发行

Public securities issue is specified by Article 10, which covers three categories: To non specified persons, accumulatively to more than 200 specified persons and any other issue as prescribed by law or administrative measures.

第10条具体规定公开发行证券的三种情形：向不特定对象发行证券；向特定对象发行证券累计超过二百人；法律、行政法规规定的其他发行行为。

Fourthly, this paper constructs a dynamic model of the choice between fixed-price offerings and auctions in EPOs in China, in the basic of the incomplete information game theory. The model discusses the total revenue of new issuer from IPO and SEO, bidding strategies and payoff of investors, the choice of selling method.

本文将招股机制主要分为固定价格发行（将累计投标询价方式纳入固定价格发行范畴）和竞价发行两种方式，以发行人联合收益最大化为分析框架，建立模型，在两种招股机制下分别考察发行人的联合收益、投资者的申购策略和申购效用、发行中的抑价等，论证发行人对招股机制的选择。

From now on, this kind of the press does emission new channel oneself, the 2nd medium of communication that the press that be called releases, also make the main medium of communication that the press releases, become the hair linage of immediate impact the press to measure, affect the crucial channel of the press economic benefits and social benefit.

从此，这种报刊自办发行的新渠道，被称为报刊发行的第二渠道，也成为报刊发行的主要渠道，成为直接关系报刊的发行数量，影响报刊经济效益和社会效益的关键渠道。

An investment banking firm acting as underwriter sells securities from the issuing corporation to the public. A group of firms may from a syndicate to pool the risk and assure successful distribution of the issue. There are two types of underwriting arrangements: best efforts and firm commitment. With best efforts, the underwriters have the option to buy and authority to sell securities, or if unsuccessful, may cancel the issue and forgo any fees. This arrangement is more common with speculative securities and with new companies.

为公司发行股票作承销人，这样的集团公司可能来自一个财团，实行风险共担，确保股票成功发行股票承销由两种组织形式：最佳效果型和严格承诺型第一种类型，承销人有购买股票的选择权、并有权决定是否出售股票，如果不成功，可以取消发行、并放弃一切费用这种组织形式在投机性强的股票和新公司发行中应用较多对后一种类型，承销人要买入发行者要发行的全部股票

In the part of empirical analysis of Chinese IPO first-day return, the difference between existing study and this study is that we use principal components analysis to extract from five factors to construct investors'sentiment index, add it to controled varibles, on which we examine the influence of offering mechanism on IPO first-day return. Moreover, we gather statistics and compare the IPO holding return for lockup period between fixed-price-class offering method and bookbuilding-class offering method, as well as price range between Chinese A-share market and Hongkong stock market, which prvide comprehensive evidence to appraise Chinese IPO bookbuilding mechanism. 2. Compare to the existing literatures which consider discount or allocation, incentive allocation and discount are considered at the same time in optimal mechanism design in this dissertation, and the offering bottom price is introduced to the price range. We investigate the relationship between price range and allocation quantity, and obtain the optimal price range and allocation strategy so that the advantages of independent allocation are reflected. On the other hand, the disadvantages of independent allocation are reflected in the manipulation in case of no restriction on IPO allocation. To distinguish from the existing literatures, bookbuilding mechanism is introduced to the model. We study the allocation strategy adopted by the underwriter in the pooling equilibrium of manipulation. In addition, we analyze the incentive compatibility conditions to which the existence of pooling equilibrium should satisfy and examine some factors'impact on the existence of manipulation.3. In bookbuilding without independent IPO allocation, Chinese realistic IPO background is considered and the condition of bookbuilding and fixed-price hybrid offering is added. Divide bookbuilding and fixed-price hybrid offering into sequential hybrid and simultaneous hybrid, and point out that the key points of subscription strategy in the two kinds of hybrid are different. Through modeling and simulation we obtain the impact of institutional investors'subscription strategy on bookbuilding without independent IPO allocation, which fill the gap in related research. Moreover, in the part of IPO bookbuilding with over-allotment option, the pricing strategy is divided into hot-IPO strategy and weak-IPO strategy. Take into account the procedure of Chinese IPO with over-allotment option, it presents how the underwriter determines the pricing strategy and what effect it brings to offering price and issue size through modeling and simulation. Therefore, it is instructive as a complement to existing literatures.

此外，对我国A股市场询价发行方式与固定价格发行方式下的IPO锁定期到期时持有收益率、以及我国A股市场与香港市场的询价发行价格区间进行了统计比较，为评价我国IPO市场的询价发行提供了比较全面的依据。2、相比已有文献仅考虑折价和分配中的一种激励措施，本论文在有自主配售权下的机制设计中并用了分配与折价两种激励措施，并且在价格区间的制定中引入发行底价，考察了价格区间与分配量之间的关系，得到最优的价格区间和分配策略，从中体现自主分配权的优点；在有自主分配权下的操纵行为研究中则体现了自主配售权的弊端，与已有文献不同的是，在模型中引入了累计投标询价机制，研究了承销商在混同均衡操纵中采取的分配策略，并对操纵存在的条件进行分析讨论，得出各个因素对混同均衡操纵存在的影响。3、在无自主分配权下的询价发行中，充分考虑了我国实际应用的背景，加入了与固定价格发售混合的条件，并将询价与固定价格混合发行分为序贯与同步两种方式，指出机构投资者在两种情况下申购策略的侧重点各有不同，通过对序贯混合发行方式下的网下累计投标策略以及同步混合发行方式下的资金分配策略的模型建立和数值仿真，考察了机构投资者申购策略对无自主分配权下的询价发行的影响，填补了相关研究文献的空白；在包含超额配售选择权的询价发行中，将发行定价策略分为热销策略和弱销策略，在考虑了我国含超额配售选择权的发行流程下，通过建模以及数值仿真得出承销商会对发行定价策略作出怎样的选取，进而会对新股发行价格、发售数量产生怎样的影响，对目前相关研究的缺乏做出了有益的补充。

No employee shall be granted an option, which, if exercised in full, would result in such employee becoming entitled to subscribe for such number of shares as, when aggregated with the total number of shares already issued to him under all options previously granted to him which have been exercised and issuable to him under all the options previously granted to him which are for the time being subsisting and unexercised, would exceed 25.0% of the aggregate number of shares for the time being issued and issuable under the Old Scheme.

认股权可于接纳当日起计十年内行使。倘赋予雇员认股权，而其全数行使该等认股权后可认购的股份数量，连同已行使其先前获赋予的所有认股权而已向其发行的股份，以及根据先前授出而当时仍有效及未行使的认股权可向其发行的股份合计，超过当时根据旧计划已发行及可发行的股份总数25.0%，则不得再赋予该雇员认股权。

Last spring, we offered to merge with a large, family-controlled business on terms that included a Berkshire convertible preferred stock. Though we failed to reach an agreement, this episode made me realize that we needed to ask our shareholders to authorize preferred shares in case we wanted in the future to move quickly if a similar acquisition opportunity were to appear. Accordingly, our proxy presents a proposal that you authorize a large amount of preferred stock, which will be issuable on terms set by the Board of Directors. You can be sure that Charlie and I will not use these shares without being completely satisfied that we are receiving as much in intrinsic value as we are giving.

去年春天，我们曾经对一家大型的家族企业提出购并的提议，交易的内容包含发行Berkshire可转换的特别股，虽然后来双方未能达成协议，但这次的经验提醒我们必须先取得Berkshire股东们的同意，授权董事会发行特别股，好让我们在合适的购并机会出现时，可以做出快速的响应，因此，在今年的股东会议案中，包含了一项授权董事会在适当的时机发行特别股的提案，当然大家可以百分之百地相信，除非我们认为所得到的实质价值跟我们所付出的相当，否则查理跟我绝对不会轻易地发行这些股份。

The authorization, issuance, reservation for issuance and delivery of all of the Purchased Shares being subscribed for under this Agreement and of the Conversion Shares issuable upon conversion of such Purchased Shares have been taken or will be taken prior to the Closing.

所有根据本协议认购的所购股票、因该所购股票的转换可以发行的转换股票的授权、发行、预留发行和交付已经完成或将在交割日前完成。问题：翻译成基于转换该所购股票而可发行的转换股票是否正确？

The authorization, issuance, reservation for issuance and delivery of all of the Purchased Shares being subscribed for under this Agreement and of the Conversion Shares issuable upon conversion of such Purchased Shares have been taken or will be taken prior to the Closing.

所有根据本协议认购的所购股票、因该所购股票的转换可以发行的转换股票的授权、发行、预留发行和交付已经完成或将在交割日前完成。问题：翻译成基于转换该所购股票而可发行的转换股票是否正确？改成&以该所购股票转换成的转换股票&如何？又，不解Closing因何译为交割日，是否前文有所定义？

The public offering of corporationbond includes these steps: resolution about offering corporation bond by shareholdermeeting, making distribution contract and trust deed, applica tion, bulletining theprospectus, subscribing and handing in money, delivering bond.

发行债券作为公司融资的一种途径，相比较发行新股、与银行借贷，发行债券融资具有更高的效率。公司债券发行中，一方是强大的法人集团，另一方是分散的中小投资者。

By using competitive adsorption of activated carbom to remove unfavorable influence of carbon in carbonaceous gold concentrate on leaching process, the leaching rate of gold concentrate can be improved to 88% as compared with 10%by direct cyanidation.

本文论述了利用活性炭竞争吸附作用，消除含炭金精矿中炭在浸出过程中的影响，使金精矿的浸出率可由直接氰化的10％提高到88％。

The only thing you're ever gonna be king of is King of the Stupids!

你只配做傻瓜的国王！