Abstract: Equity crowdsourcing refers to the activities of public small equity financing through the Internet, which has the characteristics of "open, small and mass".Illegal equity crowdsourcing under the name of "equity crowdsourcing" is essentially illegal fund-raising.When applying the criminal law, it is necessary to distinguish between true and false equity crowdsourcing:Illegal equity crowdsourcing in real equity crowdsourcing can be qualitatively characterized by "issuing shares without authorization", while illegal equity crowdsourcing in false equity crowdsourcing can be qualitatively characterized by "illegally absorbing public deposits" or "fund-raising fraud".Compared with the illegal equity crowdsourcing under the name of "public equity financing on the internet", the illegal equity crowdsourcing under the name of "public equity financing on the internet" is only a nominal change with the same substance.Therefore, the identification of its nature and the treatment of the illegal equity crowdsourcing under the name of "public equity financing on the internet" are the same.Under the background of mass entrepreneurship, innovation and support for industry, the basic strategy of the criminal law of illegal equity crowdsourcing should be to implement the criminal policy of combining leniency with strictness and treat the situation differently.