未上市的

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。

Absence of an operating history of the registrant or absence of any revenues to date

S-K规条未对风险性的或投机性的股票上市作出具体的描述。

An album of previously unreleased songs is likely to hit stores before the end of this year, and another collection is due out later.

一张由以前未发行过的歌曲组成的专辑可能将在今年年底前上市销售，另一张合集计划稍后再进行发售。

When the acquirer and its concert parties' resultant aggregate shareholding post acquisition is between 20% and 30%.

投资者及其一致行动人拥有权益的股份达到或超过一个上市公司已发行股份的20%但未超过30%的（包括20%和30%）。

Edit in what defend Jian measure respect, the main opinion that gathers before this includes: It is to suggest not to lengthen the orgnaization that protect Jian to doing poineering work board the superintend and director of the company guides period, card inspect can think through research, because do poineering work board company dimensions is relatively lesser, management stability is relatively inferior, lengthen superintend and director to guide appropriately period be helpful for active and reliable roll out do poineering work board, reason did not grant to adopt; 2 it is to suggest exempt does poineering work board company IPO in those days namely the responsibility of the person that protect Jian of deficit, card inspect can think via research, although do poineering work board the company is managed not stable, but if the company appears on the market in those days with respect to deficit, can produce baddish effect to the market, because this cannot loosen the responsibility of pair of people that protect Jian to find out; 3 it is to suggest to unlock person of the delegate that protect Jian to sign odd number to measure limitation, meeting general is keeping next card watch in be being arranged related Jian system, give further research, hear opinion of orgnaization of Jian of be bailed out, make arrangement jointly.

在保荐办法的修订方面，此前收集到的主要意见包括：一是建议不要延长保荐机构对创业板公司的督导期，证监会经过研究认为，由于创业板公司规模相对较小，经营稳定性相对较低，适当延长督导期有利于积极稳妥推出创业板，故未予采纳；二是建议豁免创业板公司IPO当年即亏损的保荐人责任，证监会经研究认为，尽管创业板公司经营不稳定，但如果公司上市当年就亏损，对市场会产生较坏的影响，因此不能放松对保荐人的责任追究；三是建议放开保荐代表人签单数量限制，下一步证监会将在保荐制度相关安排中予以进一步研究，听取保荐机构意见，共同做出安排。

The empirical result demonstrates that:(1) the average abnormal reture and accumulated average abnormal reture around and after quarter surplus announcement change obviously, which illustrates the quarter surplus reports are of information content in our A share market;(2) the market can treat different types of accounting surplus data distinguishly by analysing inexpectant surplus as good news or bad news, but it reacts intensely to good news and flatly to bad news:(3) the market investors are paying more and more attention on accounting surplus of listed companies, which can be viewed in the annual text that the surplus reaction coefficient significance enhances;(4) A share market is, basically, under a state of semi-strong efficiency, or at least of an effective process from weak to semi-strong.

实证结果表明：(1)季度盈余报告公布前后平均非正常收益率和累积平均非正常收益率都发生了明显的变化，说明在我国A股市场季度盈余报告是具有信息含量的；(2)通过对未预期盈余分为利好组和利空组的分析，得出市场能够区别对待不同性质的会计盈余数据，但是市场对利空消息反应强烈，对利好消息反应平淡；(3)在分年度的检验中，可以看到盈余反应系数的显著性不断增强，证明我国A股市场的投资者对于上市公司会计盈余的重视程度在不断增加；(4)研究结果倾向于我国A股市场基本处于半强式效率，至少我国证券市场正处在从弱式有效向半强式有效转变的过程中。

Consequently the financial structure of listed Chinese companies is changing quickly: net debt rose from 23 per cent of equity in 2002 to 36 per cent in 2006 and from 1.1 times earnings before interest, tax, depreciation and amortisation to 1.3 over the same period.

因此，中国上市公司的财务结构正在迅速变化：净债务在总股本中所占比率，从2002年的23%，升至2006年的36%，同时对未计利息、税项、折旧和摊销前收益的倍数，从1.1倍升至1.3倍。

The deal is also likely to cover expanded reissues of Mr. Jackson's albums 'Off the Wall' and 'Bad,' as well as collections of remixes.

一张由以前未发行过的歌曲组成的专辑可能将在今年年底前上市销售，另一张合集计划稍后再进行发售。

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。