查询词典 underwriter

The presentation of the slip by the broker constitutes an offer, and the writing of each line constitutes an acceptance of this offer by the underwriter pro tanto.

该经纪人呈示承保条即构成要约，而签署承担每一项承保额即构成承保人以要约为限的承约。

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。

On such day: there develops, occurs, exists or comes into force any event whereby in the reasonable opinion of the Underwriter, the success of the Open Offer or the business or financial condition and/or prospects of the group would, might be or is likely to be adversely affected or which makes it inadvisable or inexpedient to proceed with the Open Offer; or there comes to the notice of the Underwriter or the Underwriter shall have reasonable cause to believe that any of the undertakings or other obligations expressed to be assumed by or imposed on the Company under the underwriting agreement have not been complied with in any material respect; or there comes to the notice of the Underwriter or the Underwriter shall have reasonable cause to believe that any of the representations or warranties given by the Company under the underwriting agreement was untrue, incorrect, misleading or inaccurate in any material respect which adversely affect the success of the Open Offer; which in the reasonable opinion of the Underwriter: is or may or will be or is likely to be adverse to, or prejudicially affects, the business or financial or trading position or prospects of the group taken as a whole; or is or may or will be or is likely to adversely affect the success of the Open Offer and/or makes it impracticable, inexpedient or inadvisable for any part of the underwriting agreement and the Open Offer to be performed or implemented as envisaged; or make or will or is likely to make it impracticable, inexpedient or inadvisable to proceed with the Open Offer or the delivery of the convertible non-voting preference shares on the terms and in the manner contemplated by the Prospectus or the underwriting agreement.

Samson Paper Holdings Limited Provisional Allotment Account 倘于接纳可兑换无投票权优先股份及付款的截止时间后两个营业日下午六时正前任何时间出现下列事件，则公开发售包销商Quinselle Holdings Limited可于该日期下午六时正前任何时间向本公司发出书面通知以终止包销协议：因任何事件之出现、发生、存在或生效而令包销商合理认为将会、可能或极大机会对公开发售能否顺利进行或本集团之业务或财政状况及╱或前景构成不利影响，或致使进行公开发售实属不合理或不合宜；或包销商注意到或包销商有合理理由相信本公司并无于所有重大方面遵守根据包销协议列明须承担或获委予之任何承诺或其他责任；或包销商注意到或包销商有合理理由相信本公司根据包销协议作出之任何陈述或保证于任何重大方面属失实、错误、误导或不准确而对公开发售能否顺利进行造成不利影响；而包销商合理认为：经已或可能或将会或大有可能对本集团整体业务或财政或经营状况或前景造成不利影响或损害；或经已或可能或将会或大有可能对公开发售能否顺利进行构成不利影响及╱或使持续进行使包销协议的任何部份或公开发售的进行或落实为不实际、不合适或不合宜；或按发售章程或包销协议拟订之条款及方式持续进行公开发售或寄发可兑换无投票权优先股份导致、将为或大有可能为不实际、不合适或不合宜。

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。

Article 5 When the listed company applies for issuing new shares, the securities company qualified as main underwriter shall act as the recommender and the main underwriter.

