证券

We have developed a lot in the 16 years, and contributed a lot to the country economic. However, the contrary of illegality and supervision exist in the same time.

我国证券公司已经在短短的十七年间得到了令人瞩目的巨大发展，为我国证券市场的快速健康发展做出了积极的贡献。

With the development of China's securities market, the stock market itself, reflected the growing immaturity.

随着我国证券市场的发展，证券市场本身的不成熟日益体现。

This paper conducts an analysis of the existing problems in China's securities market and reveals the imperfectness of the securities market in the socialist market economy system.

通过分析中国证券市场所存在的问题，揭示出社会主义市场经济体制下证券市场的不完善之处，并基于此提出了相应的矫正策略。

The high risks, the anticipative trades and the impersonalization of stock market determine that the well-ordered development of stock market must rely on the principles of credit and the principles "open, impartiality and justness", which jointly constitute the system of ethical principle and guarantee the healthy and steady development of stock Markey.

证券市场的高风险特质、交易的预期性与非人格化特征决定了证券市场的良序发展必然依赖诚信原则和三公原则。

Alas, I sold my entire GEICO position in 1952 for $15,259, primarily to switch into Western Insurance Securities. This act of infidelity can partially be excused by the fact that Western was selling for slightly more than one times its current earnings, a p/e ratio that for some reason caught my eye. But in the next 20 years, the GEICO stock I sold grew in value to about $1.3 million, which taught me a lesson about the inadvisability of selling a stake in an identifiably-wonderful company.

可惜的是，在1952年我以15，259美元的价钱将全部的GEICO股份出清，然后将所得资金投入到西方保险证券公司之上，这项变心的举动，一部份的原因是因为西方保险证券当时的股价相当吸引人，本益比只有一倍左右，然而在往后的二十年间，当时被我卖的的GEICO股份的价值却成长到1，300万美元，这样的结局让我体会到绝对不能卖掉一家明显的好公司的原则。

The Sage of Omaha railed against the pointlessness of much of the work done by audit committees (while joking that he does not get asked onto compensation committees because they prefer Cocker Spaniels to Dobermans). Mr Immelt chose to focus on the incomprehensibility of accounting rules. Mr Greenspan mused on the inherent inflexibility of financial regulation. Mr Levitt, a former head of the Securities and Exchange Commission, and Mr Rubin, who used to have Mr Paulson's job, sparred over the class-action culture, the former seeing it as broadly good for investors, the latter as bad for everyone except lawyers. Mr Bloomberg, the mayor of New York, bemoaned America's restrictive visa policy, which is depriving financial firms of talent.

奥马哈圣人对审计委员会无意义的工作颇有微词；伊梅尔特关注不可思议的会计制度；格林斯潘陷入了对固有金融规律的沉思；美国证券交易委员会前主席利维特和前美国财长鲁宾则对证券集体诉讼文化争论不已，前者认为这有益于投资者，后者表示出了律师都是输家；纽约市长彭博哀叹剥夺金融公司潜能的信用卡限制政策。

The Underwriter may terminate its commitment under the Underwriting Agreement at any time prior to the Latest Time for Termination if: there shall develop, occur, exist or come into effect: any new law or regulation or any change in existing laws or regulations or any change in the interpretation or application thereof by any court or other competent authority in Hong Kong or any other place in which any member of the Group conducts or carries on business; or any event or series of events resulting or likely to result in any change in local, national or international financial, political, military, industrial, economic or market conditions; or any change in the conditions of local, national or international securities markets (including but without limitation, the imposition of any moratorium, suspension or restriction on trading in securities generally on the Stock Exchange due to exceptional financial circumstances or otherwise); or any change or development involving a prospective change in Hong Kong taxation or exchange control which will or may affect the Group or a proportion of the existing Shareholders of the Company in their capacity as such, which, in the reasonable opinion of the Underwriter:(1) is or will or is likely to have a material adverse effect on the business or financial condition of the Group as a whole or the Rights Issue; or (2) has or will have or is likely to have a material adverse effect on the success of the Rights Issue or the level of Rights Shares taken up; or (3) makes it inadvisable or inexpedient for the Company to proceed with the Rights Issue; or there comes to the notice of the Underwriter: any matter or event showing any of the representations, warranties and undertakings made by PIL and the Company was, when given, untrue or misleading or as having been breached in any respect; or any breach by any of the other parties to the Underwriting Agreement of any of their respective obligations or undertakings under the Underwriting Agreement or under any of the PIL Letter of Undertaking, Option Undertakings or the Sub-underwriting Letter, then and in any such case the Underwriter may, upon giving notice to the Company and PIL, terminate the Underwriting Agreement with immediate effect.

倘发生下列事件，包销商可于最后终止时间前任何时间终止其根据包销协议之责任：以下情况将会出现、发生、存在或生效：香港或本集团任何成员公司经营或从事业务所在任何其他地方之法院或其他主管机关颁布任何新法律或法规，或更改现行法律或法规，或有关法律或法规之诠释或应用有变；或发生任何事件或连串事件导致或可能导致本地、国家或国际金融、政治、军事、工业、经济或市况有变；或本地、国家或国际证券市场之状况有变（包括但不限于因特殊金融状况或其他原因而暂时禁止、暂停或限制港交所之整体证券交易）；或香港税务或外汇管制有变或出现可能导致变动之事态发展，而将会或可能对本集团或本公司部份现有股东产生影响，而包销商合理认为上述情况：(1)会或将会或可能会对本集团整体之业务或财务状况或供股有重大不利影响；或(2)经已或将会或可能会对供股之成功或供股股份之认购数量有重大不利影响；或(3)令本公司进行供股变得不智或不宜时；或包销商得悉：任何事情或事件显示太平船务及本公司所作出之任何陈述、保证及承诺于作出时在任何方面属失实或构成误导或遭违反；或包销协议之任何其他订约方违反彼等各自根据包销协议或任何太平船务承诺函、购股权承诺或分包销函件之任何责任或承诺，而在此情况下，包销商可向本公司及太平船务发出通知即时终止包销协议。

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。

The China Securities Regulatory Commission reported two cases of insider trading of the securities market.

11日，中国证券监督管理委员会报告的两个内幕证券市场的交易案。

This paper takes "the rules of deficit listed companies intermit and terminate come into the market" as its research target. The rules as the exit mechanism was issued by China Securities Regulatory Commission on Feb 22,2001. It has significant impact to our country's securities market, investors and listed companies.

本文针对中国证监会 2001 年 2 月 22 日出台的《亏损上市公司暂停上市和终止上市实施办法》，讨论了《实施办法》作为我国证券市场上的退出机制，它的实施将会对我国的证券市场、投资者以及上市公司产生的巨大的影响。

According to the clear water experiment, aeration performance of the new equipment is good with high total oxygen transfer coefficient and oxygen utilization ratio.

曝气设备的动力效率在叶轮转速为120rpm～150rpm时取得最大值，此时氧利用率和充氧能力也具有较高值。

The environmental stability of that world - including its crushing pressures and icy darkness - means that some of its most famous inhabitants have survived for eons as evolutionary throwbacks, their bodies undergoing little change.

稳定的海底环境─包括能把人压扁的压力和冰冷的黑暗─意谓海底某些最知名的栖居生物已以演化返祖的样态活了万世，形体几无变化。