“”best efforts“ sale: A new issue which is not underwritten and not purchased as a whole from the issuer , but is sold by securities dealers on a ”sell what can be sold“ basis. ”

“尽力销售”，“尽量代销”:在发行新的证券时，不使用包销，也不采取批发方式，而是由证券商按“销多少算多少”的原则销售。

The Securities Exchange Act of 1934 defines a non-employee director as one who is not currently employed by the stock issuer ,The person does not receive compensation directly or indirectly other than as a director.

1934年美国证券交易法对非雇员董事作了如下定义,目前不是股票发行者的雇员，除了作为董事以外不直接或者间接的获得报酬.

Agreed elsewhere by the guarantor/issuer and the beneficiary.

保证人和受益人另有协议者

The rights and obligations of the guarantor/issuer and the beneficiary arising from the undertaking are determined by the terms and conditions set forth in the undertaking, including any rules, general conditions or usages specifically referred to therein, and by the provisions of this Convention.

保证人和受益人由保证所生之权利、义务，由保函中所列条件确定之，包括保函中特别提及的任何规则、一般条件或惯例以及本公约的条文。

In discharging its obligations under the undertaking and this Convention, the guarantor/issuer shall act in good faith and exercise reasonable care having due regard to generally accepted standards of international practice of independent guarantees or stand-by letters of credit.

保证人履行其依保函和本公约所负之义务时，一秉诚信并且给予合理注意，依从适用于独立保证或备用信用证之普遍公认的国际惯例与准则行事。

The guarantor/issuer shall examine the demand and any accompanying documents in accordance with the standard of conduct referred to in paragraph (1)of article 14. In determining whether documents are in facial conformity with the terms and conditions of the undertaking, and are consistent with one another, the guarantor/issuer shall have due regard to the applicable international standard of independent guarantee or stand-by letter of credit practice.

保证人应当依第14条第1款所列行动准则审查付款请求以及任何附随文件。保证人应充分考虑可适用于独立保证或备用信用证之国际准则以决定单据是否符合保函条款，以彼此之间是否一致。

Standard of conduct and liability of guarantor/issuer

保证人责任及其行动准则

Unless otherwise stipulated in the undertaking or elsewhere agreed by the guarantor/issuer and the beneficiary, the guarantor/issuer may discharge the payment obligation under the undertaking by availing itself of a right of set-off, except with any claim assigned to it by the principal/applicant or the instructing party.

除保函另有规定或保证人和受益人另有协议以外，保证人得行使抵销权而履行其所保证的付款义务，但主债务人/申请人或指示人向其转让的任何请求权不得抵销

The notice referred to in subparagraph (c)above shall, unless otherwise stipulated in the undertaking or elsewhere agreed by the guarantor/issuer and the beneficiary, be made by teletransmission or, if that is not possible, by other expeditious means and indicate the reason for the decision not to pay.

除保函另有规定或保证人和受益人另有协议者外，(c)项中所指通知应以电传方式，若电传不可能，应以其它快捷方式作出，并且应当表明不予付款的理由。

Unless otherwise stipulated in the undertaking or elsewhere agreed by the guarantor/issuer and the beneficiary, the guarantor/issuer shall have reasonable time, but not more than seven business days following the day of receipt of the demand and any accompanying documents, in which to

除保函另有规定或保证人和受益人另有协议者外，保证人应当在合理期限内，但最长在收到请求和任何附随单据之日起七个营业日内，完成下列事项

Unless otherwise stipulated in the undertaking, the demand and any certification or other document required by the undertaking shall be presented, within the time that a demand for payment may be made, to the guarantor/issuer at the place where the undertaking was issued.

除保函另有规定者外，付款请求和保函所要求的任何证明或其它文件应在付款请求得以提出的时限内提供，且应在保函签发地向保证人提供;

This email user’s certificate does not have a trusted issuer . You may decide to directly trust this certificate to permit the exchange of signed and encrypted e-mail with this user.

此电子邮件用户的证书发出者不可信。您可以决定是否直接信任此证书，并与这个用户交换已签名的或加密的电子邮件。

The certificate issuer for this server has been marked as not trusted by the user. Netscape refuses to connect to this server.

此服务器的证书发出者已被用户标记为不可信。Netscape拒绝连接到此服务器。

Article 28 Where a stock is issued at a premium, the issue price shall be discussed and determined between the issuer and the underwriting securities company, and report to the securities regulatory body under the State Council for approval.

第二十八条股票发行采取溢价发行的，其发行价格由发行人与承销的证券公司协商确定，报国务院证券监督管理机构核准。

Article 22. An issuer who publicly issues securities has the right to select an underwriting securities company. Securities companies shall not procure the underwriting business with improper means of competition.

