Large Coke phone and Dallas electric: Jing dong two mass accident raised, do? -Lee, cow power technology, large Coke phone, all the information on it-IT

Despite the large Coke out and calves "bust" project does not represent all the superior mode of failure, but the raise project bounce, failed discussions, product defects and other problems persist. And they happen to a successful rate of about 90% East of the raised platform. So, just an accident? After the 315, laws and regulations need to be improved when helpless investors who can look for rights of recourse?

Lee was standing on the bench.

The legendary technical wizards, after leaving the company, and fresh social concern. Last time attracted wide attention, is his calves as CEO of electric vehicles in June 15, 2015, Putin raised 72 million raised in the East, to become the largest domestic funding products to raise project. Previously, Jingdong 3 mobile public record item is da Cola, 25-minute December 9, 2014, all to raise 16 million, eclipsing the previous record of all products raised.

However, this project have now been suffering two record in big trouble.

On March 15, the cow technology CEO Lee on suspicion of insider trading in the Shenzhen intermediate people's Court for trial ; March 8 just over a week ago, coke mobile founder Ding Xiuhong announced suspension of big Cola series mobile phone hardware development , software development, marketing, and business cooperation. "Regardless of success or failure of the project, I was very concerned about raising the project's information disclosure, which is directly related to the public to raise investor interest. "Peking University finance and industry development research center to the general economic observer said Huang Song.

Raising successful, what then?

2014 late, big Coke phone landing Beijing East all raised platform, played "once all raised, lifelong annual free for new" of slogan, which investors as long as spent thousand Yuan participation all raised project, on can free get a Taiwan high configuration of big Coke 3 phone, while each a years also can will old phone more into new phone, this a marketing thought raised has investors of sought after, not to 25 minutes on has attract 16.5 million yuan of investment.

However investors still own smart when going to complacency, Cola phone problem but was constantly exposed. In January 2015, according to the voice of the news, coke 3 cell phone chips after the change in cell phone configuration, 16-core GPU for propaganda, in just two days after the change to dual-core, arrested for false advertising. In October of the same year, and news that large Coke Mobile's parent company, Beijing Yun e Technology Ltd has been facing bankruptcy. In March this year, Ding Xiuhong official blog announced big Cola phone failed, investors have been unable to enjoy the raising of the sweet promises.

Not only big Cola "turns over", in 2015 the raising of Kings, has attracted 72 million calves electric car troubles. Last November, the wide calf electric vehicles of frequent users due to wheel quality accidents, on March 15 this year, Dallas CEO Lee involved insider trading profit of 7 million on trial in Shenzhen, the company lost in the wave of public opinion.

Raised in two record when the problem occurs frequently, participating in raising investor but bitter out, have no right to make and use their funds set up by the company to bargain.

Economic observation reported reporter in Beijing East all raised platform Shang see, each a bit supporters in select different all raised project Hou, Beijing East need supporters hook selected a copies supporters agreement, agreement in the clear mentioned, about all raised of related national legal regulations and the policy changes, sponsors may according to the changes law adjustment all raised of content, will supporters must and sponsors friendly consultations solution, sponsors should do maximum may processing disputes. Only supporters in check and agree to the agreement, in order to proceed to the next page. Then is to go to the payment link, which does not have any sponsor agreement between and. According to the East, supporters of big Cola phone should consult and large Coke communication, but communication is not easy.

While, in Beijing East Shang launched all raised project Shi, sponsors also need and Beijing East signed Beijing East all raised supporters service agreement and Beijing East all raised sponsors agreement, which times stressed Beijing East as broker party, only for sponsors and support who Zhijian of all raised provides platform network space, and technology service and support, intermediary service, is not sponsors or supporters in the of any party. Chip exists only between sponsors and supporters, using Jing dong all the legal consequences of the raised platform by sponsors and supporters themselves. In addition to the above two agreements raise only provided preparatory projects and related information such as bank card number, finally after Jingdong audit can mount its raised platform.

