter fundraising site in the US, was quickly put into production after raising 5.7 million of dollars. The film has promised to the vast majority of investors, will be free in the movie release "Digital Copy" of the way to give back to everyone, but many investors in the download film has encountered problems.

On the issue of capital regulation, Yin Lizhi, the sponsor of the house-buying project, said that the current launch of the property sector has not involved the issue of capital regulation. "We are paying the buyer's money directly to the seller, so there is no question of capital regulation," he said. Yin aspires to say.

As for the most likely to step on the illegal fund-raising red line of the stock, the future may also be due to the "securities law" modified to obtain greater development.

Previous news has shown that the SFC has been targeted at the stock-raising of ongoing research. As for the May regulations, reporters to the SFC April 11 to verify that no confirmation.

In accordance with the 10th article of the Securities law, the public issue of securities must conform to the conditions stipulated by laws and administrative regulations, and shall be reported by the Securities Regulatory authority under the State Council or authorized by the State Council. An open issue is one of the following: the issuance of securities to a specific object, the issuance of securities to a particular object and the accumulation of more than 200 persons, and other circumstances.

In accordance with the provisions of the company law, the number of shareholders shall not exceed 200, and the number of shareholders of a limited partnership shall not exceed 50. Yang said that the current stock of public-funded projects are generally in the form of limited partnership, that is, not more than 50 people limit.

A person involved in the amendment of the Securities Act said that in the amendment to the Securities Act, there was no word on the list, but there were signs of loosening the financing for small micro-enterprises. "The Future small micro-enterprise financing within 3 million yuan will have immunity, do not need to go to the exchange register." This will greatly promote the development of the public, especially the stock-raising. "The person said.

"There are many abuses in the domestic capital market, if the state once in the number of public distribution to open up the limit of 200 people, encourage people to enter the high-risk equity industry investment, the qualification of investors to carry out strict audit and grasp, in this case the development potential of the public can not be underestimated." "Guo Yuhai, founder of the network, said.