\u7531\u4e8e\u6cd5\u5f8b\u5236\u5ea6\u5dee\u5f02\u7684\u5f71\u54cd\uff0c\u79c1\u52df\u53d1\u884c\u662f\u6211\u56fd\u4e0a\u5e02\u516c\u53f8\u7b79\u96c6\u7f8e\u56fd\u8d44\u91d1\u7684\u552f\u4e00\u9014\u5f84\uff0c\u800c\u4e14\u516b\u5341\u5e74\u4ee3\u4ee5\u6765\uff0c\u5916\u56fd\u53d1\u884c\u4eba\u5728\u7f8e\u56fd\u8bc1\u5238\u5e02\u573a\u7b79\u96c6\u8d44\u91d1\u4e2d\u768460%\u6765\u81ea\u79c1\u52df\u5e02\u573a\u3002<\/p>\n

<\/p>\n

\u76ee\u524d\uff0c\u8c03\u6574\u7f8e\u56fd\u79c1\u52df\u53d1\u884c\u5236\u5ea6\u7684\u89c4\u8303\u6709\u4e09\u4e2a\uff0c\u53731933\u5e74\u300a\u8bc1\u5238\u6cd5\u300b(\u4ee5\u4e0b\u7b80\u79f0\u201c\u300a\u8bc1\u5238\u6cd5\u300b\u201d)\u76844\uff082\uff09\u8282\u30011982\u5e74\u7684\u300aD\u6761\u4f8b\u300b\uff08Regulation D\uff09\u4e0e1990\u5e74\u7684\u300a144A\u89c4\u5219\u300b\uff08Rule 144A\uff09\u3002\u6700\u65e9\u9881\u5e03\u76844\uff082\uff09\u8282\u4e0e\u6700\u665a\u9881\u5e03\u7684\u300a144A\u89c4\u5219\u300b\u65f6\u95f4\u8de8\u5ea6\u8fd160\u5e74\uff0c\u4f46\u4e09\u4e2a\u89c4\u8303\u4e92\u76f8\u72ec\u7acb\uff0c\u53c8\u4e92\u76f8\u8854\u63a5\uff0c\u5206\u522b\u8c03\u6574\u7740\u7f8e\u56fd\u7684\u79c1\u52df\u53d1\u884c\u5e02\u573a\uff0c\u582a\u79f0\u89c4\u8303\u5185\u5bb9\u76f8\u540c\u7684\u7acb\u6cd5\u534f\u8c03\u53d1\u5c55\u7684\u5178\u8303\u3002<\/p>\n

\u4e00\u3001\u00a04\uff082\uff09\u8282
\n\u7b2c4\uff082\uff09\u8282\u89c4\u5b9a\uff1a\u201c\u4e0d\u6d89\u53ca\u516c\u5f00\u53d1\u884c\u7684\u53d1\u884c\u4eba\u7684\u4ea4\u6613\u8c41\u514d\u6ce8\u518c\u3002\u201d\u201c\u8bc1\u4ea4\u4f1a\u201d\u8ba4\u4e3a\uff0c\u6240\u8c13\u201c\u4e0d\u6d89\u53ca\u516c\u5f00\u53d1\u884c\u7684\u53d1\u884c\u4eba\u7684\u4ea4\u6613\u201d\u610f\u6307\u201c\u5728\u4ea4\u6613\u4e4b\u65f6\uff0c\u4e0d\u6d89\u53ca\u516c\u5f00\u53d1\u884c\uff0c\u800c\u4e0d\u95ee\u53d1\u884c\u4eba\u4ee5\u540e\u662f\u5426\u51b3\u5b9a\u516c\u5f00\u53d1\u884c\u6216\u6ce8\u518c\u201d\u3002\u79c1\u52df\u53d1\u884c\u8c41\u514d\u5236\u5ea6\u4e3b\u8981\u662f\u56e0\u4e3a\u7f8e\u56fd\u662f\u5224\u4f8b\u6cd5\u56fd\u5bb6\uff0c\u6210\u6587\u7acb\u6cd5\u4e0d\u53ef\u80fd\u8c61\u5927\u9646\u6cd5\u90a3\u4e48\u4e8b\u65e0\u5de8\u7ec6\u30024\uff082\uff09\u8282\u79c1\u52df\u53d1\u884c\u8c41\u514d\u5236\u5ea6\u4f5c\u4e3a\u53f8\u6cd5\u4e0e\u884c\u653f\u6267\u6cd5\u5173\u6ce8\u7684\u7126\u70b9\uff0c\u5b8c\u5168\u662f\u5728\u5224\u4f8b\u6cd5\u4e0e\u201c\u8bc1\u4ea4\u4f1a\u201d\u884c\u653f\u89e3\u91ca\u7684\u6307\u5bfc\u4e0b\u5efa\u7acb\u8d77\u6765\u7684\u3002
\n1935\u5e74\uff0c\u201c\u8bc1\u4ea4\u4f1a\u201d\u6cd5\u5f8b\u603b\u76d1\uff08the SEC`s General Counsel\uff09\u5bf9\u79c1\u52df\u53d1\u884c\u53d1\u8868\u4e86\u81ea\u5df1\u7684\u770b\u6cd5\u3002\u4ed6\u8ba4\u4e3a\uff0c\u4e00\u822c\u60c5\u51b5\u4e0b\uff0c\u541125\u4e2a\u4ee5\u4e0b\u7684\u4eba\u53d1\u884c\u8bc1\u5238\u4e0d\u662f\u5bf9\u5f88\u591a\u4eba\u7684\u53d1\u884c\uff0c\u56e0\u6b64\u4e0d\u4f1a\u6784\u6210\u516c\u5f00\u53d1\u884c\u3002
\n<\/span>\u6b64\u540e10\u51e0\u5e74\u4e2d\uff0c\u4e0a\u8ff0\u610f\u89c1\u57fa\u672c\u4e0a\u662f\u7f8e\u56fd\u79c1\u52df\u53d1\u884c\u7684\u91d1\u79d1\u7389\u5f8b\u3002\u800c\u5230\u6700\u9ad8\u6cd5\u9662\u4e8e1953\u5e74\u5ba1\u7406SEC v. Ralston Purina Co.\u6848\u65f6\uff0c\u60c5\u51b5\u5219\u53d1\u751f\u4e86\u53d8\u5316\u3002\u533a\u6cd5\u9662\u8ba4\u4e3aRalston Purina\u516c\u53f8\u53ef\u4ee5\u9002\u7528\u8c41\u514d\uff0c\u4e0a\u8bc9\u6cd5\u9662\u7ef4\u6301\u4e86\u533a\u6cd5\u9662\u7684\u5224\u51b3\u3002\u800c\u6700\u9ad8\u6cd5\u9662\u5374\u63a8\u7ffb\u4e24\u4e2a\u4e0b\u7ea7\u6cd5\u9662\u7684\u5224\u51b3\u3002