Big Cola raise to support Mr LI told reporters, when raised, he did not sign any agreement with the sponsor, this leads to user rights is very difficult. Because most often involved in raising Internet young people or people working in the network-related, so Coke participation rights of many people. Customer Service Advisory-East to Beijing, the answer is to contact the big Cola companies, users turned to call Coke's third party lawyer calls are difficult to get through. Someone complained to the Secretary for trade and industry, with the result that fails. What is more, Yun Chen, Tianjin science and technology limited company law suit in the courts, but since it's tedious and the results are expected not to leave. "There should be agreement between the supporters and sponsors. But no public notice of the agreement to the extent that any third party can see. In General, supporters and sponsors of the agreement is not open to the public. Platform, the sponsor also did not disclose the legal obligation. "Xiao Dacheng Law firm SA points out.

Xiao SA told reporters that Jingdong raised platform intermediate legal obligations, that report made to the client to raise the contract opportunities or media to raise contract services concluded, and should report truthfully on matters relating to the contract to the client shall not intentionally concealing important facts or providing false information about the conclusion of the contract.

"Beijing Dong all the raised platform is not a guarantee that the success of the project, East Beijing is funding platform. "East to the economic observer financial, product and raise equity raising as a financial investment, there must be a risk, commitment does not represent the final results, many investors now know there are errors. Dallas electric vehicles and large Coke phone project has successfully raised funds on the platform, the platform has done its duty. And some enterprises raised successfully, but the venture failed, the enterprise's own commitment to the user failed to do so, platform, Enterprise, project and user's rights and responsibilities, benefits and risks need to distinguish clearly. There is no platform or incubator project will succeed. If the grasp, the platform would have more to do PE, VC, rather than raised. "In our country there is no code of special laws and regulations. Jingdong raise now comply with all provisions of contract law, it is difficult to say its illegal. "Shaw, a partner of Dacheng Law firm SA said.

Supervision and lack of

"Regardless of success or failure of the project, I was very concerned about raising the project's information disclosure, which is directly related to the public to raise investor interest. "Huang Song told the economic Observer newspaper said the platform should be raised on the project progress and risk events to grasp, to disclose to investors in a timely manner.

However, in these two projects, investors far from failing to keep abreast of the project's progress.

Large Coke 3 mobile phone project, released on March 8, 2016 a moratorium on the big Cola mobile phones businesses notice, dated December 15, 2015.

Dallas electric car project, media in late 2015 the outgoing Lee SFC on news of the investigation, but the cattle power denies, saying its "in the United States to recuperate." According to new financial disclosure: as early as June 3, 2015, Lee was under criminal detention on suspicion of insider trading by the Shenzhen Municipal Public Security Bureau.

"As an investment product, whether it's equity raising was raised, we generally depends on the investment ratio of institutional investors, mostly individual investors, say is relatively small. "A chip industry said.

In fact, all the chips in the domestic fast-growing in 2014, zero-one financial data show that by the end of 2015, China's total fundraising amount raised reached 3.07 billion yuan, of which, 2015 fundraising amounted to 2.7 billion yuan, 2014 (270 million) 10 times. In 2015, China today raised supporting passengers is approximately 13.67 million, taking into account the failure of the project, the conservative can fix the data to more than 14 million. Support per person 6-8 to estimate, between the number of participants in the 1,752,350,000, already have a certain scale.

However, the industrial development scale and speed is very fast, with the rapid development of the industry, risk is gradually exposed. By the end of 2015, at least 84 platform outage, closed down or restructuring, accounting for 23% of the total number.

"Financial regulation of the Internet, only into the equity raising, has not included all the chips, there is a big risk. "Huang Song said.

Both July 2015 issued by ten ministries for the promotion of healthy development of Internet financial guidance, and later launched the draft financial regulations and rules of the Internet, are raised are not explicitly stated.

"Non-equity raised by the foreign contract law, no special law; equity raised by regulators in the securities industry regulations. "Xiao SA said current equity raise has been expressly regulated by the SFC.

