超额认购

The oversubscription level will trigger an automatic reallocation giving retail investors 20 per cent of the IPO instead of 5 per cent.

目前的超额认购水平将触发股份的自动重新分配，散户投资者将获得发行股份总数的20%，而不是之前的5%。

"If you don't get huge oversubscription. you won't get the same frenzy around IPOs and IPOs might fail," he says.

他表示："如果没有出现大规模的超额认购，就不会出现围绕IPO的那种疯狂，IPO可能会失败。"

Selling stock was like handing candy to children: oversubscription levels were massive and investors were rewarded with an average 150 per cent gain on the first day of trading.

出售股票就像请小孩吃糖一样容易：超额认购率非常之高，投资者在股票上市首日的平均回报率为150%。

There was heavy oversubscription for the retail portion ofGuilin Sanjin Pharmaceutical and Zhejiang Wanma Cable, the two small companies approved first by the China Securities Regulatory Commission.

中国证监会首先批准的两家小公司桂林三金药业和浙江万马电缆IPO的零售部分，均获得大幅超额认购。

In addition, there is a vast oversubscription in almost every IPO, which makes the actual return to the subscribers who have been actually allocated some shares of the new issue far less than the nominal initial return.

同时 ，由于一级市场超额认购倍数极高，投资者申购新股资金的实际回报率远远小于其名义初始回报率。

When oversubscription happens, underwriters can reduce the level of discount and increase the bottom price by strategic allocation so that both financing cost and IPO underpricing will be less. It suggests that financial supervisor should allow underwriter to allocate IPO stocks freely to a certain extent in China.3. If independent IPO allocation is allowed in IPO bookbuilding, the underwriter and affiliated institutional investor maybe exploit free allocation and information asymmetry to manipulate.

在发生超额认购时，承销商通过有策略地分配股票可以有效地降低折价水平并保证较高的发行底价，减少了发行成本的同时也减轻了IPO抑价程度，建议我国监管当局可以考虑在适当的时候赋予承销商一定的新股自主分配权。3、在有自主分配权的条件下也可能会发生承销商与关联机构投资者共同进行市场操纵的行为。

Still, Everbright's issue will doubtless be several times subscribed ironic given that brokerage listings are a sure sign of toppy markets.

尽管如此，光大证券的上市无疑仍将得到数倍超额认购--考虑到券商上市是市场过热的明确信号，这极具讽刺意味。

Thus it is likely that the paper claims to the world's supply of gold are greater than even GATA has suspected -- that the gold supply is even more oversubscribed and that "paper gold" is being created at an ever more frantic rate to suppress gold's price.

因此，它可能是，该文件声称，世界上的黄金供应大于甚至有怀疑转录因子GATA -即黄金供应更是超额认购，而且&纸黄金&正在建立在一个更加疯狂的速度压制了黄金的价格。

The domestic tranche was about three times oversubscribed and the overseas offering close to 10 times.

国内发行部分获得了约3倍超额认购，海外发行部分获得了接近10倍的超额认购。

Its institutional tranche was more than 10 times subscribed, while the retail tranche was covered more than 200 times.

它的机构部分获10倍以上超额认购，散户部分则获得了200多倍的超额认购。

As she looked at Warrington's manly face, and dark, melancholy eyes, she had settled in her mind that he must have been the victim of an unhappy attachment.

每逢看到沃林顿那刚毅的脸，那乌黑、忧郁的眼睛，她便会相信，他一定作过不幸的爱情的受害者。

Maybe they'll disappear into a pothole.

也许他们将在壶穴里消失