\nRalston Purina\u516c\u53f8\u662f\u4e00\u5bb6\u751f\u4ea7\u4e0e\u9500\u552e\u5404\u79cd\u9972\u6599\u4e0e\u8c37\u7269\u98df\u54c1\u4ea7\u54c1\u7684\u4f01\u4e1a\uff0c\u52a0\u5de5\u4e0e\u9500\u552e\u8bbe\u65bd\u904d\u53ca\u7f8e\u56fd\u4e0e\u52a0\u62ff\u5927\u3002\u81ea1947\u52301951\u5e74\uff0c\u8be5\u516c\u53f8\u672a\u7ecf\u6ce8\u518c\uff0c\u4f46\u5374\u5229\u7528\u4e86\u90ae\u9012\u8bbe\u65bd\uff0c\u5411\u5176\u96c7\u5458\u51fa\u552e\u4e86\u5927\u7ea6200\u4e07\u7f8e\u5143\u7684\u80a1\u7968\u3002
\nRalston\u00a0 Purina \u516c\u53f8\u8ba4\u4e3a\u5b83\u7684\u53d1\u884c\u5e94\u5f53\u83b7\u5f97\u6ce8\u518c\u8c41\u514d\uff0c\u56e0\u4e3a\u6240\u6709\u7684\u53d7\u53d1\u884c\u4eba\u7686\u662f\u516c\u53f8\u7684\u201c\u5173\u952e\u96c7\u5458\u201d\uff08Key employees\uff09\u3002\u4ed6\u4eec\u5e94\u5f53\u5305\u62ec\u4efb\u4f55\u6709\u8d44\u683c\u83b7\u5f97\u63d0\u5347\u7684\u4eba\u3001\u4efb\u4f55\u80fd\u5f71\u54cd\u4ed6\u4eba\u6216\u5411\u4ed6\u4eba\u63d0\u4f9b\u610f\u89c1\u7684\u4eba\u3001\u96c7\u5458\u7279\u522b\u671f\u5f85\u7684\u4eba\uff0c\u5f53\u7136\u4e5f\u5305\u62ec\u4efb\u4f55\u8d1f\u6709\u7279\u6b8a\u804c\u8d23\u7684\u4eba\u3001\u8d5e\u540c\u7ba1\u7406\u7684\u4eba\u3001\u6709\u8fdb\u53d6\u5fc3\u7684\u3001\u4e14\u7ba1\u7406\u4eba\u5458\u89c9\u5f97\u6709\u53ef\u80fd\u88ab\u63d0\u5347\u5230\u66f4\u91cd\u8981\u804c\u4f4d\u7684\u4eba\u3002
\n\u7f8e\u56fd\u6700\u9ad8\u6cd5\u9662\u8ba4\u4e3a\uff0c\u7acb\u6cd5\u7684\u76ee\u7684\u662f\u4e3a\u4e86\u901a\u8fc7\u63d0\u4f9b\u4f5c\u51fa\u5408\u7406\u6295\u8d44\u6240\u5fc5\u8981\u7684\u5168\u90e8\u4fe1\u606f\u6765\u4fdd\u62a4\u6295\u8d44\u8005\u3002\u56e0\u6b64\uff0c\u89e3\u91ca\u79c1\u52df\u53d1\u884c\u8c41\u514d\u8981\u6309\u7167\u7acb\u6cd5\u76ee\u7684\u8fdb\u884c\u3002\u9002\u75284\uff082\uff09\u8282\u4f9d\u8d56\u4e8e\u53d7\u53d1\u884c\u4eba\u662f\u5426\u9700\u8981\u300a\u8bc1\u5238\u6cd5\u300b\u7684\u4fdd\u62a4\u3002\u5982\u679c\u53d7\u53d1\u884c\u4eba\u660e\u663e\u80fd\u591f\u81ea\u5df1\u4fdd\u62a4\u81ea\u5df1\uff0c\u5219\u5bf9\u8fd9\u4e9b\u4eba\u4f5c\u51fa\u7684\u53d1\u884c\u8981\u7ea6\u5c31\u662f\u4e00\u4e2a\u201c\u4e0d\u6d89\u53ca\u4efb\u4f55\u516c\u5f00\u53d1\u884c\u8981\u7ea6\u201d\u7684\u4ea4\u6613\u3002\u800cRalston Purina\u516c\u53f8\u53d7\u53d1\u884c\u4eba\u7684\u5730\u4f4d\u51b3\u5b9a\u4ed6\u4eec\u65e0\u6cd5\u83b7\u5f97\u76f8\u5173\u8d44\u6599\uff0c\u4ed6\u4eec\u5982\u793e\u533a\u4e2d\u7684\u90bb\u5c45\u4e00\u6837\u662f\u6295\u8d44\u201c\u516c\u4f17\u201d\u4e2d\u7684\u4e00\u5458\u3002\u636e\u6b64\u7f8e\u56fd\u6700\u9ad8\u6cd5\u9662\u5224\u51b3Ralston Purina\u516c\u53f8\u5e94\u5f53\u9075\u5b88\u300a\u8bc1\u5238\u6cd5\u300b\u7b2c5\u8282\u7684\u89c4\u5b9a\u3002
\n\u5728\u8be5\u6848\u4e2d\uff0c\u6cd5\u9662\u76f4\u622a\u4e86\u5f53\u5730\u62d2\u7edd\u4e86\u201c\u8bc1\u4ea4\u4f1a\u201d\u603b\u76d1\u5173\u4e8e\u79c1\u52df\u53d1\u884c\u6784\u6210\u8981\u4ef6\u662f\u53d7\u53d1\u884c\u4eba\u4e0d\u8d85\u8fc725\u4eba\u7684\u6807\u51c6\u7684\u770b\u6cd5\u3002
\n\u4ece\u6b64\u4ee5\u540e\uff0c\u6700\u9ad8\u6cd5\u9662\u5728Ralston Purina\u516c\u53f8\u6848\u4e2d\u63d0\u51fa\u7684\u5224\u5b9a\u79c1\u52df\u53d1\u884c\u7684\u610f\u89c1\u5c31\u6210\u4e86\u8054\u90a6\u6cd5\u9662\u5ba1\u7406\u79c1\u52df\u53d1\u884c\u6848\u4ef6\u7684\u6307\u5bfc\u539f\u5219\u3002