Not alone

Dallas electric cars, big Cola is not alone, raising project on bounced checks, failed discussions, product defects and other problems persist. Contrast raised abroad, all the chip industry "originator" United States Kickstarter recently released games of 2015 trade data raised: the overall success rate was only 30.3%, their risk can be imagined. "The average success rate of about 60%. "Beijing East financiers said Jingdong raised all the raised platform as the industry's biggest product, the success rate is approximately 90%.

Large Coke out and calves "bust" project, and do not represent all the superior mode of failure. Jingdong to raise official said that equity raising and raising the degree of risk is different, relative to the products raised, raised equity investments are some of the more professional investors can be aware of the risk, while the superior returns in kind or services, is not investing in the strict sense, only a new consumption patterns. "The overall success or failure of the project, and raised high project failure rate is not surprising, after all, are dominated by initial projects on the platform. So investors in the investment project to raise awareness to this, raised platform should also be sufficient to inform them of this. "Huang Song said.

In 2015, raising an obvious trend of the industry as a whole is a large platform relies on its own or partner resources, and began building a closed-loop ecosystem, setting up barriers to competition, its influence and market share is gradually expanding, formed the Matthew effect, leading to the survival of many small and medium platform space are squeezed, even out of the game. "Heralded by the end of this year expected to raise industry risk, whether the raise or the equity raising. "An equity raise platforms CEO told the economic Observer newspaper said.

However, there is still no effective regulatory ground. For entrepreneurs, entrepreneurship difficult, arduous path; for investors, industry turmoil and the protection of rights and interests must be resolved. In order to "development" raising industry products, platforms need to disclose information in a timely manner, the Government should also speed up the landing of the relevant laws and regulations, all raise investors should be rational to invest. To understand that people raise risk, investments need to be cautious.

大可乐手机和小牛电动车：京东两大众筹都出事，咋办？ - 李一男,牛电科技,大可乐手机,众筹 - IT资讯

尽管大可乐的出局和小牛的“烂尾”项目，不能代表众筹模式的失败，但有关众筹项目跳票、失败、产品质量缺陷等问题的讨论一直存在。而且，它们偏偏发生在成功率约九成的京东众筹平台上。那，只是一种偶然吗？315刚过，法律法规有待完善之际，无助的投资者可以找谁追索权益？

李一男还是站在了审判席上。

这位传奇的技术奇才自离开华为后，鲜受社会关注。上一次备受关注时，是他作为CEO的小牛电动车在2015年6月15日京东众筹筹得7200万，一举成为国内筹资额最大的产品众筹项目。此前，京东众筹创纪录项目是大可乐3手机，2014年12月9日历时25分钟，众筹1600万，皆打破了之前所有产品众筹的纪录。

然而，这两大创纪录的项目目前都已遭遇大麻烦。

3月15日，牛电科技CEO李一男因涉嫌内幕交易罪在深圳市中级人民法院受审；就在一周前的3月8日，大可乐手机创始人丁秀洪宣布暂停大可乐全系列手机硬件研发、软件研发、市场运营和商务合作。“项目成败暂且不论，我倒是非常关心众筹项目的信息披露问题，这直接关系到众筹投资者权益。”北京大学金融与产业发展研究中心秘书长黄嵩则向经济观察报称。

众筹成功，然后呢？

2014年末，大可乐手机登陆京东众筹平台，打出“一次众筹，终身每年免费换新”的口号，亦即投资者只要花千余元参与众筹项目，就可以免费获得一台高配置的大可乐3手机，同时每一年还可以将旧手机更换成新手机，这一营销思路引发了投资者的追捧，不到25分钟就已吸引1650万元的投资。

