1, with different concepts. Equity financing means that listed companies can issue shares to unspecified objects for financing; Illegal fund-raising refers to raising funds from the public or the collective through improper channels in violation of laws and regulations.
2. Subjective aspects are different. Equity financing is to raise funds for enterprise development; The purpose of illegal fund-raising is illegal possession.
legal ground
Article 179th of the Criminal Law of People's Republic of China (PRC)
Whoever issues stocks or company or enterprise bonds without the approval of the relevant competent department of the state, if the amount is huge, the consequences are serious or there are other serious circumstances, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also, or shall only, be fined not less than 1% but not more than 5% of the amount of illegal fund-raising.
Where a unit commits the crime mentioned in the preceding paragraph, it shall be fined, and the persons who are directly in charge and other persons who are directly responsible shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention.