市场

On Monday, 3 August 2009 if in the reasonable opinion of the Underwriter: the success of the Rights Issue would be materially and adversely affected by: the introduction of any new law or regulation or any change in existing law or regulation (or the judicial interpretation thereof) or other occurrence of any nature whatsoever which may in the reasonable opinion of the Underwriter materially and adversely affect the business or the financial or trading position or prospects of the Group as a whole; or the occurrence of any local, national or international event or change, whether or not forming part of a series of events or changes occurring or continuing before, and/or after the date hereof, of a political, military, financial, economic or other nature (whether or not ejusdem generis with any of the foregoing), or in the nature of any local, national or international outbreak or escalation of hostilities or armed conflict, or affecting local securities markets which may, in the reasonable opinion of the Underwriter materially and adversely affect the business or the financial or trading position or prospects of the Group as a whole; or any material adverse change in the business or in the financial or trading position of the Group as a whole; or any material adverse change in market conditions (including, without limitation, a change in fiscal or monetary policy or foreign exchange or currency markets, suspension or restriction of trading in securities) occurs which in the reasonable opinion of the Underwriter makes it inexpedient or inadvisable to proceed with the Rights Issue; or the Prospectus or announcements of the Company published since the date of the Underwriting Agreement when published contain information (either as to business prospects or the condition of the Group or as to its compliance with any laws or the GEM Listing Rules or any applicable regulations) which has not prior to the date hereof been publicly announced or published by the Company and which may in the reasonable opinion of the Underwriter is material to the Group as a whole and is likely to affect materially and adversely the success of the Rights Issue or might cause a prudent investor not to accept the Rights Shares provisionally allotted to it, the Underwriter shall be entitled by notice in writing to the Company, served prior to the Latest Time for Termination, to terminate the Underwriting Agreement.

务请注意，倘包销商合理认为，则包销商可于二零零九年八月三日下午四时正前，随时向本公司发出书面通知，终止包销协议所载的安排：供股之成效将因下列事项而受到重大不利影响：引入任何新法律或法规，或现行法律或法规有任何改变，或发生包销商合理认为可能对本集团整体业务或财务或贸易状况或前景构成重大不利影响之任何性质之其他事件；或发生任何本地、全国或国际的政治、军事、财务、经济或其他性质（不论是否与上述任何事件同类）之事件或变化（不论是否于本公布日期之前、当日及╱或之后发生或延续之连串事件或变动之一部分），或任何本地、全国或国际性之敌对行为或武装冲突爆发或升级，或发生会影响本地证券市场的事件或变化，且包销商合理认为该等事件或变化可能对本集团整体业务或财务或贸易状况或前景构成重大不利影响；或本集团整体业务或财务或贸易状况出现任何重大不利变动；或市场状况发生任何不利变动（包括但不限于，财务或货币政策或外汇或货币市场的任何变动、证券买卖暂停或受到限制），而包销商合理认为该等变动很可能使进行供股变得不宜或不智；或本公司于包销协议日期后发出之章程或公布载有于本公布日期前本公司未公开发布或刊发之资料（不论关于本集团业务前景或状况或本集团遵守任何法律或创业板上市规则或任何适用法规的情况），而包销商合理认为该等资料可能对本集团整体而言属重大，并很可能对供股的成效构成重大不利影响或可能导致审慎投资者不接纳获暂定配发的供股股份，则包销商可于最后终止时间前，向本公司发出书面通知终止包销协议。

AR≠0 shows it's un-equilibrium, and means the exchange system and market structureof the primary market and the second market meet badly and develop inharmoniously.

新股超额收益是一级市场和二级市场的交易制度与市场结构未接轨、发展不协调的集中表现。

Based on modern option pricing theories,Black-Scholes and Merton option pricing model are used to study the pricing of the structured products,and its design,characteristics and risk are studied respectively.Based on Black-Scholes and Merton option pricing models,I also use the checking method to estimate the parameters of the model following real prices data,And calculate the theoretical price.Then,I compare the real and theoretical prices of the two pricing models.The results show that the effects of the Merton option pricing model are superior to the Black-Scholes option pricing model.Moreover,It shows that Hong Kong stock prices are also affected by the instant messages,and the jump phenomenon may exist in Hong Kong stock market.

本文以香港衍生品市场上三种主要结构性产品结构性票据、牛熊证和衍生权证为例，探讨了结构性产品的设计、特点、风险和定价，以现代期权定价理论为基础，以B-S和Merton两种期权定价为基础，根据市场价格经过校验得出模型隐含的参数，编程计算出两种定价模型下的理论价格，并将其实际价格和理论价格进行了比较，结果显示：Merton定价模型的效果要优于Black-scholes定价模型，说明香港市场的股票价格也可能受即时信息的影响，存在跳跃现象。

Because of the special status of energy and finance in the economic development, energy shortages are not only a problem in itself but it also gradually becomes the core problem of economic growth. When looking at world energy price rises and falls since the beginning of the 21st century, compared to other periods in history, the biggest characteristic is that it has something to do with the financial market. Energy and financial integration becomes a key variable which has profound influence on the energy market prices. But our country's current energy price system is not perfect, and it still cannot achieve efficient allocation of resources.

由于能源和金融在经济发展中的特殊地位，能源金融不仅仅是能源和金融发展中的战略问题，而且逐步发展为经济增长中的核心问题。21世纪以来世界能源价格的暴涨暴跌与历史上其他多轮能源价格波动相比的最大特点，在于其与金融市场息息相关，能源与金融的交融成为深刻影响能源市场价格走向的关键变量，但我国当前的能源价格体系还很不完善，尚不能达到有效配置资源的作用，对于中国能源价格形成机制及传导机制的深入研究十分必要，因为从长远来看，中国必须确定合理的能源定价机制，建立一个发达的、完善的能源市场，谋求能源定价的话语权，发挥我国在国际能源价格体系里应有的影响力。

The Japanese Economy, Trade and Industry Business Information Policy Bureau cultural intelligence related industries Division Assistant Division泽泰Nagano Zhi introduced, the Government of cultural industries in order to maintain a growth of 2% per year, adopted a series of measures, for example, Japan in overseas markets, content industry and hardware industry linkage markets, cultural industries, such as an extension of value-added market in three areas, carried out the further development of cultural products.

对此，日本经济产业省商务情报政策局文化情报关联产业课的助理课长野泽泰志介绍，政府为了保持文化产业每年2%的增长，采取了一系列措施，譬如，日本在海外市场、内容产业与硬件产业的联动市场、文化产业延伸附加值市场等三方面，进行了文化产品的进一步开发。

Based on the scores on the intensiveness of market competition, market size and degree of regional preference for brands in the second and third chapters, regional markets are graded to provide references for manufacturers in extending their channels in the last chapter, which also makes analysis of changes in market channels of passenger cars.

最后一部分综合第二、三部分的市场竞争强度、市场大小、区域的品牌偏好程度、区域的保健因素得分对车市的区域市场进行评分为厂商进行渠道拓展提供参考，并对基本型乘用车渠道变革进行相关分析。

When the government directly interferes with the economic affairs and takes it upon itself to bargains for projects and invite investments, it is an interference with the basic market function and fair competition system, as well as the distortion of the government functions.

在市场经济条件下，招商引资属于竞争性领域的事务，其商业行为的特质决定了应该交给市场主体按照商业规则和市场规律去运作，政府直接插手具体的经济事务中，越俎代庖地去谈项目、拉投资，既是对市场对资源配置的基础性作用和公平竞争机制的干扰，同时也带来了政府职能的扭曲，滋生了腐败。

However, they are generally inadequate for effective intermediation between savings and investment.

不过，当地政府和市场为发展本币债券市场所作的努力表明，东亚新兴国家和地区的本币债券市场也会取得长足的发展。

Asia has been one of the fastest-growing markets in air travel in recent years, and International Civil Aviation Organization also predicted that Asia will soon become the world's largest air transport market with huge market potential.

近年亚洲地区已是成长最迅速之航空市场，国际民航组织亦预估，亚洲地区将成为世界最大之空运市场，其市场潜力十足。

That's the reason why we are able to get more share in domestic market and more market internationally.

这就是为什么我们能够获得更多的市场份额在国内市场和国际上更多的市场。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。