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2019 | OriginalPaper | Buchkapitel

5. Crowdfunding in China

verfasst von : Andrea S. Funk

Erschienen in: Crowdfunding in China

Verlag: Springer International Publishing

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Abstract

China’s crowdfunding market differs a lot from the one in the West. Whilst some aspects of the original model have been adopted by Chinese actors—e.g. the idea of donation-based crowdfunding—other features have been amended or invented according to China specific needs—e.g. e-commerce crowdfunding. Moreover, whilst America and Europe provide many examples of typical start-up CFPs, which grew self-sufficiently and by means of commission, China’s crowdfunding market is dominated by established players and start-up CFPs with substantial capitalisation. Chinese crowdfunding is foremost affected by the country’s long history of informal finance and its advanced internet sector; therein, in particular, by China’s mobile internet sector, its e-commerce industry and also its payments sector. Moreover, the influence of cultural dimensions and specific Chinese habits, beliefs and values should not be underestimated. Ultimately, crowdfunding in China has become a hybrid of Western crowdfunding, China’s culture and Chinese capitalism.

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Vorheriges Kapitel From Informal Finance to Internet Finance in China

Nächstes Kapitel Traditional Informal Finance Versus Crowdfunding in China

Banjo (2015).

Deng (2014, p. 94).

In Chinese, the platform is called Dianming shijian [点名时间], which can be translated as “appeal time”.

Email conversation with He Feng, 2013-05-31.

In Chinese, the platform is called Zhuimeng wang [追梦网], which can be translated as “network to follow [your] dreams”.

Interview with Du Mengjie, 2013-08-10.

According to the Asia-Pacific Alternative Finance Benchmarking Report (Zhang et al. 2016), there are more than 1600 CFPs on mainland China; however, the majority of these platforms provides P2P; the survey counted 128 reward-, donation- and equity-based CFPs. Other institutions like iResearch or Zero2IPO came to different conclusions, see further below.

Interview with Water (Head of Crowdfunding at Dreamore), 2015-04-16.

Interview with Jason (former employee at Demohour), 2015-05-19.

Interview with Sean, 2015-04-27.

Interview with Water, 2015-04-16.

Interview with Sean, 2015-04-27.

Group buying in Chinese is tuan gou [团购], see also Sect. 4.4.4.

Discounts are tou jian [头减] in Chinese.

Interview with Sean, 2015-04-27, and own observations from field studies in 2013 and 2015.

Interview with Sean, 2015-04-27.

Cao (2015, n.p).

Cao (2015).

I.e. equity crowdfunding.

Translation of draft regulation by BOP Consulting (2015, n.p).

Interview with Sean, 2015-04-27.

Corporate CFPs and start-up CFPs will be introduced in Sect. 5.4.

Translation of draft regulation by BOP Consulting (2015, n.p). The capitalisation of “cannot” originates from BOP Consulting.

This equals to USD 150,049 and EUR 134,823 as of 4th July 2016.

BOP Consulting (2015, n.p).

Interview with Grace (Head of Agricultural Crowdfunding projects at the Chinese CFP Zhongchou wang), 2015-09-18.

Translation of draft regulation by BOP Consulting (2015, n.p). The capitalisation of “cannot” originates from BOP Consulting.

Cao (2015, n.p).

Interview with Grace, 2015-09-18.

E.g. Zhongchou wang [众筹网].

Sheng et al. (2014, p. 37).

Cao (2015, n.p).

See e.g. Zero2IPO (2015) or iResearch (2016a).

Interview with Conor Roche, 2015-05-06.

I will elaborate e-commerce crowdfunding in Sect. 5.4.4.

All of the latter searches were conducted on 2nd February 2016.

A search via Google and Google scholar with the keyword “P2P finance” produced 75,600 and 45 results respectively (2nd February 2016). A search with the keyword “P2P” produced far more results in both, Chinese and Western databases; however, therein also other P2P operations like “P2P streaming” are included, which adulterates the results.

See e.g. Wang et al. (2013).

See e.g. Liao (2015) or Guo (2014).

See e.g. Wang and Xu (2015) or Yu (2015b).

Xinhua (2015).

Deposits.org (2016).

Wang and Xu (2015, p. 29).

Gough (2016a) referring to Morgan Stanley.

Xinhua (2015).

Ibid.

Ezubao [e租宝] in Chinese.

Gough (2016a).

Durden (2016).

Mitchell (2016).

Gough (2016b).

Mitchell (2016).

Gough (2016b).

Mitchell (2016).

Xinhua (2015) referring to CBRC.

Interview with Conor Roche, 2015-05-06.

iResearch (2016a, p. 4).

01caijing is a Chinese internet-based medium regularly publishing financial news.

Chiang (2015).

iResearch (2016a, p. 4).

Chiang (2015, n.p).

iResearch (2016a, p. 4). i.e. USD 66.91 million or EUR 59.96 million respectively (as of 7th February 2016).

Jingdong zhongchou [京东众筹].

Zhongchou wang [众筹网].

Taobao zhongchou [淘宝众筹].

Dianming shijian [点名时间].

Zhuimeng wang [追梦网].

Interview with Sean, 2015-04-27.

Zhongchou wang [众筹网], Dianming shijian [点名时间], Zhuimeng wang [追梦网], Tao meng wang [淘梦网], Zhongguo meng wang [中国梦网], Letong yinyue [乐童音乐] (Zero2IPO 2014, p. 17).

Yuanshi hui [原始会], Tianshi hui [天使汇], Dajia tou [大家投] (Zero2IPO 2014, p. 17).

I.e. USD 29 million or EUR 25 million respectively (as of 10th February 2016).

Tianshi hui [天使汇], Yuanshi hui [原始会], Dajia tou [大家投], Tianshi ke sijia guquan zhongchou pingtai [天使客私家股权众筹平台], Zhongchou wang [众筹网], Dianming shijian [点名时间], Zhuimeng wang [追梦网], Taobao zhongchou [淘宝众筹], Letong yinyue [乐童音乐], Jue [觉], Jingdong zhongchou [京东众筹], Zhongguo meng wang [中国梦网], Tao meng wang jiu jia jiangli zhongchou pingtai [淘梦网九家奖励众筹平台].

Tianshi hui [天使汇], Yuanshi hui [原始会], Dajia tou [大家投], Tianshi ke (sijia guquan zhongchou pingtai) [天使客(私家股权众筹平台)].

I.e. USD 210 million or EUR 187 million respectively (as of 10th February 2016); Zero2IPO (2015, p. 15).

Own calculation based on Zero2IPO (2015, p. 15).

Zero2IPO (2015, p. 16).

RMB 349 million for rewards-based projects vs. RMB 1.03 billion for equity-based projects.

Own calculation based on Zero2IPO (2015, p. 15).

I.e. USD 117 million or EUR 104 million respectively (as of 2nd November 2016).

Jingdong zhongchou is the CFP of the e-commerce corporate Jingdong.com .

Taobao zhongchou is the CFP of the ebay-like platform Taobao (belonging to Alibaba Group).

I.e. in a potential 2016 Zero2IPO Report, which by the time of writing this thesis was yet to be released.

iResearch (2016a, p. 4).

chuizhi lei [垂直类], i.e. “vertical type”.

zonghe lei [综合类], i.e. “integrated type”.

Zero2IPO (2014, p. 17).

iResearch (2016a, p. 4).

Interview with Grace, 2015-04-15.

Interview with Helen (Co-founder of Her’s café), 2014-10-10.

Interview with Water, 2015-04-21.

Luo (2015, n.p).

In his book Remaking Chinese urban form: Modernity, scarcity, and space, 1949–2005, Duanfang Lu describes the housing situation in China’s urban dormitories. “While centralized common restrooms are provided on each floor, there are no kitchens, dining rooms or shower rooms; people are expected to eat in unit canteens and take showers in public bathhouses” (Lu 2006, p. 62). Although Lu mainly refers to work units and the period between 1949 and 2005, from my own observations I know that the situation in Chinese student dormitories has not changed essentially since then.

Chinese commonly distinguish people between belonging either to one’s inner or one’s outer circle. The inner circle typically comprises of one’s family, relatives, and close friends, whereas colleagues, other friends, acquaintances and strangers belong to the outer circle. Traditionally, one’s home is reserved for the inner circle; and people from the outer circle are usually not received at home.

Luo (2015, n.p).

An incubator is an “organization designed to accelerate the growth and success of entrepreneurial companies through an array of business support resources and services that could include physical space, capital, coaching, common services, and networking connections” (Entrepreneur n.d).

Yang according to Lan (2014, n.p).

Jinrong kafei [金融咖啡], which can be literally translated as “finance coffee” or rather “finance café”, is a crowdfunding café located at Jinrong Street in Beijing.

Lan (2014, n.p).

100

Interview with Yi Hui [易辉], the founder of JRCoffee, 2015-09-16.

101

Interview with Helen, 2014-10-10.

102

Yang according to Lan (2014, n.p).

103

See e.g. Yi (2015), Wang (2014b, 2015c), Dumas (2014).

104

So and Westland (2010, p. 121).

105

Interview with Water, 2015-04-21.

106

Interview with Lin, 2013-08-10.

107

90% of all respondents were either PIs or crowdfunders of the platform Dreamore.

108

In the questionnaire, the statement was “觉得好玩 (I think [crowdfunding] is entertaining)”.

109

Interview with April and Tina (employees at Attkon), 2015-04-28.

110

Interview with April and Tina, 2015-04-28.

111

Agrawal et al. (2011).

112

Interview with Water, 2015-04-21.

113

Dreamore in its first year claimed a commission of 0% on each successfully funded crowdfunding project; in 2012, the rate was raised to 6%, but again reduced to 3.5% in 2015 (Interview with Du Mengjie, 2015-04-16).

114

Interview with Sean, 2015-04-27; interview with Du Mengjie, 2015-04-16; interview with Water, 2015-04-21.

115

Interview with Water, 2015-04-16.

116

Interview with Sean, 2015-04-27.

117

Interview with Water, 2015-04-21.

118

Zero2IPO (2014, p. 19 ff).

119

The founders of Dream China in 2015 have changed the platform’s name and domain into Qingju zhongchou [青橘众筹], i.e. “young tangarine”.

120

Zero2IPO (2015, p. 17).

121

Qingju.com (n.d.).

122

According to Zero2IPO (2014), projects on specialised platforms on average collected RMB 54,247 (though these on average only asked for RMB 22,892, and thus outreached their funding goals), whilst projects on comprehensive CFPs on average collected RMB 23,758, which was below the average target sum of RMB 28,347 (own calculation based on Zero2IPO 2014, p. 17).

123

Interview with Grace, 2015-04-15.

124

Interview with Sean, 2015-04-27.

125

Interview with Grace, 2015-04-15.

126

One example would be the German cooperative Volksbanken Raiffeisenbanken, which since 2013 has provided its members with a crowdfunding tool-kit for the creation of an own CFP (for further information see Harms 2015).

Li (2015c).

Xie (2015).

Maxwell (2016).

“Net Credit Finance Group (NCFG) was co-founded by UCF Group [Unified Compliance Framework Group, an integrated financial service group with headquarters in Beijing (in Chinese 先锋集团),] and various professional investment institutions. Leveraging on UCF Group’s 10+ years’ experience in investment and financing for SMEs, NCFG strategically covers 7 [sic!] key areas in third-party payment, on-line loans, crowdfunding, wealth management, media, mobile communication and lifestyle services. With the vision of ‘connecting people and finance’, NCFG established a new mobile web-based ecology of financial services by connecting finance, commerce, services, lifestyle and investments” (NCFG n.d.).

131

Zhongchou.com (n.d.).

132

Own calculation based on the total funding sum of all successful projects (Zhongchou.com n.d.); i.e. USD 374,256 or EUR 336,199 respectively (as of 17th February 2016).

133

Interview with Grace, 2015-04-15.

134

RMB 108 compared to RMB 372 at, for instance, Zhongchou wang. (Own calculation according to Zero2IPO 2015, p. 17).

135

Zero2IPO (2015, p. 17).

136

Li (2015c).

137

Sugawara (2014, n.p).

138

Interview with April and Tina, 2015-04-28.

139

Zero2IPO (2015, p. 17).

140

301 projects compared to e.g. 871 projects by Zhuimeng wang [追梦网] (Zero2IPO 2015, p. 17).

141

Zero2IPO (2015, p. 17).

142

Interview with Bolly, Senior Manager for equity crowdfunding at Jingdong, 2015-05-14.

143

Ibid.

144

This also refers to financial corporate crowdfunding.

145

Likewise, a client who has previously utilised other financial products from a financial service provider has left some data on his credibility and liability with the financial service provider.

146

Interview with Jia Yuhao, 2013-08-28.

147

Interview with Jia Yuhao, 2013-08-26.

148

Ibid.

149

Own calculation according to Zero2IPO (2015, p.17).

150

Xu (2012).

151

Luo Yonghao [罗永浩] also known as Lao Luo [老罗], i.e. “Old Luo”.

152

Interview with Jia Yuhao, 2013-08-26.

153

Ibid.

154

Jia explicitly said “zhongchou hen hao wanr [众筹很好玩儿]”, i.e. “crowdfunding is a lot of fun”. Interview with Jia Yuhao, 2013-08-28.

155

Interview with Jia Yuhao, 2013-08-26.

156

See also Sect. 3.3.1.2 and Frydrych et al. (2014).

157

Interview with Jia Yuhao, 2013-08-28.

158

Interview with Water, 2015-04-21.

159

Interview with Jia Yuhao, 2013-08-28.

160

Interview with Jia Yuhao, 2013-08-28.

161

Interview with Jia Yuhao, 2013-08-26.

