US micro-media fundraising is behind the call: Is it feasible in China?

Sina technology Tracy through the online sale of the original equity and the uproar of the United States micro-media, and finally by the SFC to stop the way the end of such a "farce": The United States yesterday to publicly admit not to have the main conditions of public offerings, refund through Taobao and other open channels to raise money. The High-profile "Hawk-style" approach to financing raises the question of whether or not it is illegal to raise money, making the company's eyeballs and concerns even higher than the start-up's own business-producing distribution programs.　　And in such a suspected "hype" behavior, the United States micro-media successfully financed 3.87 million yuan, in accordance with the requirements of the SFC need to refund only 380,000 yuan. Why do you know there is legal risk, the United States and micro-media also have a tightrope line? Zhu, founder of American micro-media, says many entrepreneurs have this idea of open finance, but there are few who actually do it and he wants to try.　　On the other hand, the traditional introduction of investment for a long time, as a start-up of the need for money to start projects, this way gives him the opportunity.　　Although the SFC in time to stop the United States micro-media behavior, but did not severely punish, the United States micro-media success to obtain attention and funds, but let "public" this concept overshadowed, in the end this way in China is feasible? The United States micro-media farce yesterday through the Micro-blog issued a statement, said recently has been on the issue of open financing and the SFC to communicate.　　It admits that January 18 this year began in Taobao to sell membership card to raise money behavior is not appropriate, because at this stage of the U.S. micro-media as a "limited liability company", and therefore does not have the main conditions of public offerings. "We obey the SFC's decision and have begun to return the proceeds in an orderly manner through such channels as Taobao."　　Zhu to Sina Technology, said that the United States micro-media has been financing about 3.8 million yuan, which with the SFC to verify the need to refund Taobao channel funds about 380,000 yuan, has been refunded 200,000 yuan, and about 180,000 yuan is still in the refund.　　The incident resulted from the beginning of this year the United States micro-media in Taobao shop "US-Micro membership card online Shop" sell membership card, buy a membership card is the purchase of the original stock, the unit voucher for 1.2 yuan, the minimum subscription unit is 100, only need to spend 120 yuan under the single can become a holding of the United States Micro 100 shares of the This incident has led to in-depth discussions in the legal and Internet sectors, some legal people believe that in accordance with the company law, limited liability companies can not exceed 50 shareholders, can only carry out the way of holding shares.　　At the same time, under the provisions of the Securities law, the issuance of securities to a specific object, or the issuance of securities to a specific target more than 200 people, is a public hairstyle, which needs to be approved by the securities regulatory authorities. Zhu to Sina Science and technology, the relevant departments have with the United States micro-media conducted 4 conversations.　　Last time he went to the SFC, the SFC made three requests: the first is no longer through the network distribution, the second is to protect the interests of existing investors, the third is to report the operation of the company on a regular basis. However, the SFC did not impose severe penalties on the United States, but chose to "soft treatment": The United States micro-need to publicly release the statement, and then Taobao refund。 "The SFC wants us to restore social impact, and they are standing in the direction of industry regulation, fearing that if they do, the market will have problems."　　"Zhu said. Whether this is an "illegal fund-raising", Zhu that "no one can be qualitative."　　Zhu said the company's lawyers had made clear objections to the idea of public financing at the earliest, but because of Zhu's insistence and repeated polemics with lawyers, the lawyer tried to help him avoid obvious problems, "both the client and the seller's legal documents are legal." Why do we have to adopt such a risky financing method? Zhu replied that there are two points, the first is that the U.S. micro is to do the media industry, if the introduction of more social investors, is conducive to the future distribution of programs and concerns.　　The second program as soon as the launch of the need for initial funding, and investment institutions to negotiate a long time, the United States through this "hawking" Way 1 months to complete less than more than 3 million yuan of financing.　　According to Zhu, at present, the United States micro-media has three programs have been produced to the late, and become the "entrepreneur" magazine Black Horse Competition Partners, and this high-profile financing also allows many of the traditional industry of individual investors to become the United States and a named investor, "fame and fortune."　　The rise of the public in the Internet and the legal industry to explore the United States micro-media events, often referred to a word "public chip."　　Public data show that the crowdfunding originated in the word "foreign", which originated in the April 2009 on the American public funding website Kickstarter, the Web site through the establishment of a network platform to face public fund-raising, so that the creative people get the money they need.　　This model breaks the traditional financing model, and every ordinary person can obtain the necessary funds through the public raising mode, engage in some creation or activity, make the financing source no longer limited to the rigorously, but may originate from the public.　　