The roll-call time was approved by China, Intel and other millions of U.S. dollars investment in a round

Absrtact: Not long ago, the domestic public to raise the originator of the name of China, Intel investment and so on millions of U.S. dollars a round of investment, the public has again become a focus of attention. Fox June in the "Internet Financial Analysis Framework," the article mentioned that the public platform, as a mutual

Not long ago, the originator of the domestic-----------------China, Intel investment, such as millions of dollar a round of investment, the public has again become a focus of attention.

Fox June mentioned in the "Internet Financial Analysis Framework", the public platform, as an important part of internet finance, docking individual investors or non-financial institutions. It also has a peer-to-peer lending platform. In fact, Peer-to-peer lending platform is a broad platform for a wide audience.

There have been a lot of research on the platform in the world, according to a report of Massolution, the platform can be divided into four categories:

(lending-based crowd-funding): Investors invest in a project or company, obtain a certain percentage of their claims, obtain interest income in the future and recover the principal (I give you the money and you pay me back the principal and interest)

Equity (equity-based crowd-funding): Investors invest in projects or companies to obtain a certain percentage of their equity (I give you the money you give me the company shares)

Rewards (reward-based crowd-funding): Investors invest in projects or companies, get products or services (I give you money you give me products or services)

Donation (donate-based crowd-funding): Investors donate money to a project or company (you don't have to give me anything I give you)

The general public platform for each fund-raising project will set a fund-raising target, if not meet the target money will be returned to the investor account, and some platforms also support the overpayment.

Here are some related cases:

Bond public

It is not difficult to find that the debt is actually a peer-to-peer lending platform-a number of investors to the project on the loan of everyone to invest in the proportion of investment to obtain debt, the future interest income and recovery of principal. Peer-to-peer Lending Platform This topic is relatively large, generally not included in the general public talk about the narrow, so Fox June also not in this article unfolded.

Public equity

In fact, the stock of equity is not very novel things-investors in the IPO when the purchase of shares is actually a form of public equity. But in the field of Internet finance, the stock-raising mainly refers to the earlier private equity investment through the network, which is a supplement of VC.

At present, China's stock-raising sites are still relatively few, mainly for two reasons:

First, this kind of web site on the demand for talent is relatively high. The stock-raising site needs a wide network of contacts to bring angel investors/venture capitalists to their platforms; The site also needs to do initial due diligence on the project, which requires them to have their own team of analysts, as well as a legal team that understands venture capital-related laws to help investors set up partnerships and post-management.

The second is the Matthew effect of this kind of website, namely the strong stronger weaker the weaker phenomenon. Investors like to gather to the same place to find the right investment goals, when the site brings together a group of outstanding investors, financiers are naturally flocking. So the original fire on the site more and more fire, the flow of flat sites are struggling. At present, the largest stock-raising website Angel sinks to the middle of November 13 has been for more than 70 enterprises to complete more than 750 million yuan investment (according to both the investment and financing each charge 5% commission, not counted on the carry, Angel sinks have earned 75 million, of course, not excluding large deal will be discounted). And another site everyone cast (formerly known as The Angel Network), as at the end of 13, only a few 4 enterprises successfully raised to 2.5 million yuan. Of course, this also has the Web site's UI, operating team and other factors around the flow, but the fox June think more is the impact of Matthew Effect.

Here also have to mention that we cast an innovative product-cast pay, cast pay in fact, the principle and Alipay guarantee transactions are similar.

The dark arrow is the equity, the light arrow is the money.

1 investment funds entrusted by Xingye Bank Shenzhen South New branch

2 Investors subscribe to the fulfilment of the money into the Societe Generale bank custody account

3 to help set up a limited partnership, investors have limited partnership shares by the proportion of capital contribution

4 Societe Generale to transfer the first batch of funds to the limited partnership

5 When the limited partnership obtains funds from Societe Generale, it invests the capital into the enterprise and obtains the corresponding equity

6 The funds managed by Societe Generale will be transferred to the limited partnership in batches, and investors can decide whether to continue the investment according to the project situation before each transfer.

