The Research On The Legality Of Public Offering Of Equity Crowdfunding

In the past few years with the rapid development of internet technology,equity crowdfunding is a new way for finance.It has "small,open,public" features,the purpose of this creation is to solve the small micro-enterprise financing difficulties,narrow financing channels,while increasing the use of social idle funds efficiency.However,its contradiction with the "Securities Law" Article 10 of the provisions about the public offering system.The judgment of “Ren Ren Tou” case solves the legality of equity crowdfunding in the judicial trial,so that it does not affect the contractual relationship with the trial.In addition,other accepted way of equity crowdfunding is that the establishment of a small public offering exemption system,or redefining the meaning of “securities” in new legislation.Combined with the latest "Securities Law" draft,this paper argues that the functional definition of "equity participation" should be determined in the new "Securities Law",and on this standard,a multi-dimensional "unspecified object" criterion should be established.