By Wang Peng and Chen Shaozhu King&Wood Mallesons’ Securities Group
The potential for the development of equity-based crowd-funding under the current legal framework
Similar to P2P lending (peer-to-peer lending), equity-based crowd-funding is a kind of public capital raising. Equity-based crowd-funding is a collective effort to provide finance in support of third party projects with a certain portion of equity as reward, incentivizing investors by allowing them a piece of the pie in a budding startup. Crowd-funding is the practice of raising money from the public and is subject to relevant laws governing fundraising, such as The Securities Law, the Criminal Law and various interpretations and opinions on the handling of criminal cases involving illegal fundraising (Fundraising Regulations) by the Supreme People’s Court and other organs. Equity-based crowd-funding generally involves the transfer of equity in corporations, and is also regulated by the Corporate Law and other relevant regulations. Continue Reading Equity-based Crowd-funding and its Supervision in China Today
2015年3月31日，最高人民法院公布了四个典型案例，其中包括“沙港公司诉开天公司执行分配方案异议案”。本案中，法院借鉴了美国“深石原则”，首次确认出资不实的股东对公司的债权劣后于公司外部债权人的受偿顺位。深石原则作为制度移植，有其适用条件，也有其合理限度，应综合考量。
On November 14, 2014, China Council for the Promotion of International Trade revised and adopted the China International Economic and Trade Arbitration Commission Arbitration Rules (2015) ( the “2015 Arbitration Rules”), which revised the China International Economic and Trade Arbitration Commission Arbitration Rules (2012) ( the “2012 Arbitration Rules”, effective as of May 1, 2012). The 2015 Arbitration Rules shall go into effect as of January 1, 2015. 