第五条 上市公司申请发行新股，应当由具有主承销商资格的证券公司担任发行推荐人和主承销商。

In the part of empirical analysis of Chinese IPO first-day return, the difference between existing study and this study is that we use principal components analysis to extract from five factors to construct investors'sentiment index, add it to controled varibles, on which we examine the influence of offering mechanism on IPO first-day return. Moreover, we gather statistics and compare the IPO holding return for lockup period between fixed-price-class offering method and bookbuilding-class offering method, as well as price range between Chinese A-share market and Hongkong stock market, which prvide comprehensive evidence to appraise Chinese IPO bookbuilding mechanism. 2. Compare to the existing literatures which consider discount or allocation, incentive allocation and discount are considered at the same time in optimal mechanism design in this dissertation, and the offering bottom price is introduced to the price range. We investigate the relationship between price range and allocation quantity, and obtain the optimal price range and allocation strategy so that the advantages of independent allocation are reflected. On the other hand, the disadvantages of independent allocation are reflected in the manipulation in case of no restriction on IPO allocation. To distinguish from the existing literatures, bookbuilding mechanism is introduced to the model. We study the allocation strategy adopted by the underwriter in the pooling equilibrium of manipulation. In addition, we analyze the incentive compatibility conditions to which the existence of pooling equilibrium should satisfy and examine some factors'impact on the existence of manipulation.3. In bookbuilding without independent IPO allocation, Chinese realistic IPO background is considered and the condition of bookbuilding and fixed-price hybrid offering is added. Divide bookbuilding and fixed-price hybrid offering into sequential hybrid and simultaneous hybrid, and point out that the key points of subscription strategy in the two kinds of hybrid are different. Through modeling and simulation we obtain the impact of institutional investors'subscription strategy on bookbuilding without independent IPO allocation, which fill the gap in related research. Moreover, in the part of IPO bookbuilding with over-allotment option, the pricing strategy is divided into hot-IPO strategy and weak-IPO strategy. Take into account the procedure of Chinese IPO with over-allotment option, it presents how the underwriter determines the pricing strategy and what effect it brings to offering price and issue size through modeling and simulation. Therefore, it is instructive as a complement to existing literatures.

此外，对我国A股市场询价发行方式与固定价格发行方式下的IPO锁定期到期时持有收益率、以及我国A股市场与香港市场的询价发行价格区间进行了统计比较，为评价我国IPO市场的询价发行提供了比较全面的依据。2、相比已有文献仅考虑折价和分配中的一种激励措施，本论文在有自主配售权下的机制设计中并用了分配与折价两种激励措施，并且在价格区间的制定中引入发行底价，考察了价格区间与分配量之间的关系，得到最优的价格区间和分配策略，从中体现自主分配权的优点；在有自主分配权下的操纵行为研究中则体现了自主配售权的弊端，与已有文献不同的是，在模型中引入了累计投标询价机制，研究了承销商在混同均衡操纵中采取的分配策略，并对操纵存在的条件进行分析讨论，得出各个因素对混同均衡操纵存在的影响。3、在无自主分配权下的询价发行中，充分考虑了我国实际应用的背景，加入了与固定价格发售混合的条件，并将询价与固定价格混合发行分为序贯与同步两种方式，指出机构投资者在两种情况下申购策略的侧重点各有不同，通过对序贯混合发行方式下的网下累计投标策略以及同步混合发行方式下的资金分配策略的模型建立和数值仿真，考察了机构投资者申购策略对无自主分配权下的询价发行的影响，填补了相关研究文献的空白；在包含超额配售选择权的询价发行中，将发行定价策略分为热销策略和弱销策略，在考虑了我国含超额配售选择权的发行流程下，通过建模以及数值仿真得出承销商会对发行定价策略作出怎样的选取，进而会对新股发行价格、发售数量产生怎样的影响，对目前相关研究的缺乏做出了有益的补充。

Insurance agent is to point to the commission according to the underwriter, inside the limits of underwriter accredit transact insurance business on behalf of the insurer, and to collect fees according to the unit or individual agent.

保险代理人是指根据保险人的委托，在保险人授权的范围内代为办理保险业务，并依法向保险人收取代理手续费的单位或者个人。

Insurance company, insurance firm, insurance underwriter, insurer, underwriter

在同业中再没有其它任何一家保险公司有我们如此高的自制力。

At the request of the re-insurance underwriter, the re-insurer shall make representations of its own liabilities or the related information of the original insurance to the re-insurance underwriter.

应再保险接受人的要求，再保险分出人应当将其自负责任及原保险的有关情况告知再保险接受人。

Methods: Five patients with parkinsonism or dystonia were assigned to general anesthesia using an modified endotracheal tube.

本实验依照人体实验之相关规定进行，五位患有帕金森氏症或肌张力异常的病人接受神经立体定位手术。

If you can benefit from this book, it is our honour.

如果您能从本书获益，这将是我们的荣幸。