中国创业者众筹融资的三个案例 （转发自丁辰灵）
<DIV><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px">（作者：丁辰灵）众募的概念被人所熟知最早是由于美国的Kickstarter这一众募平台的兴起， 玩法很简单。 由创业者或者创意人把自己的产品原型或创意提交到平台，发起募集资金的活动，感兴趣的人可以捐献指定数目的资金，然后在项目完成后，得到一定的回馈，如这个项目制造出来的产品。有了这种平台的帮助，任何想法的人都可以启动一个新产品的设计生产。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 在国内，类似的产品创意式众筹平台也雨后春笋般的成长起来，如点名时间，积木，Jue.So等。但因为中美国情差异，国内产品创意式众筹网站成规模的很少，平台上往往人少、钱少、创意少。反而，创业股权式的众筹在中国反而有了不少案例，也获得了社会的极大关注。对于绝大部分创业者来讲，创业股权式众筹的先锋式尝试可以帮助他们有效的找到资金。我们下面就这两年国内出现的三个众筹案例进行分析：</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 案例一：凭证式众筹 美微创投</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 2012年10月5日，淘宝出现了一家店铺，名为“美微会员卡在线直营店”。淘宝店店主是美微传媒的创始人朱江，原来在多家互联网公司担任高管。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 消费者可通过在淘宝店拍下相应金额会员卡， 但这不是简单的会员卡，购买者除了能够享有“订阅电子杂志”的权益，还可以拥有美微传媒的原始股份100股。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 从10月5日到2月3日中午12:00，共有美微传媒进行了两轮募集，一共1191名会员参与了认购，总数为68万股，总金额人民币81.6万元。至此，美微传媒两次一共募集资金120.37万元。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 美微传媒的众募式试水在网络上引起了巨大的争议，很多人认为有非法集资嫌疑，果然还未等交易全部完成，美微的淘宝店铺就于2月5日被淘宝官方关闭，阿里对外宣称淘宝平台不准许公开募股。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 而证监会也约谈了朱江，最后宣布该融资行为不合规，美微传媒不得不像所有购买凭证的投资者全额退款。按照证券法，向不特定对象发行证券，或者向特定对象发行证券累计超过200人的，都属于公开发行，都需要经过证券监管部门的核准才可</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 案例点评：</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 在淘宝上通过卖凭证和股权捆绑的形式来进行募资，可以说是美微创投的一个尝试，虽然说因为有非法集资的嫌疑最后被证监会叫停，但依旧不乏可以借鉴的闪光点。主要闪光点包括了：门槛低；即使几百块也可购买。但主要问题在于在中国在目前受政策限制。建议在长远政策放开之前，以相对小范围的方式合规式的筹集资金。比如股东不超过200人，比如从淘宝这样的公开平台转移到相对更小的圈子。如果希望筹措到足够资金，可设立最低门槛，并提供符合最低门槛的相应服务和产品以吸引投资者。该模式比较适合大众式的文化，传媒，创意服务或产品。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 案例二：会籍式众筹 3W咖啡</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 互联网分析师许单单这两年风光无限，从分析师转型成为知名创投平台3W咖啡的创始人。3W咖啡采用的就是众筹模式，向社会公众进行资金募集，每个人10股，每股6000元，相当于一个人6万。那时正是玩微博最火热的时候，很快3W咖啡汇集了一大帮知名投资人、创业者、企业高级管理人员，其中包括沈南鹏、徐小平、曾李青等数百位知名人士，股东阵容堪称华丽，3W咖啡引爆了中国众筹式创业咖啡在2012年的流行。几乎每个城市都出现了众筹式的3W咖啡。3W很快以创业咖啡为契机，将品牌衍生到了创业孵化器等领域。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 3W的游戏规则很简单，不是所有人都可以成为3W的股东，也就是说不是你有6万就可以参与投资的，股东必须符合一定的条件。3W强调的是互联网创业和投资圈的顶级圈子。而没有人是会为了6万未来可以带来的分红来投资的，更多是3W给股东的价值回报在于圈子和人脉价值。试想如果投资人在3W中找到<SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px">了一个好项目，那么多少个6万就赚回来了。同样，创业者花6万就可以认识大批同样优秀的创业者和投资人，既有人脉价值，也有学习价值。很多顶级企业家和投资人的智慧不是区区6万可以买的。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 案例点评：</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 会籍式的众筹方式在中国去年创业咖啡的热潮中表现的淋漓尽致。会籍式的众筹适合在同一个圈子的人共同出资做一件大家想做的事情。比如3W这样开办一个有固定场地的咖啡馆方便进行交流。其实会籍式众筹股权俱乐部在英国的M1NT Club也表现的淋漓精致。M1NT在英国有很多明星股东会员，并且很装B的设立了诸多门槛，曾经拒绝过著名球星贝克汉姆，理由是当初小贝在皇马踢球，常驻西班牙，不常驻英国，因此不符合条件。后来M1NT在上海开办了俱乐部，也吸引了500个上海地区的富豪股东，主要以老外圈为主。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 创业咖啡注定赚钱不易，但这和会籍式众筹模式无关。实际上，完全可以用会籍式众筹模式来开餐厅，酒吧，美容院等高端服务性场所。这是因为现在圈子文化盛行，加上目前很多服务场所的服务质量都不尽如意。比如食品，可能用地沟油。通过众筹方式吸引圈子中有资源和人脉的人投资，不仅是筹措资金，更重要是锁定了一批忠实客户。而投资人也完全可以在不需经营的前提下拥有自己的会所，餐厅，美容院等，不仅可以赚钱，还可以在自己朋友面前拥有更高的社会地位。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 案例三：天使式众筹 大家投</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 一年前，在一个朋友聚会中认识了大家投网站的创始人李群林，他极力推荐他想创建的网站-众筹式的天使平台。我不认为他有机会做成，因为李群林并不是互联网投资人喜欢投资的那种明星创业者。 很多知名的天使投资人都拒绝了他的请求。但李群林并没有轻易放弃，他不断在微博上发表并宣传资金的理念，结识真正对他认可的粉丝和朋友，经过两个月的艰苦努力，他引起了深圳创新谷孵化器的注意，愿意做他项目的领投人，不久他又吸引了11个个人的投资，总共12个投资人，每人出资最高15万，最低3万。除创新谷孵化器是机构外，更多的投资人是没有专业投资经营的个人。大家投网站最后出让20%的股份。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 大家投网站模式是这样的，当创业项目在平台上发布项目后，吸引到足够数量的小额投资人（天使投资人），并凑满融资额度后，投资人就按照各自出资比例成立有限合伙企业（领投人任普通合伙人， 跟投人任有限合伙人）， 再以该有限合伙企业法人身份入股被投项目公司，持有项目公司出让的股份。而融资成功后，作为中间平台的大家投则从中抽取2%的融资顾问费。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 如同支付宝解决电子商务消费者和商家之间的信任问题，大家投将推出一个中间产品叫“投付宝”。简单而言，就是投资款托管，对项目感兴趣的投资人把投资款先打到由兴业银行托管的第三方账户，在公司正式注册验资的时候再拨款进公司。投付宝的好处是可以分批拨款，比如投资100万，先拨付25万，根据企业的产品或运营进度决定是否持续拨款。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 对于创业者来讲，有了投资款托管后，投资人在认投项目时就需要将投资款转入托管账户，认投方可有效，这样就有效避免了以前投资人轻易反悔的情况，会大大提升创业者融资效率；由于投资人存放在托管账户中的资金是分批次转入被投企业，这样就大大降低了投资人的投资风险，投资人参与投资的积极性会大幅度提高，这样也会大幅度提高创业者的融资效率。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 案例点评：</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 比较适合成长性较好的高科技创业融资。投资人对项目模式要有一定理解。有最低投资门槛，门槛较高。对于创业者来讲，依旧需要依靠自己的个人魅力进行项目的推荐并期望遇到一个专业的领投人。