\n<\/span>\u4f46\u6beb\u65e0\u7591\u95ee\uff0c\u524d\u8ff0\u5224\u4f8b\u59824\uff082\uff09\u8282\u672c\u8eab\u7684\u6587\u5b57\u4e00\u6837\uff0c\u4e0d\u53ef\u6349\u6478\uff0c\u4e0d\u5229\u4e8e\u53d1\u884c\u4eba\u4f5c\u51fa\u660e\u786e\u7684\u5224\u65ad\u3002\u4e3a\u6b64\uff0c1962\u5e7411\u6708\uff0c\u201c\u8bc1\u4ea4\u4f1a\u201d\u9488\u5bf9\u79c1\u52df\u53d1\u884c\u95ee\u9898\uff0c\u53d1\u5e03\u4e86\u4e00\u4e2a\u58f0\u660e\uff08Release\uff09\u3002 \u201c\u8bc1\u4ea4\u4f1a\u201d\u8ba4\u4e3a\uff0c\u8ba4\u5b9a\u4e00\u4e2a\u4ea4\u6613\u662f\u5426\u6d89\u53ca\u516c\u5f00\u53d1\u884c\uff0c\u9700\u8981\u8003\u8651\u6574\u4e2a\u73af\u5883\u3002\u8fd9\u4e9b\u56e0\u7d20\u5305\u62ec\uff1a\u53d7\u53d1\u884c\u4eba\u4e0e\u53d1\u884c\u4eba\u7684\u5173\u7cfb\uff0c\u4ee5\u53ca\u53d1\u884c\u7684\u6027\u8d28\u3001\u65b9\u5f0f\u3001\u89c4\u6a21\u3001\u8303\u56f4\u3001\u79cd\u7c7b\u3002
\n<\/span>\u8be5\u58f0\u660e\u8ba4\u53ef\u4e86\u6700\u9ad8\u6cd5\u9662\u5728\u524d\u8ff0\u6848\u4ef6\u4e2d\u7684\u89c2\u70b9\uff1a\u8c41\u514d\u5fc5\u987b\u6309\u7167\u7acb\u6cd5\u76ee\u7684\u6765\u89e3\u91ca\uff1b\u8c41\u514d\u6ce8\u518c\u53d6\u51b3\u4e8e\u6709\u5173\u4eba\u58eb\u662f\u5426\u9700\u8981\u300a\u8bc1\u5238\u6cd5\u300b\u7684\u4fdd\u62a4\uff1b\u5728\u9002\u7528\u8c41\u514d\u6ce8\u518c\u65f6\uff0c\u53d7\u53d1\u884c\u4eba\u7684\u6570\u91cf\u5e76\u4e0d\u662f\u51b3\u5b9a\u6027\u7684\u56e0\u7d20\uff0c\u56e0\u4e3a\u300a\u8bc1\u5238\u6cd5\u300b\u65e2\u9002\u7528\u4e8e\u5bf9\u4eba\u591a\u7684\u53d1\u884c\uff0c\u4e5f\u9002\u7528\u4e8e\u5bf9\u4eba\u5c11\u7684\u53d1\u884c\u3002\u6545\u6b64\uff0c\u201c\u8bc1\u4ea4\u4f1a\u201d\u5f3a\u8c03\u8ba4\u4e3a\uff0c\u53d1\u884c\u6240\u53ca\u7684\u4eba\u6570\u4ec5\u4e0e\u4ed6\u4eec\u662f\u5426\u4e0e\u79c1\u52df\u53d1\u884c\u7684\u53d1\u884c\u4eba\u6709\u5fc5\u8981\u7684\u8054\u7cfb\u3001\u662f\u5426\u4e86\u89e3\u53d1\u884c\u4eba\u7684\u95ee\u9898\u6709\u5173\u3002\u6240\u4ee5\u8bf4\uff0c\u5728\u8ba4\u5b9a\u79c1\u52df\u53d1\u884c\u7684\u65f6\u5019\u65e2\u8981\u8003\u8651\u5b9e\u9645\u8d2d\u4e70\u4eba\u7684\u8eab\u4efd\uff0c\u4e5f\u8981\u8003\u8651\u53d7\u53d1\u884c\u4eba\u7684\u8eab\u4efd\u3002
\n<\/span>\u5728\u8be5\u58f0\u660e\u4e2d\uff0c\u201c\u8bc1\u4ea4\u4f1a\u201d\u7279\u522b\u6307\u51fa\uff0c\u5728\u5224\u65ad\u662f\u5426\u6784\u6210\u79c1\u52df\u53d1\u884c\u7684\u65f6\u5019\uff0c\u9700\u8981\u8003\u8651\u8981\u7ea6\u53d1\u884c\u7684\u8bc1\u5238\u662f\u5426\u505c\u7559\u5728\u6700\u521d\u7684\u6d88\u606f\u7075\u901a\u4eba\u58eb\u7684\u624b\u4e2d\u3002\u5982\u679c\u8d2d\u4e70\u8005\u83b7\u5f97\u8bc1\u5238\u7684\u76ee\u7684\u662f\u65e8\u5728\u8bc1\u5238\u518d\u9500\u552e\uff0c\u5219\u8bc1\u5238\u7684\u5356\u65b9\u5c31\u8981\u627f\u62c5\u53ef\u80fd\u8fdd\u53cd\u300a\u8bc1\u5238\u6cd5\u300b\u6ce8\u518c\u8981\u6c42\u7684\u98ce\u9669\uff0c\u53ca\u76f8\u5e94\u7684\u6c11\u4e8b\u8d23\u4efb\u3002
\n\u4ece\u201c\u8bc1\u4ea4\u4f1a\u201d\u8fd9\u4efd\u58f0\u660e\u4e2d\uff0c\u6211\u4eec\u660e\u663e\u53ef\u4ee5\u770b\u51fa\uff0c\u79c1\u52df\u53d1\u884c\u7684\u8bc1\u5238\u4e0d\u80fd\u518d\u51fa\u552e\uff0c\u4ece\u800c\u9650\u5236\u4e86\u8bc1\u5238\u7684\u6d41\u901a\u6027\u3002<\/span>
\n\u5728\u8003\u8651\u79c1\u52df\u53d1\u884c\u7684\u8ba4\u5b9a\u65f6\uff0c\u201c\u8bc1\u4ea4\u4f1a\u201d\u8fd8\u8ba4\u4e3a\u5e94\u5f53\u8003\u8651\u53d1\u884c\u7684\u4e00\u4f53\u5316\u95ee\u9898\u3002\u4e5f\u5c31\u662f\u8bf4\u8981\u8003\u8651\u79c1\u52df\u53d1\u884c\u662f\u4e0d\u662f\u5df2\u53d1\u884c\u6216\u5c06\u53d1\u884c\u7684\u3001\u66f4\u5927\u7684\u53d1\u884c\u7684\u4e00\u90e8\u5206\u3002\u5982\u679c\u662f\u4e00\u7cfb\u5217\u53d1\u884c\u7684\u4e00\u90e8\u5206\uff0c\u5219\u9762\u5bf9\u6709\u9650\u7684\u4eba\u7684\u53d1\u884c\u5c31\u4e0d\u80fd\u8ba4\u4e3a\u662f\u4e00\u6b21\u53d1\u884c\u3002 \u53d1\u884c\u4eba\u4e0d\u80fd\u5c31\u7279\u5b9a\u90e8\u5206\u7684\u53d1\u884c\u4e3b\u5f20\u8c41\u514d\u3002\u5f53\u7136\uff0c\u4e00\u4f53\u5316\u7684\u9650\u5236\u4ec5\u9002\u7528\u4e8e\u5728\u7f8e\u56fd\u5883\u5185\u8fdb\u884c\u7684\u53d1\u884c\uff0c\u5982\u679c\u53d1\u884c\u5177\u6709\u8de8\u56fd\u6027\uff0c\u5219\u4e0d\u5728\u6b64\u9650\u3002