In order to circumvent the risk of "illegal fundraising", such sites are not allowed to return in the form of equity, bonds, dividends, interest, and cash, and a financing project returns investors in the form of products or other gifts, while platforms such as Kickstarter draw a 5% commission. Kickstarter public data show that in 2012 it provided a total of 319 million U.S. dollars, and from the category, the game project to obtain the largest investment of 83 million U.S. dollars, film and video projects to raise nearly 58 million U.S. dollars ranked second.　　These creative projects include smart watches, home, iphone casings and bicycle accessories. And Kickstarter also began to face embarrassment, such a goal defined as the "realization of the Dream" platform, in the real development process has become a "pre-sale platform" (which is also related to the form of return), because in the Kickstarter can buy a cost-effective, unique personality of creative products,　　Many investors regard Kickstarter as a "shopping mall", and most projects are progressing much slower than expected, and the contradictions between investors and the project are soaring. This makes kickStarter had to stress in the latest official podcast (video-sharing) that Kickstarter is not a store and that support projects are not the same as shopping in supermarkets, "What we're going to do is a new way for creators and supporters to create things together."　　"Of course Kickstarter in China there are many imitators, such as the May 2011 in Beijing set up the" roll-call time ", basically completely copied the Kickstarter model, but two years later, and the United States" public "site's high popularity, roll-call time has been developing tepid.　　is the "public chip" model suitable for China?　　China's evolution in the competitive Chinese Internet industry, if the past few years without the scale of development, the future will usually be very difficult, roll-call time to face such embarrassment, and the most fundamental cause of embarrassment is that the creative industry in China immature. Financial expert Shizhi has pointed out that the gap between China's creative industries and the United States is still large, and there is no complete commercialization process.　　On the other hand, China's protection of intellectual property is not as good as America's, and investors tend to value it more, and more importantly, China's trust is far less than in the US, especially among strangers.　　According to Sina Science and technology, there are some differences within the roll call time, some founders want to stick to the U.S. model to do creative projects, and some founders want to be able to combine with the actual business, such as the vertical industry such as clothing design projects. "China does not have so many good ideas, roll-call time does not want to make a public platform, Kickstarter completely in China is not mature, it is difficult to be a large company."　　"Call-time employees to the Sina technology," said. However, in the Internet entrepreneurship industry, the concept of "public-chip" has been given a broader extension-let the private idle funds into the start-up enterprises.　　However, because of the funds involved, the concept of "public financing" is very easy to be linked with "illegal fund-raising", but also the key to the controversy caused by the United States. Good investment net founder Hu Cai and believes that to determine whether illegal fund-raising needs to look at two key elements, first, whether to promise expected return, second, whether for the non-specific majority of people raised. If you do not promise to report, but let the risk of its own, and the number of shareholders in advance, it is possible to legalize the "public". "The people who have the investment intention to gather together, and then decide not to vote, there have been a lot of attempts abroad."　　"The household only then said. One of the most widely circulated cases in the circle is that a longtime veteran in the industry plans to start a business, about 40-50 people sent notice and letter of intent, of which more than 20 people interested, so he in 2 weeks to gather 500,000 yuan, sold 10% shares, and then start a business.　　In Beijing Zhongguancun, some of the "amateurs" nature of the café model is similar to the public: sponsors out a certain amount, and then acquaintances circle in the interest of capital, according to the proportion of the contribution of shares. But even if it can be legalized, it is still hard to develop a "public chip" in startups. Hu Cai and think there are two reasons:The first is the misunderstanding of "illegal fund-raising" by the outside world. Second, China has long been a lack of integrity, angels and VC even if the investment is a small shareholder, and the public funds may not even 1% shares, how to guarantee not to be cheated and gain benefits, to the investors is a big challenge.　　Hu Cai and thinks, especially to the United States micro-media such farce, will let the development of the public to be overshadowed. "But this model is a process of professional investment towards popularization, which has great potential in China." "The household only then said.　　In fact, there are already a number of ways to start to concentrate idle funds on start-ups and small and medium-sized enterprises, such as the recent hot Peer-to-peer network lending platform, that is, through the Web site to the need for funds and people with idle funds linked. However, because of China's private lending culture has been booming, peer-to-peer lending model is easier to understand, and the public to raise this investment is a little ahead of idle funds. "For example, the Chinese concept of shares is not clear, at the same time, there is no good understanding of valuations, the public is difficult to have large-scale development in the short term, the current feasible is the ongoing trial of small-scale experiments." "The household only then said.