证券市场

So, development of Chinese securities market will promote brokerage business innovation.

那么，我国证券市场外部环境的变化可能是证券经纪业务创新的催化剂。

Mr. Yingbiao Cheung, the chairman of board is a professional in China's securities investment management arena for 15 years. He is currently one of the very rare fund managers who experienced the two complete circles of bull-bear market in China. Currently he is in charge of managing all products of King Tower AM.

现任法人代表张英飚先生拥有15年专业证券投资管理从业经验，是目前中国证券市场上为数极少的经历过两个完整牛熊循环的基金经理之一，目前负责管理公司的所有产品。

And external governance should start from strengthening the information disclosure system in securities market and use the helpful experience of American corporation reform law (Sarbanes-Oxley Act of 2002) to improve the securities legal system in China.

在公司外部治理上，则从加强证券市场信息披露制度入手，借鉴美国公司改革法案即《萨班斯－奥克斯利法案》(Sarbanes-Oxley Act of 2002)的有益经验来完善我国证券法律制度。

Article 49 If the Company or any of its directors, supervisors, senior executives, shareholders, de facto controller or purchaser is subject to the investigation by the competent organ, the compulsory measure given by the justice and discipline department, the transfer to the justice organ, the criminal liability given by the justice organ, the audit by the CSRC, the administrative punishment, ban from the stock market, the confirmation as an improper person by the CSRC, the punishment by any other administrative department or the public denouncement by the stock exchange, the Company shall offer reasons and conclusions.

第四十九条公司及其董事、监事、高级管理人员、公司股东、实际控制人、收购人如在报告期内有受有权机关调查、司法纪检部门采取强制措施、被移送司法机关或追究刑事责任、中国证监会稽查、中国证监会行政处罚、证券市场禁入、认定为不适当人选被其他行政管理部门处罚及证券交易所公开谴责的情形，应当说明原因及结论。

Deputize for securities investment, provide analytical reports of stock economy and securities market, as well as related consultation services.

经营主业Business Scope：代理各种证券投资业务，提供股份经济及证券市场的研究分析报告及相关的咨询服务。

It is exigent for China as a country of an original security market to reinforce studying it.

我国是新兴证券市场国家，迫切需要加强对证券监管体制的研究。

China has generally implemented reforms in a gradualist fashion, including the sale of equity in China's largest state banks to foreign investors and refinements in foreign exchange and bond markets in mid-2000s.

中国一直以一种渐进的模式进行改革，这包括把中国最大的国有银行的股票/证券卖给外国投资者和在2000年年中时对外汇和证券市场进行改进。

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。

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。

From 1980 to 1991, Chinese securities market was an unbalance market that revived and rose from the crevices of planned commodity economy system, a segmented market that experienced many zigzags, and an emerging market that was very immature.

1980~1991年间的中国证券市场，是生于夹缝的失衡市场、曲折兴起的分割市场、极不成熟的新兴市场。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。