\n\u81eaSEC v. Ralston Purina Co.\u6848\u4ee5\u540e\uff0c\u7f8e\u56fd\u8054\u90a6\u6cd5\u9662\u5ba1\u7406\u4e86\u5927\u91cf\u6709\u5173\u79c1\u52df\u53d1\u884c\u7684\u6848\u4ef6\u3002\u4ed6\u4eec\u5728\u9075\u5faa\u6700\u9ad8\u6cd5\u9662\u4e0e\u201c\u8bc1\u4ea4\u4f1a\u201d\u610f\u89c1\u7684\u57fa\u7840\u4e0a\uff0c\u8fdb\u4e00\u6b65\u63d0\u51fa\u5224\u5b9a\u79c1\u52df\u53d1\u884c\u7684\u6807\u51c6\uff1a\u2460\u53d7\u53d1\u884c\u4eba\u4e0e\u8d2d\u4e70\u8005\u7684\u6570\u91cf,\u4ee5\u53ca\u4ed6\u4eec\u4e4b\u95f4\u3001\u4ed6\u4eec\u4e0e\u53d1\u884c\u4eba\u4e4b\u95f4\u7684\u5173\u7cfb;\u2461\u53d1\u884c\u6570\u91cf;\u2462\u53d1\u884c\u89c4\u6a21;\u2463\u53d1\u884c\u65b9\u5f0f;\u2464\u6295\u8d44\u8005\u5728\u91d1\u878d\u65b9\u9762\u7684\u6210\u719f\u5ea6\u3002
\n\u5224\u5b9a\u8d2d\u4e70\u4eba\u6216\u53d7\u53d1\u884c\u4eba\u5728\u91d1\u878d\u65b9\u9762\u7684\u6210\u719f\u7a0b\u5ea6\uff0c\u65e8\u5728\u786e\u8ba4\u4ed6\u4eec\u662f\u5426\u53ef\u4ee5\u81ea\u5df1\u5224\u65ad\u6295\u8d44\u98ce\u9669\u3002\u8003\u8651\u4ed6\u4eec\u4e4b\u95f4\u4ee5\u53ca\u4ed6\u4eec\u4e0e\u53d1\u884c\u4eba\u4e4b\u95f4\u7684\u5173\u7cfb\uff0c\u65e8\u5728\u786e\u8ba4\u4ed6\u4eec\u53ef\u5426\u83b7\u5f97\u540c\u300a\u8bc1\u5238\u6cd5\u300b\u4ee5\u6ce8\u518c\u65b9\u5f0f\u63d0\u4f9b\u7684\u5185\u5bb9\u4e00\u6837\u7684\u4fe1\u606f\u3002\u800c\u53d1\u884c\u65b9\u5f0f\u3001\u89c4\u6a21\u4e0e\u6570\u91cf\u7684\u8003\u8651\u65e8\u5728\u4ece\u603b\u4f53\u4e0a\u786e\u8ba4\u53d1\u884c\u662f\u5426\u6d89\u53ca\u516c\u5f00\u53d1\u884c\u3002<\/span><\/p>\n

\u4e8c\u3001\u300aD\u6761\u4f8b\u300b\u4e0b\u7684\u79c1\u52df\u53d1\u884c\u5e02\u573a
\n\uff08\u4e00\uff09\u9881\u5e03\u7684\u5386\u53f2\u80cc\u666f
\n\u4ece\u4e0a\u8ff0\u7684\u5206\u6790\u53ef\u4ee5\u770b\u51fa\uff0c\u8bd5\u56fe\u83b7\u5f974\uff082\uff09\u8282\u8c41\u514d\u7684\u53d1\u884c\u4eba\u65f6\u523b\u9762\u4e34\u7740\u5de8\u5927\u7684\u98ce\u9669\u3002\u800c\u6cd5\u9662\u5219\u671f\u671b\u901a\u8fc7\u4e2a\u6848\u7684\u5ba1\u7406\uff0c\u5efa\u7acb4\uff082\uff09\u8282\u4e0b\u79c1\u52df\u53d1\u884c\u7684\u5177\u4f53\u89c4\u8303\uff0c\u4f46\u5341\u5206\u6a21\u7cca\u3002\u53d1\u884c\u4eba\u5373\u4f7f\u5c3d\u4e86\u8db3\u591f\u7684\u4e49\u52a1\uff0c\u4e5f\u5f88\u96be\u786e\u4fdd\u53d1\u884c\u7b26\u54084\uff082\uff09\u8282\u79c1\u52df\u53d1\u884c\u7684\u6761\u4ef6\uff0c\u4ece\u800c\u65f6\u523b\u9762\u4e34\u8fdd\u53cd\u300a\u8bc1\u5238\u6cd5\u300b\u6ce8\u518c\u8981\u6c42\u7684\u98ce\u9669\u3002\u4e3a\u6b64\uff0c\u8bc1\u5238\u534f\u4f1a(Securities Bar)\u547c\u5401\u201c\u8bc1\u4ea4\u4f1a\u201d\u9881\u5e03\u5b89\u5168\u6e2f\u89c4\u5219\u3002
\n1974\u5e74\uff0c\u201c\u8bc1\u4ea4\u4f1a\u201d\u9881\u5e03\u300a146\u89c4\u5219\u300b\uff0c\u5bf9\u4e8e\u79c1\u52df\u53d1\u884c\u89c4\u5b9a\u4e86\u5177\u4f53\u7684\u6807\u51c6\uff1a\u2460\u5c31\u53d1\u884c\u8981\u7ea6\uff0c\u4e0d\u5f97\u8fdb\u884c\u5e7f\u544a\u5ba3\u4f20\u6216\u8bf7\u6c42\u8d2d\u4e70;\u2461\u53d1\u884c\u8981\u7ea6\u5fc5\u987b\u4ec5\u5411\u53d1\u884c\u4eba\u5408\u7406\u76f8\u4fe1\u5728\u91d1\u878d\u4e0e\u5546\u4e1a\u4e0a\u6709\u5fc5\u8981\u77e5\u8bc6\u4e0e\u7ecf\u9a8c\u7684\u4eba\u3001\u6216\u80fd\u591f\u627f\u53d7\u7ecf\u6d4e\u98ce\u9669\u7684\u4eba\u4f5c\u51fa;\u2462\u8bc1\u5238\u9500\u552e