然而正当投资者还在为自己精明的打算沾沾自喜之时，大可乐手机的问题却频频被曝光。2015年1月，据中国之声报道，大可乐3手机在众筹结束后更改手机配置，此前宣传的16核GPU，在结束之后的两天就更改为双核，涉嫌虚假宣传。同年10月，又有消息称，大可乐手机的母公司北京云辰科技有限公司已面临破产清算。直至今年3月份，丁秀洪正式发博宣告大可乐手机的失败，投资者已无法享受当初众筹之时的美好承诺。

不仅大可乐“被打翻”，2015年的众筹之王，曾吸金7200万元的小牛电动车也麻烦不断。去年11月，多位使用小牛电动车的用户因轮毂质量频出事故，今年3月15日，小牛CEO因李一男涉内幕交易获利700万罪在深圳受审，整个公司陷入舆论的风口浪尖之中。

在两大创纪录众筹问题频现之时，参与众筹的投资者却有苦说不出，没有任何权利能和利用他们资金所组建的公司去讨价还价。

经济观察报记者在京东众筹平台上看到，每一位支持者在选择不同众筹项目后，京东需要支持者勾选一份《支持者协议》，协议中明确提到，有关众筹的相关国家法律法规及政策变化，发起人可能根据该变化依法调整众筹的内容，届时支持者须与发起人友好协商解决，发起人应尽最大可能处理纠纷。只有支持者在勾选并且同意该项协议时，才能进入下一个页面。而后就是进入付款环节，其中并没有任何的和之间发起人的协议。按照京东的说法，对于大可乐手机的支持者应当和大可乐方面沟通协商，但是其中沟通起来并不容易。

同时，在京东上发起众筹项目时，发起人也需要和京东签订《京东众筹支持者服务协议》以及《京东众筹发起人协议》，其中多次强调京东作为居间方，仅为发起人与支持者之间的众筹提供平台网络空间、技术服务和支持等中介服务，并不是发起人或支持者中的任何一方。众筹仅存在于发起人和支持者之间，使用京东众筹平台产生的法律后果由发起人与支持者自行承担。除了以上两个协议，发起众筹时仅需提供众筹项目和银行卡号等相关信息，最后经过京东审核就可以登上其众筹平台。

据大可乐众筹支持人李先生对记者表示，众筹的时候，自己并没有与发起人方签订任何协议，这导致用户维权十分困难。因为参与众筹的大多是经常接触互联网的年轻人或者从事与网络有关工作的人群，所以大可乐出事后参与维权的大有人在。有人向京东客服咨询，得到的答案是让其联系大可乐公司，用户转而拨打大可乐委托的第三方律师电话却难以接通。有人向工商局投诉，结果是调解失败。更有甚者，将天津云辰科技有限公司状告到法院，但最后因为手续的繁琐和对结果预期的不对等而不了了之。“支持者与发起人之间应该有协议。但是该协议没有公示到使任何第三方都能看到的程度。一般而言，支持者与发起人的协议是不公开的。平台、发起人也没有公开的法定义务。”大成律师事务所肖飒指出。

肖飒告诉记者，京东众筹作为平台应该履行居间法律义务，即向委托人报告订立众筹合同的机会或者提供订立众筹合同的媒介服务，并应当就有关订立合同的事项向委托人如实报告，不得故意隐瞒与订立合同有关的重要事实或者提供虚假情况。

“京东众筹平台不是说保证项目的创业成功，京东只是提供筹资的平台而已。”京东金融向经济观察报表示，产品众筹和股权众筹作为金融投资，一定有风险，承诺并不代表最后的结果，现在许多投资人在认识上存在误区。小牛电动车和大可乐手机项目已经在平台上成功筹集到资金，平台已经尽到责任。而有些企业众筹成功，但是创业失败，那是企业自身对用户承诺没有做到，平台方、企业方、项目方和用户的权责、利益和风险需要区分明确。没有任何一个平台或者孵化器能保证项目一定能成功。如果有这个把握，平台就会更多的去做PE、VC，而不是众筹了。“我国目前并无专门的法律法规规范。京东众筹目前来看符合合同法规定，难以说其违法。”大成律师事务所合伙人肖飒称。