162

Usually, Zhongchou wang conducts a two-stage check before a campaign is launched: First, a PI needs to provide general information on his business idea, which is checked by Zhongchou wang; secondly, a platform employee calls that PI or meets him in person in order to make a risk assessment; moreover, often PIs need to show respective certificates (Interview with Grace, 2015-04-15).

163

See e.g. Agrawal et al. (2011).

164

My interview partners did not mention MJ’s Chinese name. They apparently addressed their boss only with his English nickname.

165

The name derives from the sound, which occurs once the device is turned on.

166

Interview with April and Tina, 2015-04-28.

167

See JD Finance (2015): In total, the campaign collected RMB 317,016.

168

See Crowdsupply (n.d.).

169

According to April, an employee at Attkon, the company untimely stopped the campaign in order to do another crowdfunding on America’s most popular CFP, Kickstarter; however, by the end of 2016, there was no such campaign on Kickstarter.

170

Interview with April and Tina, 2015-04-28.

171

Unfortunately, my interview partners from Attkon could not explain the reasons behind this subsidy. I assume that the Chinese government supported projects like Dita at Jingdong for one or several of the following reasons: First, Attkon with Dita addresses a social issue and raises awareness for environmental problems. As the PRC in particular struggles with air pollution, the government could have subsidised Dita in order to demonstrate its appreciation for the product. Secondly, in 2013, China’s premier, Xi Jinping, proclaimed the Chinese Dream (see also Sect. 6.2), which should be achieved by means of reform and innovation (Feng 2015, p. 166.) The Chinese government could have subsidised Dita as it is an innovative venture. Moreover, as crowdfunding is a means to promote innovative projects, the government could have intended to reward those who invest into crowdfunding. Thirdly, this kind of subsidy could have been meant to increase overall domestic consumption, which is a strategic goal of China’s recent policies (see Sect. 4.4.4).

172

Interview with April and Tina, 2015-07-28.

173

Teare and Desmond (2016, n.p).

174

de Vasconcelos (2015).

175

As crowdfunding kafei does not fit my (online) definition of crowdfunding, it is not part of my subsequent analysis.

176

Of course, the success of such persecution also depends on the legislature and the courts in action.

177

It is very unlikely that a crowdfunder would deliberately search for a suitable WeChat crowdfunding project amongst his WeChat contacts.

178

Demohour, the first Chinese CFP has changed its business model from rewards-based crowdfunding into a pre-sales of high-tech devices. Legrand (2016, n.p.) argues that Demohour has become an e-commerce CFP. Yet, I disagree, as Demohour first of all is not backed by an established e-commerce platform, and thus the CFP cannot rely on big data, unless the platform collects data itself. Secondly, Demohour offers pure pre-sales, rather than projects which are based on sufficient demand from the crowd.

179

Lapavitsas (2013a, p. 3).

180

Bloomberg (2016).

181

Tse (2015, p. 149).

182

Interview with Bolly, 2015-05-14.

183

Under the term “recipients” I subsume entrepreneurs, start-ups, SMEs, POEs, etc., all kinds of individuals and entities searching for and receiving capital.

184

Under the term “creditors” I subsume depositors, investors, crowdfunders, etc., all kinds of individuals and entities providing funds.

185

Presumed that the actor has an established offline or online network respectively.

186

If a recipient has no bargaining power at all and all conditions of the transaction are pre-defined by the creditor, then bargaining costs are automatically low. If, on the other hand, the recipient has much bargaining power (e.g. due to a high supply in creditors), then his (and the creditors’) bargaining costs are correspondingly high. In fact, the recipient needs to make a trade-off between bargaining power and bargaining costs. Likewise, if there is a standard procedure of the respective type of finance, then both recipients and creditors can follow the processes according to the book and preparation costs are relatively low. For example, within a ROSCA, conditions are often pre-defined by the organiser of the association, whilst borrowing and lending amongst friends is often subject to individual bargaining and demands more preparation.

187

An e-commerce CFP has considerable bargaining power and thus can exert influence on the entrepreneur.

188

The more members a ROSCA has, the longer it can take until each individual member has obtained the collected money, unless the PI in question receives one of the first hands.

189

In case of an equity-based project, the venture needs to be incorporated prior to the start of the campaign. A (rewards- or equity-based) campaign on an e-commerce CFP commonly demands more preparation (i.e. time and other resources) compared to a WeChat crowdfunding campaign (interview with April and Tina, 2015-04-28).

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Titel: Crowdfunding in China
verfasst von: Andrea S. Funk
Verlag: Springer International Publishing
Buch: Crowdfunding in China
Print ISBN: 978-3-319-97252-7

Electronic ISBN: 978-3-319-97253-4

Copyright-Jahr: 2019
DOI: https://doi.org/10.1007/978-3-319-97253-4_5

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