[Global Network Technology reporter Wang Nan] Yesterday, some media outlets reported that Jingdong has launched several celebrity projects involving a large number of brush orders, including the “PowerEgg†small dome drone, which set a new record for domestic crowdfunding. Additionally, the media questioned whether Jingdong Crowdfunding aims to create a "fund pool."
In the article, a single branch entity called “Jingdong Crowdfunding Service Provider†took up a significant portion of the content. It stated that this service provider offered up to 36,000 single orders for the “PowerEgg†project on Jingdong Crowdfunding. According to data from the official Jingdong Crowdfunding website, the “PowerEgg Arena†project had over 65,000 supporters, meaning it accounted for more than 50% of the total projects.
In October 2016, the PowerEgg Arena raised over RMB 100 million on Jingdong Crowdfunding, becoming the first crowdfunded product to surpass that amount. According to public information, the PowerEgg Little Dome UAV was developed by Beijing Judi Robot Co., Ltd. and was launched on Jingdong in September 2016. Within just one month, the funds raised exceeded RMB 100 million, with a crowdfunding success rate of 1011%. Media reports about the PowerEgg Arena already appeared as early as October 2016.
According to public records, Jingdong Crowdfunding has been operational since November 11, 2014. To date, more than 9,600 online projects have been launched, and the cumulative crowdfunding scale has exceeded RMB 5 billion. This means that the single-branch service provider mentioned in the article accounts for more than 10% of all projects on Jingdong Crowdfunding.
In response to the allegations, Jingdong Crowdfunding told reporters from Global Network that they have always maintained a zero-tolerance policy towards brushing activities. They use multiple technical measures and risk control strategies to combat such behaviors and promote the healthy development of the crowdfunding industry. For any project sponsors involved in brushing, the platform takes serious actions, including terminating their cooperation.
Regarding the so-called “1,000 project bills†mentioned in some media reports, Jingdong Financial confirmed internally that these claims are entirely false.
Additionally, the article claimed that a company named “Fast Wheel Technology†had several products listed on Jingdong Crowdfunding, and that the “Jingdong Crowdfunding Service Provider†was also linked to Fast Wheel Technology, providing brush orders for crowdfunding projects.
On March 31, 2015, Fast Wheel Technology successfully launched its equity crowdfunding platform on Jingdong, raising both crowdfunded products and equity. Official data from Jingdong Crowdfunding shows that Fast Wheel Technology completed a pre-A round of equity crowdfunding financing worth 3.01 million yuan.
It is worth noting that some media outlets reported that Jingdong Finance led the pre-A round of equity crowdfunding for Fast Wheel Technology, investing 1.06 million yuan. However, Jingdong Finance clarified that these statements were seriously inaccurate. They confirmed that during the time when Fast Wheel Technology was on the Jingdong Equity Crowdfunding platform, it was not led by Jingdong Finance, and the investment amount was incorrect.
Recently, Professor Liao Li, Executive Dean of the Wudaokou School of Finance at Tsinghua University, publicly expressed concerns about the current state of China’s crowdfunding platforms, stating that many large-scale platforms are now stagnating. He pointed out that domestic crowdfunding has faced certain bottlenecks, and the overall trend has slowed down.
However, some insiders suggested that Jingdong's focus on crowdfunding might be aimed at creating a “fund pool.†In response, Jingdong Crowdfunding told Global Network reporters that the claim was based on a misunderstanding of the crowdfunding model. According to the “Jingdong Crowdfunding Platform Initiator Agreement,†the platform charges around 3% of the raised funds as a technology service fee. If the project is funded successfully, 70% of the service fee is given back to the sponsor, while 30% is held as a deposit. Once all rewards are distributed and there are no disputes, the remaining 30% is released to the sponsor.
As of now, Jingdong Crowdfunding has raised over RMB 5.1 billion in total funding. When asked about the practice of disbursing funds in installments, Jingdong explained that this approach aligns with industry standards and encourages project sponsors to fulfill their obligations promptly. They emphasized that there is no such thing as a “fund pool.â€
Jingdong expressed dissatisfaction with the misleading report published on a website and sent a legal notice to the media. They will take legal action to protect their rights. A lawyer told Global Network that if Jingdong Crowdfunding had serious brushing issues, it could lead to consumers being unable to receive their promised rewards, potentially causing regional financial risks and mass incidents.
If crowdfunding projects only reflect short-term success, behind the scenes, they also reveal how companies can exploit regulations to avoid oversight. With increasing financing needs and the rapid development of internet finance, it is crucial for crowdfunding platforms to avoid setting up fake projects or creating “fund pools.†This is the most important issue to address.
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