\u5e94\u4ec5\u5411\u524d\u8ff0\u4eba\u5458\u4f5c\u51fa\uff0c\u9664\u975e\u53d7\u8981\u7ea6\u4eba\u7b26\u5408\u7ecf\u6d4e\u98ce\u9669\u6d4b\u8bd5\uff0c\u4e14\u6709\u53d7\u8981\u7ea6\u4eba\u4ee3\u8868\u76f8\u4f34;\u2463\u53d7\u53d1\u884c\u4eba\u6709\u9014\u5f84\u83b7\u5f97\u3001\u6216\u5df2\u83b7\u5f97\u53ef\u4e0e\u901a\u8fc7\u6ce8\u518c\u6240\u83b7\u5f97\u4fe1\u606f\u76f8\u4f3c\u7684\u4fe1\u606f;\u2464\u5728\u53d1\u884c\u8fc7\u7a0b\u4e2d\uff0c\u8d2d\u4e70\u4eba\u4e0d\u8d85\u8fc735\u4eba;\u2465\u7ed9\u4e88\u5408\u7406\u6ce8\u610f\uff0c\u4ee5\u786e\u4fdd\u8bc1\u5238\u4e0d\u56e0\u518d\u51fa\u552e\u800c\u8fdd\u53cd\u300a\u8bc1\u5238\u6cd5\u300b\u7684\u6ce8\u518c\u6761\u6b3e\u3002
\n<\/span>\u300a146\u89c4\u5219\u300b\u9881\u5e03\u4ee5\u540e\uff0c\u53d7\u5230\u8bc1\u5238\u534f\u4f1a\u7684\u4e25\u5389\u6279\u8bc4\u3002\u4ed6\u4eec\u8ba4\u4e3a\uff0c\u8be5\u89c4\u5219,\u5c24\u5176\u662f\u98ce\u9669\u6d4b\u8bd5\u8981\u6c42\uff0c\u6bd4\u89e3\u91ca4\uff082\uff09\u8282\u7684\u5224\u4f8b\u6cd5\u66f4\u4e25\u683c\u3002\u4e3a\u6b64\uff0c\u201c\u8bc1\u4ea4\u4f1a\u201d\u4e8e1982\u5e74\u53c8\u9881\u5e03\u4e86\u300aD\u6761\u4f8b\u300b\u3002\u5176\u4e2d\u7684\u300a506\u89c4\u5219\u300b\u4e3a4\uff082\uff09\u8282\u7684\u8c41\u514d\u89c4\u5b9a\u4e86\u4e00\u4e2a\u975e\u6392\u4ed6\u6027\u7684\u5b89\u5168\u6e2f\uff0c\u5e9f\u9664\u4e86\u300a146\u89c4\u5219\u300b\u7684\u7ecf\u6d4e\u98ce\u9669\u6d4b\u8bd5\u8981\u6c42\uff0c\u4ec5\u8981\u6c42\u8d2d\u4e70\u8005\u7b26\u5408\u6210\u719f\u6807\u51c6\u3002\u56e0\u6b64\uff0c\u300a506\u89c4\u5219\u300b\u5c31\u6210\u4e86\u5b9e\u65bd4\uff082\uff09\u8282\u79c1\u52df\u53d1\u884c\u8c41\u514d\u7684\u7684\u66ff\u4ee3\u65b9\u6cd5\u3002<\/p>\n

\uff08\u4e8c\uff09\u5185\u5bb9
\n\u6839\u636e\u300aD\u6761\u4f8b\u300b\u53ca\u5176\u300a506\u89c4\u5219\u300b\u975e\u6392\u4ed6\u6027\u7684\u5b89\u5168\u6e2f\u89c4\u5219\uff0c\u4efb\u4f55\u53d1\u884c\u4eba\u8981\u60f3\u83b7\u5f97\u79c1\u52df\u53d1\u884c\u6ce8\u518c\u8c41\u514d\uff0c\u5e94\u5f53\u7b26\u5408\u5982\u4e0b\u6761\u4ef6\uff1a
\n1\u3001\u6765\u81ea\u53d1\u884c\u4eba\u8bc1\u5238\u7684\u8d2d\u4e70\u4eba\u6216\u53d1\u884c\u4eba\u5408\u7406\u8ba4\u4e3a\u7684\u8d2d\u4e70\u4eba\u4e0d\u5f97\u8d85\u8fc735\u4eba;
\n2\u3001\u975e\u201c\u53ef\u8d44\u4fe1\u8d56\u6295\u8d44\u8005\u201d\uff08accredited investor\uff09\uff0c\u6216\u5176\u4ee3\u8868\u6709\u8bc4\u4f30\u6295\u8d44\u4ef7\u503c\u4e0e\u98ce\u9669\u65b9\u9762\u7684\u77e5\u8bc6\uff0c\u6216\u53d1\u884c\u4eba\u5408\u7406\u5730\u8ba4\u4e3a\uff0c\u5728\u4f5c\u51fa\u4efb\u4f55\u9500\u552e\u4e4b\u524d\uff0c\u8be5\u8d2d\u4e70\u4eba\u7b26\u5408\u524d\u8ff0\u89c4\u5b9a\u7684\u8981\u6c42;
\n3\u3001\u53d1\u884c\u5fc5\u987b\u7b26\u5408\u4e00\u4f53\u5316\u7684\u8981\u6c42\u3002\u5982\u679c\u5728\u7f8e\u56fd\u5883\u5916\u5411\u5916\u56fd\u4eba\u53d1\u884c\u6216\u9500\u552e\u8bc1\u5238\uff0c\u4e14\u8be5\u8bc1\u5238\u505c\u7559\u5728\u56fd\u5916\uff0c\u5219\u975e\u7f8e\u56fd\u8d2d\u4e70\u4eba\u5c31\u4e0d\u8ba1\u7b97\u5728\u5185\u3002
\n4\u3001\u53d1\u884c\u4eba\u5e94\u5f53\u5728\u51fa\u552e\u8bc1\u5238\u524d\u7684\u4e00\u4e2a\u5408\u7406\u65f6\u95f4\u5185\u5411\u201c\u53ef\u8d44\u4fe1\u8d56\u6295\u8d44\u8005\u201d\u4ee5\u5916\u7684\u8d2d\u4e70\u8005\u63d0\u4f9b\u4fe1\u606f\u3002
\n5\u3001\u4e0d\u5f97\u5229\u7528\u4efb\u4f55\u5e7f\u544a\u6216\u62db\u63fd\u7684\u5f62\u5f0f\u8981\u7ea6\u6216\u51fa\u552e\u8bc1\u5238\u3002