对于明星创业者，或者明星创业项目，不适合用该模式，而应该选择和大的投资机构接洽。这个模式可以由在一个专业圈子有一定影响力的创业者，结合社交网络来进行募资，把信息传递给更多身边同样懂行的或者愿意信任他的有一定资本能力的投资者。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 从大家投自己募集资金的案例可以让我们发现一件有趣的事情，即最有可能给你天使投资的不是微博上你关注的大V，而是关注你的小号粉丝。大家投的12 投资人中，有投资经验的只有5个人。这有点像美国人所说的最早的种子资金应该来自于3F，Family（家庭），Friends（朋友）和Fool（傻瓜）。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 社交媒体的出现，使得普通人的个人感召力可以通过社交媒体传递到除朋友外的陌生人，使得获得更多资源资金的支持变成可能。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 国内3种股权众筹案例对比分析</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 对比项目</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 美微传媒</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 3W咖啡</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 大家投</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 单次投资最低额度</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 120元人民币</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 6万元人民币</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 项目融资额度2.5%</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 一般最低2—3万起</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 单个项目投资人数量</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 多，超过1000人</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 中等，近200人</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 偏少，不超过40人</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 投资人身份门槛</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 没有限制</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 小圈子</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 没有限制</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 投资人投资动机</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 纯支持居多，小额门槛低，财务回报目的并不明确</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 投资人以股东身份进入行业圈子为目的，无投资财务回报目的</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 既有支持目的，也有获取财务回报目的</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 投资人持股方式</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 协议代持</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 协议代持</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 投资人先成立有限合伙企业，再以有限合伙企业入股项目公司</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 投资人退出机制</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 公司溢价20%回购</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 目前尚未明确退出机制，未来可开放会籍买卖</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 上市，并购，出售老股，管理层回购都可</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 适合创业者背景</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 草根创业者</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 小圈子内的意见领袖</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 有一定感召力的普通创业者</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 投资人对投资款监管</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 投资款一次性到账，无监管</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 投资款一次性到账，监管机制不够成熟</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 投资款分批到账、第三方银行监管。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 投前决策</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 项目资料简单、没有尽职调查、估值议价流程。</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 项目资料简单、无需尽调，更多看项目发起人的魅力和圈子</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 领投人负责项目分析、尽职调查、估值议价；跟投人对照项目资料可以约谈创业者</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 投后管理</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 参与股东大会行使完整股东权力</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 参与股东大会行使完整股东权力</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 领投人参与董事会行使权力、跟投人在有限合伙企业内行使合伙人权力不参与项目公司股东会与董事会</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: none; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: inline !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"> 适合项目类型</SPAN><BR style="MARGIN-BOTTOM: 10px !important; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(51,51,51); TEXT-ALIGN: justify; FONT: 18px/27px XinGothic-SinaWeibo, 'Microsoft Yahei', Simsun; ORPHANS: 2; WIDOWS: 2; DISPLAY: block !important; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(253,253,253); TEXT-INDENT: 0px; -webkit-text-size-adjust: none; -webkit-text-stroke-width: 0px"><SPAN style="WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FLOAT: no
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