At the "Crossroads of Luo Yonghao" Annual Technology Innovation Sharing Conference, Luo Yonghao delivered a speech.

Luo Yonghao stated that there are no strictly defined crowdfunding websites in China. Well-known platforms such as JD Crowdfunding, Xiaomi Crowdfunding, and Taobao Crowdfunding are essentially websites designed for exploiting discounts.

He remarked, "A genuine crowdfunding website should offer some tolerance, understanding, and support for technological innovation. When people have some spare resources, they should be willing to see young individuals attempt to create novel things."

Luo Yonghao discussed how, due to cultural and national condition differences, establishing a crowdfunding website in China that encourages youth innovation is challenging. If some projects fail, the platform could easily be accused of illegal fundraising, face lawsuits, or legal penalties, making it difficult to create a true crowdfunding platform.

The conference transcripts are real-time stenographic records and have not been reviewed by the speakers.