The Legal Analysis Of "the First Case Of Equity Crowdfunding" In China

In recent years,with the active support of “Internet+”action plan and a series of inclusive financial policies,The Internet economy as one of the new economic form got rapid development.Equity crowdfunding as an innovative financing model in the field of Internet finance,it has won the favor of capital market with its low-cost,high efficiency and convenient financing advantage.Although a series of relevant policy documents introduced over the past two years have reflected the attitude of encouraging and supporting the development of the Internet financial model in China,most of these documents are policy guidance or industry self-discipline documents.the level of effectiveness is low relatively.Which has a limited role in regulating the development of equity crowdfunding.At present,China has not yet set out the specific laws,administrative regulations and departmental rules and regulations about the equity crowdfunding,as the lack of regulatory regulations and the limitations of the existing laws,so that the development of China's equity crowdfunding encountered many legal obstacles,it can easily lead to the relevant criminal,administrative and civil disputes in the reality.In the current situation that China lack of regulatory regulations in the field of equity crowdfunding,the Beijing Haidian District court accepted the first case of equity crowdfunding involving civil disputes,parties are both accusing each other breach of the contract,the crowdfunding institution claim that financing side's information disclosure is not true,the financing side pointed out that the crowdfunding institution conducted the financing platform and the number of investors are illegal.How the court referee about the called "the first case of equity crowdfunding " has aroused widespread concern in society.The case involved a number of important legal issues related to equity crowdfunding,including to get appropriate legal evaluation of the trading rules about equity crowdfunding currently,Such as the way to raise funds,the number of investment subjects,investor protection and so on,as well as the distribution of the legal relationship between the parties to the transaction,the distribution of rights and obligations.these issues require careful examination by the court,especially at the beginning of the case,The People's Bank of China and other 10 ministries jointly issued "on the promotion of the healthydevelopment of Internet financial guidance"(hereinafter referred to as "guidance"),for the first time in the official document to clarify the basic positioning of equity crowdfunding.under such a circumstance,how to make a lawful and reasonable judgment of the case under the existing legal framework system and regulatory policy requires careful handling by the court.There is no doubt that,as China's first case of equity crowdfunding,the results of the referee in the case are not only important for the subsequent formation of relatively scientific crowdfunding casesl justice rules,but also for the future development of equity crowdfunding will have a certain role in guiding.In this paper,“the first case of equity crowdfunding” in China is taken as the object of study,through the legal analysis of the focus of the case and the analysis of the results of the case,and then to consider the legal construction of China's equity crowdfunding.It is divided into three parts:The first part is the basic introduction about the case.The second part is the legal analysis of the focus of the case.This section mainly with equity crowdfunding regulatory logic and business logic to explain the analysis of the focus of controversy.The third part is some thoughts on the legal construction of China's equity crowdfunding.This part mainly includes the analysis of the current legal obstacles and legalization of China's equity crowdfunding,the change of the supervision of the equity crowdfunding.Finally,put forward some suggestions combining with the comprehensive revision of the securities law in China.