\n6\u3001\u53d1\u884c\u7684\u8bc1\u5238\u5e94\u67094\uff082\uff09\u8282\u89c4\u5b9a\u4e4b\u8bc1\u5238\u5730\u4f4d\uff0c\u975e\u4f9d\u300a\u8bc1\u5238\u6cd5\u300b\u6ce8\u518c\u6216\u83b7\u5f97\u8c41\u514d\uff0c\u4e0d\u5f97\u518d\u51fa\u552e\u3002\u53d1\u884c\u4eba\u5e94\u5f53\u7ed9\u4e88\u5408\u7406\u6ce8\u610f\uff0c\u786e\u4fdd\u8d2d\u4e70\u4eba\u4e0d\u662f\u300a\u8bc1\u5238\u6cd5\u300b\u4e0a\u7684\u201c\u627f\u9500\u5546\u201d\uff1b
\n7\u3001\u53d1\u884c\u4eba\u5e94\u5728\u7b2c\u4e00\u6b21\u51fa\u552e\u8bc1\u5238\u4e4b\u65e5\u8d7715\u65e5\u5185\uff0c\u4f9d\u6cd5\u901a\u77e5\u201c\u8bc1\u4ea4\u4f1a\u201d\u3002
\n<\/span>\u6839\u636e\u300aD\u6761\u4f8b\u300b\u7684\u89c4\u5b9a\uff0c\u5728\u8ba1\u7b97\u8d2d\u4e70\u4eba\u6570\u91cf\u65f6\uff0c\u4efb\u4f55\u201c\u53ef\u8d44\u4fe1\u8d56\u6295\u8d44\u8005\u201d\u4e0d\u5e94\u8ba1\u7b97\u5728\u5185\uff0c\u56e0\u4e3a\u4ed6\u4eec\u53ef\u4ee5\u81ea\u5df1\u7167\u987e\u81ea\u5df1\u3002\u8fd9\u4e9b\u201c\u53ef\u8d44\u4fe1\u8d56\u6295\u8d44\u8005\u201d\u4e3b\u8981\u5305\u62ec\uff1a\u94f6\u884c\u3001\u5b58\u8d37\u6b3e\u534f\u4f1a\u3001\u4fdd\u9669\u516c\u53f8\u3001\u8bc1\u5238\u5546\uff1b\u5546\u4e1a\u5f00\u53d1\u516c\u53f8\u3001\u5546\u4e1a\u6295\u8d44\u516c\u53f8\uff1b\u5546\u4e1a\u4fe1\u6258\u3001\u5408\u4f19\uff1b\u53d1\u884c\u4eba\u7684\u4efb\u4f55\u8463\u4e8b\u3001\u9ad8\u7ea7\u7ba1\u7406\u4eba\u5458\u3001\u6216\u4e00\u822c\u5408\u4f19\u4eba\uff0c\u53ca\u4e00\u822c\u5408\u4f19\u4eba\u7684\u4efb\u4f55\u8463\u4e8b\u3001\u9ad8\u7ea7\u7ba1\u7406\u4eba\u5458\u3001\u6216\u4e00\u822c\u5408\u4f19\u4eba\uff1b\u5bcc\u88d5\u7684\u4e2a\u4eba\u548c\u5bb6\u5ead\u3002<\/p>\n

\u4e09\u3001\u300a\u89c4\u5219144A\u300b\u4e0b\u7684\u79c1\u52df\u53d1\u884c\u5e02\u573a
\n\uff08\u4e00\uff09\u9881\u5e03\u7684\u5386\u53f2\u80cc\u666f
\n\u300aD\u6761\u4f8b\u300b\u7684\u9881\u5e03\u4f7f\u5f97\u7f8e\u56fd\u8bc1\u5238\u6cd5\u5bf9\u4e8e\u79c1\u52df\u53d1\u884c\u7684\u57fa\u672c\u6761\u4ef6\u6709\u4e86\u660e\u786e\u7684\u89c4\u5b9a\u3002\u53d1\u884c\u4eba\u5982\u679c\u4e25\u683c\u6309\u7167\u300aD\u6761\u4f8b\u300b\u7684\u89c4\u5b9a\u52df\u96c6\u8d44\u91d1\uff0c\u5c31\u4e0d\u4f1a\u62db\u81f4\u6295\u8d44\u8005\u6216\u201c\u8bc1\u4ea4\u4f1a\u201d\u7684\u6000\u7591\u3002\u7136\u800c\uff0c\u4e0d\u7ba1\u662f4\uff082\uff09\u8282\uff0c\u8fd8\u662f\u300aD\u6761\u4f8b\u300b\u7686\u5b58\u5728\u5171\u540c\u96be\u9898\uff1a\u6295\u8d44\u8005\u5c3d\u7ba1\u53ef\u4ee5\u5408\u6cd5\u5730\u6301\u6709\u8bc1\u5238\uff0c\u4f46\u65e0\u201c\u6cd5\u201d\u8f6c\u8ba9\uff0c\u56e0\u4e3a\u8fd9\u4e24\u4e2a\u89c4\u8303\u7686\u8981\u6c42\u79c1\u52df\u53d1\u884c\u8bc1\u5238\u7684\u8d2d\u4e70\u8005\u5728\u8d2d\u4e70\u8be5\u8bc1\u5238\u7684\u65f6\u5019\u5fc5\u987b\u4e0d\u65e8\u5728\u8f6c\u8ba9\uff0c\u5426\u5219\u5c31\u5c06\u6d89\u53ca\u5230\u53d1\u884c\u4eba\u8c41\u514d\u6ce8\u518c\u7684\u6709\u6548\u6027\u95ee\u9898\u30024\uff082\uff09\u8282\u4e0e\u300aD\u6761\u4f8b\u300b\u4e0b\u53d1\u884c\u7684\u8bc1\u5238\u662f\u201c\u53d7\u9650\u5236\u7684\u8bc1\u5238\u201d\uff08Restricted Securities\uff09 \uff0c\u6839\u636e\u300a144\u89c4\u5219\u300b\u7684\u89c4\u5b9a\u5728\u53d1\u884c\u4e00\u5e74\u5185\u4e0d\u5f97\u8f6c\u8ba9\u3002 \u56e0\u6b64\uff0c4\uff082\uff09\u8282\u6216\u300aD\u6761\u4f8b\u300b\u4e0b\u7684\u79c1\u52df\u5e02\u573a\u662f\u6ca1\u6709\u6d41\u52a8\u6027\u7684\u5e02\u573a\u3002
