1、Fundraiser

    The fundraiser usually refers to the small and medium-sized enterprises or their promoters who need funds in the financing process. They through  the crowdfunding platform to release the enterprise or project financing information and the proportion of shares that can be transferred.

The fundraiser shall perform the following duties：

Ⅰ.Provide true, accurate and complete user information to the equity crowdfunding platform.

Ⅱ.Ensure the authenticity and legality of the financing project.

Ⅲ.Publish real and accurate financing information.

Ⅳ.According to the agreement, truthfully report to investors any material information that affects or may affect investors' rights and interests.

Ⅴ.The Securities Industry Association stipulated and the financing agreement other duties .

The fundraiser is not allowed to have the following acts：

Ⅰ.Fraudulent issuance.

Ⅱ.Hoping investors to promise without loss the investment principal or promise the lowest income.

Ⅲ.At the same time, through two or more than two equity crowdfunding platform for agreeing to financing projects carry out finance，And release financing information in public places outside the equity crowdfunding platform.

Ⅳ.Other prohibited acts prescribed of laws regulations and the Securities Association.

2.The investor

    Investors are often the general public, who know about investment projects through the Internet and make small investments in pioneering enterprise or projects that they feel are valuable.After the fundraising is successful, the investor obtains a certain percentage of the equity of the pioneering enterprise or project.

The investor shall perform the following obligations：

Ⅰ.Provide true, accurate and complete identity information, property, income proof and other information to the equity crowdfunding platform.

Ⅱ.Ensure that the source of investment funds is legitimate.

Ⅲ.Initiatively understand the investment and risk of crowdfunding projects and confirm that they have the corresponding risk perception and affordability.

Ⅳ.The investment losses may be borne by yourself.

Ⅴ.The Securities Industry Association stipulated and the financing agreement other duties .

3、Crowdfunding platform

    Equity crowdfunding platform refers to the equity crowdfunding through the Internet platform (Internet site or other similar electronic media) . To  the investment and financing both sides provide information release, demand docking, and in the transfer of funds etc other related Intermediaries services.

The equity crowdfunding platform should have the following conditions:

Ⅰ.A company or partnership established in accordance with the law within the territory of the People's Republic of China.

Ⅱ.Net assets should not be less than 5 million yuan.

Ⅲ.Have professionals who are suitable for private equity crowdfunding, and there are no less than two senior managers with more than three years of experience in the financial or information technology industry.

Ⅳ.There are legitimate Internet platforms and other technical facilities.

Ⅴ.There is a sound business management system.

Ⅵ.Other conditions stipulated by the Securities Industry Association.

The crowdfunding platform should perform the following duties:

（1）Diligent and conscientious, urge both the investment and financing parties to Carrying out crowdfunding financing activities according to law, and Perform  contractual  obligations.

（2）Real name authentication is carried out on both sides of investment and financing, and Perform necessary review of the authenticity of user information.

（3）Perform necessary review of the legality of financing projects.

（4）To take measures to prevent fraudulent acts, to discover fraudulent acts or other situations harming the interests of investors, and to announce and terminate relevant Crowdfunding activities immediately.

（5）The establishment of special account management for the Raising funds, the Securities Industry Association has other provisions, from its provisions.

（6）Information on the investment and financing sides, financing records and investor suitability management and other relevant information shall be properly kept for a period of not less than 10 years.

（7）Continue to carry out Crowdfunding financing is only universal and risk education activities,And let investors sign the investment risk disclosure book  to ensure that investors are fully aware of the investment risk.

（8）Submit crowdfunding financing business information as required by the Securities Industry Association.

（9）Conservative trade secrets and customer privacy, non-legal reasons must not disclose information about financing and investors.

（10）Cooperate with relevant departments to carry out anti money laundering work.

（11）Other duties as stipulated by the Securities Industry Association.

The equity crowdfunding platform must not have the following behavior：

（1）Financing itself or related parties through the internet platform of the institution.

（2）Provide external guarantees or entrusted shareholdings for crowdfunding projects.

（3）Providing transfer service for equity and other forms of valuable securities.

（4）Take advantage of the platform's own advantages to gain investment opportunities or mislead investors.

（5）Publicizing or recommending financing projects to non-real name registered users.

（6）Engaged in securities underwriting, investment consultancy, asset management ects Business of securities institutions,Except for the securities management institutions with relevant business qualifications.

（7）Concurrently camp  individual network lending or network microfinance business.

（8）The use of malicious slander， derogatory peers and other unfair means of competition.

（9）Other prohibited acts prescribed by laws and regulations and the Securities Industry Association.

4、Custodian

    The custodian is  crowdfunding platform to ensure the security of the funds of the various investors, and the funds of the investors are actually used in the startup business or project. In the case of unsuccessful and timely return of fundraising, the crowdfunding platform will generally designate a specialized bank as the custodian to perform the fund custody duties.

operation mode：

Ⅰ.Voucher-style crowdfunding (membership card, etc.).

Ⅱ.Membership-style crowdfunding (original stock).

Ⅲ.Angelic-style crowdfunding (similar to VC, Providing funds to become shareholders, clear financial return).