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The US bank also needs to sell the stake before local regulators entertain its plans to strike a new securities joint venture with China Fortune Securities.

该美国银行也需要出售其股权，这样以后，当地监管机构才会同意该银行与华鑫证券成立一家新的合资证券公司的计划。

All these have resulted in the structural weaknesses of China's securities market since its inception. The same structural problems can also be found in a company's dividends policy, which range from substandard distribution practices to a lack of consistency in the timing and levels of dividends payment. In 2005, the stock market regulator started to tackle the structural ills of China's securities market and an increasing number of non-tradable shares have been made tradable.

这种同股不同权的问题，是导致我国股票市场发展不完全的关键，反映在上市公司的股利分配上就出现了分配政策不规范、股利支付水平和支付时间随意性较大、股利分配形式繁多、股利政策不稳定等问题。2005年我国证券市场具有划时代意义的股权分置改革全面进行，困扰我国证券市场发展的股权分置问题将得到解决，整个证券市场也将逐步踏上市场化的轨道。

And the most recent stock of cattle,"Haitong Securities" is also out by the capital Jedi, September 18, Xiangcai Securities in Shanghai Taixing Road Sales rose capital have taken up the banner of the Unit, Unit the same day closed at 14.02 yuan.

和牛的最新股票，&海通证券&也由资本绝地，9月18日，湘财证券上海泰兴路在销售证券是资本已增长了联检组，同组的旗帜当天收盘于14.02元。

Reporters from the nation's largest financial and securities software developers that gold card stock, 11 securities companies on the 8th of the successful completion of the Margin for the second time network test.

保证金卡支付系统的测试，以达到预期的效果广泛的网络记者从全国最大的金融证券软件开发商，黄金卡股票，证券公司11日就对第二次网络测试成功完成第八保证金。

Sixty-third, according to the original article, the above-mentioned acts holdings of shareholders need to submit an application before the Commission, if the SFC since received the required application documents from the date of five working days no objections were made before we can with the Securities exchanges and securities registration and settlement agencies apply for transfer and transfer of shares registered.

第六十三届，按照原来的第上述股东持有的行为，必须向委员会提交申请，如果证监会自收到了五个工作没有任何人反对天前，我们提出要求的申请文件之日可证券交流与证券登记结算机构申请转让和股份转让登记。

In this round of global stock market adjustment, the Hang Seng Index has fallen far less than the Shanghai Composite Index, but Hong Kong shares end stronger reason, there are several: First, A shares The current average price-earnings ratio of 15 times, while Hong Kong stocks average price-earnings ratio of only 8 times, funds flow to the lower, resulting in the recent Hong Kong stocks rose, while the A shares are still hesitate to move forward; Secondly, the central rate repurchase focus on the H shares, a price comparison of the most typical is now China's oil price of A shares for more than 10 yuan, while the H shares with the right stocks, only 5 more than the Hong Kong dollar, of course, which流通盘size factor, but China's oil major shareholders to buy back its own shares will not take this factor into consideration, if the major shareholders have to consider if the cost of repurchase, H shares more attractive is beyond doubt; and thirdly, the size of the non-lifting of the ban is still in circulation is the pressure in the A share market, the head of a big mountain, but a typical example is the recent Haitong Securities to the size of the non-lifting of the ban period, the outstanding shares for 2.3386 billion shares of Haitong Securities, the size of the non-even up to 79.9396 billion shares, although the size of non-release is gradual, all in circulation there is a process, but it hung a "barrier lake" effect of the market fears.

恒生指数的跌幅远远高于上海综合指数，但香港股市年底更有理由较少，有几个：首先，A股目前的平均价格市盈率为15倍，而香港股市的平均市盈率仅8倍的比例，资金流量较低，在最近香港股市上涨造成的，而A股仍毫不犹豫地向前推进；第二，中央率，H股回购的焦点，一个最典型的价格比较现在是中国的石油A股超过10元的价格，同时拥有股票的H股中，只有5比港币，当然，而流通盘的大小的因素，但中国的石油大股东回购自己的股票将不考虑这一因素，如果大股东要考虑如果回购成本，H股更具吸引力是毋庸置疑的，第三，大小非解禁仍是流通是在A股市场的压力，一座大山的头部，但一个典型的例子是最近海通证券的大小非，禁售期间解除为2338600000的海通证券，在大小非流通股股份，甚至高达799.396亿股，虽然大小非释放是渐进的，所有流通有一个过程，但挂着&堰塞湖&影响市场的担忧。

