Legal analysis: 1. The sponsors of start-up enterprises or projects submit project plans or business plans to the crowdfunding platform, and set the amount to be raised, the proportion of transferable shares and the raising period; 2. The crowdfunding platform reviews the project plan or business plan submitted by the fundraiser, and the scope of review specifically includes but is not limited to authenticity, integrity, enforceability and investment value; 3. After the crowdfunding platform is approved, publish the corresponding project information and financing information on the network; 4. Individuals or teams interested in enterprises or projects can commit or actually deliver a certain amount of funds within the target period; 5. If the target period ends and the fundraising is successful, the investor and the fundraiser shall sign relevant agreements; If the fundraising is unsuccessful, the funds will be returned to the investors.
Legal basis: Article 13 of the Securities Law of People's Republic of China (PRC) publicly issues securities through the internet and other crowdfunding methods through securities operating institutions or other institutions recognized by the State Council securities regulatory authority. Issuers and investors may be exempted from registration or approval if they meet the requirements stipulated by the the State Council Securities Regulatory Authority.