\n\u4f5c\u4e3a\u91d1\u878d\u7684\u6838\u5fc3\u9886\u57df\uff0c\u8bc1\u5238\u5e02\u573a\u5e94\u5177\u6709\u6d41\u52a8\u6027\u529f\u80fd\uff0c\u5426\u5219\u6295\u8d44\u8005\u56e0\u65e0\u6cd5\u56de\u907f\u98ce\u9669\u800c\u4e0d\u613f\u6d89\u8db3\u300280\u5e74\u4ee3\u4ee5\u6765\uff0c\u4e9a\u6d32\u7b49\u65b0\u5174\u5e02\u573a\u7ecf\u6d4e\u56fd\u5bb6\u98de\u901f\u7684\u7ecf\u6d4e\u53d1\u5c55\u5f3a\u70c8\u5730\u5438\u5f15\u7740\u5404\u56fd\u7684\u6295\u8d44\u8005\u3002\u4f26\u6566\u7684\u201c\u91d1\u878d\u5927\u7206\u70b8\u201d\u4fc3\u4f7f\u82f1\u56fd\u5728\u8bc1\u5238\u5e02\u573a\u56fd\u9645\u5316\u65b9\u9762\u8fc5\u901f\u8d85\u8d8a\u4e86\u7f8e\u56fd\u3002\u540c\u65f6\uff0c\u8bc1\u5238\u56fd\u9645\u5316\u7684\u6d6a\u6f6e\u662f\u4ee5\u673a\u6784\u6295\u8d44\u8005\u8de8\u5883\u6295\u8d44\u4e3a\u7279\u5f81\u7684\u3002\u800c\u7f8e\u56fd\u8bc1\u5238\u6cd5\u7684\u4e25\u683c\u89c4\u8303\u81f4\u4f7f\u5916\u56fd\u53d1\u884c\u4eba\u5728\u7f8e\u56fd\u5e02\u573a\u88f9\u8db3\u4e0d\u524d\u3002\u7f8e\u56fd\u7684\u673a\u6784\u6295\u8d44\u8005\u65e0\u6cd5\u5145\u5206\u5206\u4eab\u5176\u4ed6\u56fd\u5bb6\u7ecf\u6d4e\u53d1\u5c55\u6240\u5e26\u6765\u7684\u5229\u76ca\u3002\u56e0\u6b64\uff0c\u89e3\u51b3\u7f8e\u56fd\u79c1\u52df\u53d1\u884c\u5e02\u573a\u7684\u6d41\u52a8\u6027\u95ee\u9898\uff0c\u6210\u4e86\u7f8e\u56fd\u4fdd\u6301\u8bc1\u5238\u5e02\u573a\u56fd\u9645\u7ade\u4e89\u529b\u7684\u5173\u952e\u3002\u6b63\u662f\u5728\u8fd9\u4e00\u5927\u80cc\u666f\u4e4b\u4e0b\uff0c\u201c\u8bc1\u4ea4\u4f1a\u201d\u9881\u5e03\u4e86\u300a144A\u89c4\u5219\u300b\uff0c\u65e8\u5728\u89e3\u51b34\uff082\uff09\u3001\u300aD\u6761\u4f8b\u300b\u4e0b\u8bc1\u5238\u7684\u6d41\u52a8\u6027\u95ee\u9898\u3002
\n<\/span>\uff08\u4e8c\uff09\u300a144A\u89c4\u5219\u300b\u7684\u5185\u5bb9
\n\u300a144A\u89c4\u5219\u300b\u7684\u7acb\u6cd5\u76ee\u7684\u662f\u4e3a\u4e86\u89e3\u51b34\uff082\uff09\u8282\u4e0e\u300aD\u6761\u4f8b\u300b\u79c1\u52df\u53d1\u884c\u5e02\u573a\u53d1\u884c\u8bc1\u5238\u7684\u518d\u51fa\u552e\u95ee\u9898\u3002\u4f46\u7531\u4e8e\u8be5\u89c4\u5219\u540c\u65f6\u89c4\u5b9a\uff0c\u53d1\u884c\u4eba\u4ee5\u5916\u7684\u4efb\u4f55\u4eba\u4f9d\u636e\u300a144A\u89c4\u5219\u300b\u7684\u89c4\u5b9a\u51fa\u552e\u6216\u8981\u7ea6\u51fa\u552e\u8bc1\u5238\uff0c\u5c06\u4e0d\u88ab\u8ba4\u4e3a\u662f\u5728\u4ece\u4e8b\u8be5\u8bc1\u5238\u7684\u63a8\u9500\u6d3b\u52a8\uff0c\u4ece\u800c\u4e0d\u88ab\u8ba4\u4e3a\u662f\u300a\u8bc1\u5238\u6cd5\u300b\u610f\u4e49\u4e0a\u7684\u627f\u9500\u5546\uff1b\u4e14\u8be5\u51fa\u552e\u884c\u4e3a\u4e5f\u4e0d\u88ab\u8ba4\u4e3a\u662f\u300a\u8bc1\u5238\u6cd5\u300b\u610f\u4e49\u4e0a\u7684\u5bf9\u516c\u4f17\u53d1\u884c\uff0c\u627f\u9500\u5546\u53ef\u4ee5\u5c06\u65b0\u53d1\u884c\u7684\u8bc1\u5238\u51fa\u552e\u7ed9\u201c\u5408\u683c\u7684\u673a\u6784\u8d2d\u4e70\u8005\u201d\uff0c\u800c\u65e0\u9700\u6ce8\u518c\u3002\u56e0\u6b64\u53ef\u4ee5\u8bf4\uff0c\u300a144A\u89c4\u5219\u300b\u7684\u81ea\u7531\u5316\u5f71\u54cd\u5ef6\u4f38\u81f3\u79c1\u52df\u53d1\u884c\u8bc1\u5238\u7684\u4e00\u7ea7\u5e02\u573a\uff0c\u4e3a\u7f8e\u56fd\u8bc1\u5238\u5e02\u573a\u53c8\u5efa\u7acb\u4e86\u4e00\u5957\u65b0\u7684\u79c1\u52df\u53d1\u884c\u5236\u5ea6\u3002
\n\u300a144A\u89c4\u5219\u300b\u4e0b\u79c1\u52df\u53d1\u884c\u5e94\u6ee1\u8db3\u4ee5\u4e0b\u6761\u4ef6\uff1a
\n1\u3001\u975e\u4e92\u6362\u6027\u3002<\/span>\u5373\u300a144A\u89c4\u5219\u300b\u4e0b\u7684\u8bc1\u5238\u4e0d\u80fd\u548c\u5df2\u5728\u8054\u90a6\u8bc1\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\u6216\u5168\u56fd\u8bc1\u5238\u4ea4\u6613\u5546\u81ea\u52a8\u62a5\u4ef7\u7cfb\u7edf\uff08NASDAQ\uff09\u62a5\u4ef7\u7684\u8bc1\u5238\u4e3a\u540c\u4e00\u7c7b\u8bc1\u5238\u3002\u8be5\u89c4\u5b9a\u65e8\u5728\u9632\u6b62\u53d1\u884c\u4eba\u4ee5\u201c\u300a144A\u89c4\u5219\u300b\u79c1\u52df\u53d1\u884c\u201d\u4e4b\u540d\uff0c\u884c\u201c\u516c\u52df\u53d1\u884c\u201d\u4e4b\u5b9e\uff0c\u9003\u907f\u300a\u8bc1\u5238\u6cd5\u300b\u7684\u6ce8\u518c\u8981\u6c42\uff1b