第二十二条公开发行证券的发行人有权依法自主选择承销的证券公司。证券公司不得以不正当竞争手段招揽证券承销业务。

Article 23. The following shall be included in the underwriting or sole agency agreement signed between a securities company and a stock issuer :

第二十三条证券公司承销证券，应当同发行人签订代销或者包销协议，载明下列事项:

Article 21. A securities company shall, in accordance with the stipulations of laws and administrative rules and regulations, underwrite to sell the securities an issuer offers for public subscription. The underwriting business is operated on a commission or sole agency basis.

第二十一条证券公司应当依照法律、行政法规的规定承销发行人向社会公开发行的证券。证券承销业务采取代销或者包销方式。

Article 63. When the prospectus released by an issuer , or an underwriting securities company, and its corporate bonds placement measures, financial and accounting reports, listed reports, annual reports, interim reports, and provisional reports

第六十三条发行人、承销的证券公司公告招股说明书、公司债券募集办法、财务会计报告、上市报告文件、年度报告、中期报告、临时报告，

Article 12. The organ or department legally in charge of examining and approving the application of an applicant‑issuer who applies to publicly issue securities according to law shall decide the formats of application documents and the modes for submitting them,

第十二条发行人依法申请公开发行证券所提交的申请文件的格式、报送方式，由依法负责核准或者审批的机构或者部门规定。

Article 19. After the issue of stock in accordance with the laws, the issuer shall be responsible for changes in the operations and profits; and investors shall be responsible for investment risks arising from these changes.

第十九条股票依法发行后，发行人经营与收益的变化，由发行人自行负责;由此变化引致的投资风险，由投资者自行负责。

Article 17. When a stock issue application is examined and approved, the stock issuer shall, in accordance with the stipulations of laws and administrative rules and regulations, issue a public subscription notice before the public issue of the stock, and place the notice in designated places for the public to read.

第十七条证券发行申请经核准或者经审批，发行人应当依照法律、行政法规的规定，在证券公开发行前，公告公开发行募集文件，并将该文件置备于指定场所供公众查阅。

Article 13. When submitting application documents to the securities regulatory body under the State Council or to a relevant department authorized by the State Council for the approval to issue securities, the applicant‑issuer must furnish truthful, accurate, and complete information.

第十三条发行人向国务院证券监督管理机构或者国务院授权的部门提交的证券发行申请文件，必须真实、准确、完整。

Article 11. Before publicly issuing shares, one must abide by the provisions of the Company Law, and report to and attain prior approval from the securities regulatory body under the State Council. The applicant‑issuer must submit to the securities regulatory body under the State Council, application documents as required by relevant provisions of the Company Law and other relevant documents as stipulated by the securities regulatory body under the State Council.

第十一条公开发行股票，必须依照公司法规定的条件，报经国务院证券监督管理机构核准。发行人必须向国务院证券监督管理机构提交公司法规定的申请文件和国务院证券监督管理机构规定的有关文件。

Article 46. After the application for stock listing is approved by the securities regulatory body under the State Council, the issuer shall submit to the stock exchange the approved document and relevant documents listed in the preceding article.

第四十六条股票上市交易申请经国务院证券监督管理机构核准后，其发行人应当向证券交易所提交核准文件和前条规定的有关文件。

Article 53. After being approved by the securities regulatory body under the State Council for listing its bonds, the issuer shall submit to the stock exchanges the approved document and relevant documents stipulated by the preceding article.

第五十三条公司债券上市交易申请经国务院证券监督管理机构核准后，其发行人应当向证券交易所提交核准文件和前条规定的有关文件。

Article 54.After the stock exchanges have agreed to a company’s application for listing its bonds, the issuer shall publish the company’s report on its bond listing, approved documents and documents concerning its listing application five day before listing its bonds. The said documents shall also be placed at appointed places for the public to read.

第五十四条公司债券上市交易申请经证券交易所同意后，发行人应当在公司债券上市交易的五日前公告公司债券上市报告、核准文件及有关上市申请文件，并将其申请文件置备于指定场所供公众查阅。

For controlled copies of documents, the issuer is responsible for recalling the obsolete copies and issuing the current revision to the copyholders.

对发放有受控副本号的重要文件时,发放人在发出新版本的同时有责任确保回收旧版本。

A secondary public offering can be either an issuer offering or an offering by a group that has purchased the issuer’s securities in the public markets.

二次上市可以由股票发行者进行，也可经自公开市场购买而持有此股票的集团发行。

Issue a provisional order to the effect that the beneficiary does not receive payment, including an order that the guarantor/issuer hold the amount of the undertaking, or

发布临时性命令以使受益人不能收到款项,包括命令保证人停止支付所保证之款额;或者

Issuer certificate is invalid.

发出者证书无效。

issuer’s cost

n.发行者费用

issuer syndicate

n.发行辛迪加

issuer of stocks

股票发行人

issuer of shares

股票发行人

Issuer of Bill of Lading

提单签发人