7 If investors decide not to continue to invest, the remaining funds will be returned to investors, investment funds and equity situation does not occur other changes

Investors are free to choose whether they want to be general partners in a limited partnership (Partner, GP). Here in the popular Science VC/PE inside the GP and LP (2¥q Partner, limited partner), LP is the person who pays, GP is the manager of VC, the usual collection of management fees and carry.

In the future, there are still a lot of entrepreneurial opportunities in the stock-raising website. At present, the market is less competitive, if entrepreneurs can seize a vertical area to develop a new equity platform, you can also share a piece of soup.

Repay the public

There will always be the comments of the Internet finance to say that the essence of the public is to buy, the same, only the concept of speculation. This sentence is not entirely wrong.

The return of the public is generally referred to the pre-sale category of public financing projects, group buying nature included in this category. But group buying is not a return to the whole of the public, and the return of the public is not a public platform for all the site.

The main difference between the traditional concept of group buying and the public reference to the payoff is the stage of the development of the product/service to raise funds.

Return to the public refers to is still in the research and development of the design or production phase of the product or service pre-sale, group buy more refers to has entered the sales phase of the product or service sales. The rewards are faced with the risk that products or services cannot be delivered on schedule.

The purpose of the return of the public and group purchase is not the same: the return of the public is mainly to raise operating capital, testing needs, and buy mainly to improve sales performance.

But the two in the actual operation does not have the clear boundary, usually buys the website also to engage the class to raise the pre-sale, the public raises the website also to initiate the group buying item. To give a chestnut, the return of one of the platform for the public to raise the network in the earlier on the introduction of a group buy Maotai project ...

Donate to the public

(The author of the public good knowledge, in order to get a clear donation to the public, they also interviewed a good friend to do the public good. The following words doped their own quite a lot of ideas, if there are improper places, but also hope that the community's advice. ）

In fact, such as the Red Cross NGO's online donation platform can be regarded as the embryonic form of donations: people who need to apply by himself or others, NGOs do due diligence, confirmed the situation, the NGO launched the project on the Internet, from the public to raise money.
If traditional NGOs are not included, there are only a handful of pure donors in China.

There was a college student in the middle of last year who consulted me about the feasibility of giving donations in China. I had two main concerns:

First, the Chinese distrust of each other will greatly improve the audit cost of each project, which requires the donation of the platform itself has a strong offline team.

Of course, can also choose to outsource the audit procedures to third parties, such as Sina Weibo's micro-public welfare, the project is mainly sponsored by Third-party NGOs, confirmed, claimed.

Second, the legal framework is still not perfect, individuals and enterprises to the public fund-raising laws and regulations in various provinces of the city are different.

I think the donation platform has three ways to operate:

First, the user initiated the public donations, but according to the "People's Republic of China Public Welfare Donation Act" individuals to the public donations are "illegal." However, personal public offering is not "illegal". There are often grey areas in the middle of "unlawful" and "illegal". Tencent, for example, has a project that uses personal relationships in a circle of friends to raise donations for people who need help.

The second is to set up a public offering foundation in accordance with the Foundation Management Ordinance, instead of a party with funds needs to raise donations to the public. However, the application threshold of the public offering foundation is higher, which is said to be very difficult to obtain.

The third is a more reliable point, that is the micro-public welfare model. By the NGO who has public offering qualification to initiate, confirm and claim, the donation platform only acts as a pure platform. Tencent also has a similar model of products (Tencent Public welfare under the "Le Donation").

Apart from the public good, there are other possibilities for donations. For example, the United States passers-by a version of the community crowdtilt. You can use this platform to achieve or help others achieve a wish, such as a luxurious trip, a happy wedding and so on. Of course, in China, where per capita disposable income is lower, the size of this model will be limited by a lot of ideas like "I'm not enough to spend".

2014, how will these four kinds of public-funded websites develop in China? Let's wait and see!