In this round of global stock market adjustment, the Hang Seng Index has fallen far less than the Shanghai Composite Index, but Hong Kong shares end stronger reason, there are several: First, A shares the current average price-earnings ratio of 15 times, while Hong Kong stocks average price-earnings ratio of only 8 times, funds flow to the lower, resulting in the recent Hong Kong stocks rose, while the A shares are still hesitate to move forward; secondly, The focus of the central enterprises to buy back into the H shares, a price comparison of the most typical is now China's oil price of A shares for more than 10 yuan, while the H shares with the right stocks, only 5 more than the Hong Kong dollar, of course, there are流通盘size factor, but China's oil major shareholders to buy back its own shares will not take this factor into consideration, if the major shareholders have to consider if the cost of repurchase, H shares more attractive is beyond doubt; and thirdly, the size of the non-lifting of the ban circulation is still pressure in the A share market, the head of a big mountain, but a typical example is the recent Haitong Securities to the size of the non-lifting of the ban period, the outstanding shares for 2.3386 billion shares of Haitong Securities, the size of the non-even up to 79.9396 billion shares, Despite the size of the non-release is gradual, all in circulation there is a process, but it hung a "barrier lake" effect of the market fears.

恒生指数的跌幅远远高于上海综合指数，但香港股市年底更有理由较少，有几个：首先，A股目前的平均价格市盈率为15倍，而香港股市的平均市盈率仅8倍的比例，资金流量较低，在最近香港股市上涨造成的，而A股仍毫不犹豫地向前推进；第二，重点中央企业将购回的H股，一个最典型的价格比较现在是中国的石油A股超过10元的价格，同时拥有股票的H股中，只有5较港元当然，有流通盘的大小的因素，但中国的石油大股东回购自己的股票将不考虑这一因素，如果大股东要考虑如果回购成本，H股更具吸引力是毋庸置疑的以及第三，大小非流通的禁令解除仍然在A股市场的压力，一座大山的头部，但一个典型的例子是最近海通证券的非规模的解除班期间，二十三点三八六亿海通证券，在大小非流通股股份，甚至高达7993960.0万股份，尽管大小非释放是渐进的，所有的流通有一个过程，但它挂1 &堰塞湖&市场担忧的影响。

In China, the upcoming trial in the margin business transactions, they are required to deposit as a pledge by investors from securities companies to borrow shares to sell, a prerequisite for selling investors securities account be true in the stock, short selling may not be first, and then borrowed.

在中国，在商业交易保证金即将来临的审判，他们必须存款作为投资者从证券公司股票质押借款出售，出售投资证券账户，一个先决条件，在股票的真正，卖空可能不是第一，然后借来的。

The selling of the investment in stocks borrows to record the lump with the figure of the received , and reflect with the cost credit equities securities account of the selling securities.

股票投资的出售是以收到的金额借记现金，并以出售证券的成本贷记权益性证券账户来反映。

It is understood that UBS Securities, Goldman Sachs Gao Hua also two special joint-venture brokerage also raised this year to apply for a license self-desire, which is addressed to the Securities and Futures Commission in the self-paid license Also exert pressure.

据了解，瑞银证券，高盛高华还有两个特殊的合资证券还提出，今年申请许可证自我欲望，这是解决自我证券及期货事务监察委员会支付许可证还施加压力。

I am accused of being overreligious," she said in her quiet, frank manner,"but that does not prevent me thinking the children very cruel who obstinately commit such suicide.""

客人们在卡罗利娜·埃凯家里，举止就文雅一些，因为卡罗利娜的母亲治家很严厉。

Designed by French fashion house Herm è s, this elegant uniform was manufactured in our home, Hong Kong, and was the first without a hat.

由著名品牌 Herm è s 设计，这件高贵的制服是香港本土制造，是我们第一套不配帽子的制服。