What are the main obstacles facing the development of equity crowdfunding in China

The obstacles are mainly in two aspects: (1) the legal level, there are restrictions on the number of issuers: it can't be more than 200 people, resulting in a relatively small amount of financing, and if it's like financing a lot of money, it has to be circumvented through modes such as equity proxy, but there is a greater risk; crowdfunding platforms have not been approved by the Securities and Futures Commission to carry out business in the form of securities institutions, which can easily be characterized as illegal fund-raising. (2) market aspects: crowdfunding platform profit model is not clear, at present, basically rely on transaction fees, but due to the small transaction amount, the cost is relatively high.