证券公司

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。

John Mauldin is a registered representative of Millennium Wave Securities, LLC,, an NASD registered broker-dealer. MWS is also a Commodity Pool Operator and a Commodity Trading Advisor registered with the CFTC, as well as an Introducing Broker.

他还是千嬉波证券有限公司的注册代表，千嬉波证券有限公司是经美国金融业管理机构注册的经纪交易公司，是经美国商品期货交易委员会注册的商品基金操作公司（Commodity Pool Operator， CPO）与商品交易顾问公司（Commodity Trading Advisor， CTA），同时也是一家中介经纪公司（Introducing Broker， IB）。

Dispatch of new wall bulletin those who recombine a plan appear on the market the company should refer business of relevant staff of list of inside information insider and company to appear on the market of company negotiable securities check a report oneself, recombine information business to appear on the market with preventing relevant personnel to use company negotiable securities.

新快报讯有重组计划的上市公司要提交内幕信息知情人名单及公司相关人员买卖上市公司证券的自查报告，以防止相关人员利用重组信息买卖上市公司证券。

More than two years ago, at CITIC Securities shares less than 10 yuan, the size of the non-lifting of the ban, some holders of the listed company CITIC Securities smart aleck, self introduction to the tens of millions of listed CITIC Securities is about to limit the sale of shares to 5 yuan About the actual prices resold to control their own investment company, which in fact was arrested but lost his watermelon seeds.

两年多前，在中信证券股份不足10万元，对大小非解禁，上市公司持有中信证券的一些聪明aleck，自我介绍的上市中信证券约数千万限制出售股份的5关于人民币的实际价格转售给控制自己的投资公司，实际上被逮捕，但失去了西瓜种子。

It analyzes the sample through statistical way and hypothesis tests which discuss the mechanism and the way that lead to earnings management in A-share IPO firms. Then, some improvement has been put forward including rule of law, accounting standard and accounting system, auditing etc.

对样本数据进行了定量的统计分析和假设检验，从理论和实际相结合的方式系统的阐述了IPO公司盈余管理的形成和实现方式，最后对于证券监管体系包括有关公司、证券法规，会计准则和会计制度，注册会计师审计，证券监管部门等提出若干意见。

It analyzes the sample through statistical way and hypothesis tests which discuss the mechanism and the way that lead to earnings management in A-share IPO firms.

对104家样本数据进行了定量的统计分析和假设检验，利用理论和实际相结合的方式系统阐述了IPO公司盈余管理的形成和实现方式，最后对于证券监管体系包括有关公司、证券法规、会计准则和会计制度，注册会计师审计，证券监管部门等提出相应的建议。

Tan and other BW officials resorted to a classic stock price manipulation technique called wash sale.

公司的监管人在司法部根据推测证明来提供证据，以及经纪人事务所PNB证券，股份有限公司，马克证券，贝尔森证券股份有限公司和证券2000 允许Tan先生履行峰顶成交量和菲律宾证券交易所PSE

"Scripless Securities" means stocks, shares or other securities within the meaning of "book-entry securities" as defined in Section 130A of the Companies Act including all instruments, orders and regulations made under or deriving validity therefrom which have been listed on the SGX and which have been designated by the SGX as eligible for deposit with The Central Depository Limited and for clearance and book-entry settlement of transactions on SGX.

无纸化证券指《公司法》第130A中规定的记账证券的定义下包括的股权，股票，或其他证券。包括《公司法》下所有的金融工具，依据《公司法》制定的指令和规范，或者衍生效力。这些工具已经在新加坡证券交易所上市，并被交易所指定成为可在新加坡中央托收公司进行抵押的合格抵押物，并有资格在新加坡证券交易所进行交易清算和账簿处理。

In 2005, the Company's net revenues were $8.88 billion and net earnings were $266 million.

公司的股票分别在纽约证券交易所、 Euronext Paris 证券交易所和米兰证券交易所上市。2005年，公司的净销售收入达到88.8亿美元，净利润为2.66亿美元。

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。