监管缺失

“项目成败暂且不论，我倒是非常关心众筹项目的信息披露问题，这直接关系到众筹投资者权益。”黄嵩向经济观察报表示，众筹平台应该对项目进展和风险性事件要及时掌握，及时向投资者披露。

然而，在这两起项目中，投资者远未能及时了解项目的进展程度。

大可乐3手机项目在2016年3月8日发布的《关于暂停大可乐手机业务的公告》，落款时间是2015年12月15日。

在小牛电动车项目中，2015年底媒体上即传出李一男遭证监会调查的消息，但牛电科技对此予以否认，并称其“在美国养病”。而根据财新披露：早在2015年6月3日，李一男就因涉嫌内幕交易罪被深圳市公安局刑事拘留。

“作为一种投资产品，无论是股权众筹还是产品众筹，我们一般要看机构投资者的投资比例，如果大都是个人投资者，则话语权相对较小。”一位众筹行业人士说道。

实际上，众筹在国内快速发展于2014年，零壹财经数据显示，截至2015年年底，我国产品众筹累计筹款金额达到30.7亿元，其中，2015年筹款金额高达27.0亿元，是2014年（2.7亿元）的10倍。2015年，我国产品众筹累计支持人次约为1367万，考虑到失败的项目，这个数据保守可以修正到1400万以上。如果按每人支持6-8次来估算，参与人数在175-235万之间，已具备一定的规模。

但是，行业发展规模和速度固然很快，随着行业的快速发展，风险正逐渐暴露。截至2015年底，至少已有84家平台停运、倒闭或转型，约占整体数量的23.0%。

“互联网金融的监管范围，目前只纳入股权众筹，尚未纳入产品众筹，这存在很大风险。”黄嵩称。

无论是2015年7月十部委发布的《关于促进互联网金融健康发展的指导意见》，还是后来陆续出台的各类互联网金融监管草案和细则，均未对产品众筹进行明确阐述。

“国外非股权众筹由合同法约束，没有特别的法律规范；股权众筹则由证券业监管机构制定规则规范。”肖飒称，目前股权众筹已明确规定由证监会负责监管。

并非孤例

小牛电动车、大可乐事件并非个例，关于众筹项目跳票、失败、产品质量缺陷等问题的讨论一直存在。对比国外众筹，众筹行业“鼻祖”美国Kickstarter不久前发布了2015年的游戏行业众筹数据：整体成功率仅为30.3%，其风险可想而知。“行业平均的成功率在60%左右。”京东金融人士表示，京东众筹作为行业最大的产品众筹平台，成功率大约为90%。

大可乐的出局和小牛的“烂尾”项目，并不能代表众筹模式的失败。京东众筹负责人表示，股权众筹和产品众筹的风险程度不一样，相对于产品众筹，进行股权众筹投资的更多的是一些专业的投资人，能意识到相应的风险，而产品众筹的回报是实物或者服务，不是严格意义上的投资，只是一种新的消费模式。“项目总有成功失败，而且众筹项目失败率高也不意外，毕竟平台上的都以初创项目为主。所以投资者在投资众筹项目的时候要认识到这一点，众筹平台也应该充分告知投资者这一点。”黄嵩称。

2015年，整个众筹行业的一个明显趋势是大平台依托自身或合作方的优质资源，开始构建闭环生态，树立竞争壁垒，其影响力和市场份额逐步扩大，形成马太效应，导致很多中小平台的生存空间受到挤压，甚至出局。“预计今年末将集中爆发众筹行业的风险，无论是产品众筹还是股权众筹。”一位股权众筹平台CEO向经济观察报称。

然而，目前仍无有效的监管落地。对于创业者而言，创业艰难，筚路蓝缕；对于投资者而言，行业乱象和权益保护问题亟待解决。为了“规范发展”产品众筹行业，平台需要及时披露信息，政府也应该加快相关法律法规的落地，众筹投资者也应该理性投资。要明白，众筹有风险，投资需谨慎。