\n2\u3001\u9500\u552e\u5bf9\u8c61\u662f\u201c\u5408\u683c\u673a\u6784\u8d2d\u4e70\u8005\u201d\uff08Qualified Institutional Buyers, QIBs\uff09\u3002
\n<\/span>\u201c\u5408\u683c\u673a\u6784\u8d2d\u4e70\u8005\u201d\u7684\u754c\u5b9a\u662f\u9002\u7528\u300a144A\u89c4\u5219\u300b\u6700\u57fa\u672c\u7684\u524d\u63d0\u3002\u4ed6\u4eec\u4e0e\u300aD\u6761\u4f8b\u300b\u4e2d\u201c\u53ef\u8d44\u4fe1\u8d56\u6295\u8d44\u8005\u201d\u7684\u5916\u5ef6\u51e0\u8fd1\u76f8\u540c\uff0c\u4f46\u9664\u6ce8\u518c\u4e3a\u6295\u8d44\u987e\u95ee\u5916\uff0c\u4e2a\u4eba\u4e0d\u80fd\u6210\u4e3a\u201c\u5408\u683c\u673a\u6784\u8d2d\u4e70\u8005\u201d\u3002
\n\u5bf9\u4e8e\u662f\u4e0d\u662f\u201c\u5408\u683c\u673a\u6784\u8d2d\u4e70\u8005\u201d\uff0c\u300a144A\u89c4\u5219\u300b\u7ed9\u8bc1\u5238\u7684\u53d1\u884c\u4eba\u65bd\u52a0\u4e86\u201c\u5408\u7406\u4fe1\u8d56\u201d\u7684\u6807\u51c6\u3002\u53d1\u884c\u4eba\u53ef\u4ee5\u4f9d\u636e\u8d2d\u4e70\u4eba\u62ab\u9732\u7684\u76f8\u5173\u4fe1\u606f\u786e\u8ba4\u8d2d\u4e70\u4eba\u7684\u6027\u8d28\u3002
\n3\u3001\u53d1\u884c\u4eba\u53ca\u5176\u4ee3\u7406\u4eba\u5e94\u91c7\u53d6\u5408\u7406\u6b65\u9aa4\uff0c\u4ee5\u786e\u4fdd\u8d2d\u4e70\u8005\u610f\u8bc6\u5230\u53d1\u884c\u4eba\u662f\u4f9d\u636e\u300a144A\u89c4\u5219\u300b\u6765\u53d1\u884c\u8bc1\u5238\u7684\u3002
\n4\u3001\u5982\u679c\u53d1\u884c\u4eba\u65e2\u4e0d\u662f\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u4e2d\u7684\u62a5\u544a\u516c\u53f8\uff08reporting companies\uff09\uff0c\u4e5f\u4e0d\u80fd\u8c41\u514d\u62a5\u544a\u4e49\u52a1\u3001\u53c8\u975e\u5916\u56fd\u653f\u5e9c\uff0c\u5219\u8981\u5411\u300a144A\u89c4\u5219\u300b\u7684\u8bc1\u5238\u6301\u6709\u4eba\u3001\u6f5c\u5728\u7684\u8d2d\u4e70\u8005\u63d0\u4f9b\u6709\u5173\u4fe1\u606f\u3002
\n<\/span>\u5bf9\u4e8e\u4fe1\u606f\u7684\u6807\u51c6\u4e0e\u5185\u5bb9\uff0c\u300a144A\u89c4\u5219\u300b\u7ed9\u4e88\u660e\u786e\u89c4\u5b9a\u3002 \u5982\u679c\u5916\u56fd\u516c\u53f8\u5df2\u7ecf\u4f9d\u6cd5\u5411\u201c\u8bc1\u4ea4\u4f1a\u201d\u63d0\u4ea4\u4e86\u5176\u5728\u672c\u56fd\u516c\u5f00\u7684\u8d22\u52a1\u4e0e\u7ecf\u6d4e\u4fe1\u606f\uff0c\u5219\u5c31\u4e0d\u9700\u8981\u9075\u5b88\u8fd9\u4e00\u8981\u6c42\u3002
\n\u5728\u8fd0\u7528\u300a144A\u89c4\u5219\u300b\u5e02\u573a\u52df\u96c6\u8d44\u91d1\u65f6\uff0c\u53d1\u884c\u4eba\u6216\u673a\u6784\u6295\u8d44\u8005\u5fc5\u987b\u8ba4\u8bc6\u5230\uff0c\u300a144A\u89c4\u5219\u300b\u4e0b\u7684\u8c41\u514d\u53ea\u662f\u514d\u4e8e\u6309\u201c\u8bc1\u4ea4\u4f1a\u201d\u7684\u8981\u6c42\u6ce8\u518c\uff0c\u5e76\u4e0d\u8c41\u514d\u8054\u90a6\u8bc1\u5238\u6cd5\u7684\u5176\u4ed6\u4e49\u52a1\uff0c\u5c24\u5176\u662f\u53cd\u6b3a\u8bc8\u6761\u6b3e\u7684\u89c4\u5b9a\u3002 \u56e0\u6b64\uff0c\u5373\u4f7f\u4f9d\u636e\u300a144A\u89c4\u5219\u300b\u7684\u89c4\u5b9a\u4e0d\u5fc5\u63d0\u4ea4\u6709\u5173\u6750\u6599\uff0c\u4f46\u53d1\u884c\u4eba\u6216\u8005\u8f6c\u8ba9\u8bc1\u5238\u7684\u673a\u6784\u6295\u8d44\u8005\u9700\u8981\u5411\u8d2d\u4e70\u8005\u63d0\u4f9b\u76f8\u5173\u7684\u5907\u5fd8\u5f55\uff08offering memorandum\uff09\u3002\u4e5f\u6b63\u56e0\u4e3a\u5982\u6b64\uff0c\u4e2d\u4ecb\u673a\u6784\u5728\u5904\u7406\u300a144A\u89c4\u5219\u300b\u4e0b\u7684\u53d1\u884c\u65f6\uff0c\u62ab\u9732\u4e86\u5728\u4f20\u7edf\u79c1\u52df\u53d1\u884c\u4e2d\u5f88\u5c11\u62ab\u9732\u7684\u5185\u5bb9\u3002 \u6211\u56fd\u516c\u53f8\u5728\u7f8e\u56fd\u7b79\u96c6\u8d44\u91d1\u65f6\u9075\u5faa\u7684\u5c31\u662f\u8fd9\u4e00\u6a21\u5f0f\u3002
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