It is of great significance to carry out the enterprise financing for solving current operation and future development of enterprise. However, with the rapid development of capital market economy, the fund shortage has become the greatest obstacle faced by the newly-established enterprises and small & micro enterprises at initial growth period during the development process. As one new-type internet financial mode, the equity-based crowd-funding financing refers to the financing mode that the newly-established project sponsor publishes the crow-funding project at the internet platform, and the qualified investors invest to the newly-established project and achieve the equity. As this new-type financing mode plays an important role in many aspects, such as enhancing the financing channel of newly-established enterprise and reducing the financing cost of newly-established enterprise, etc., it has attracted extensive attention. Many countries in the world have amended and perfected legislative stipulations successively to be convenient for financing of small & medium-sized enterprises, and quicken the development of financial capital market of their own countries. However, the Administration Measures of Private Equity-based Crowd-funding Financing (Trial Implementation) (Consultative Draft) was just released by the Securities Association of China until the end of 2014. This consultative draft acknowledged the legal status of equity crow-funding and established some specific regulations. However, there are still some legal issues about regulations of this consultative draft after the analysis and research, which restrains the rapid development of equity-based crowd-funding in China and generates enormous risks. Taking legal issues for equity-based crowd-funding financing of China, this paper carries out the analysis from public issuance of security, access of investor, disclosing information of fund raiser, supervision of crowd-funding platform, withdrawal of investor and many other aspects to find out existing disadvantages for current equity-based crowd-funding of China and imperfections for relevant laws and regulations of China. Meanwhile, combining with the actual condition of China at present and learning from foreign supervision experience of equity-based crowd-funding financing, the legal countermeasures perfecting the equity-based crowd-funding financing of China are put forward, the win-win effect promoting development of small & medium-sized enterprises and protecting interests of investors is realized, and the financial security of Internet of China is maintained.