Let me turn now to the real business of this occasion and say how very pleased we are to have secured the support of dao heng bank to underwrite the retail portion of this note issue 回到今次的主题，我们非常荣幸得到道亨银行的支持，担任今次发行债券零售部份的包销商。这正是我们举行这次签署仪式的目的。
Buy low , sell high at the opening of the trial , the prosecutor pointed out that many financial consultants and sub - underwriters were under pressure to allot preferential shares to the listing committee 案件聆讯期间，主控官向法庭指出，许多财务顾问或分包销商都是在压力下答允上市委员会的要求而提供优先配股。
When demand exceeds supply by thousands of times , it is a clear indication that the price , determined by whoever the issuer , the underwriters or the investment bankers instead of by the market , is wrong 当需求以千倍计地超过供应，即显示无论价格是由谁决定的是发行人包销商或投资银行也好，有关定价都是错误的。
However , it is very likely that hong kong underwriters may ask for an unfavourably low pe ratio in listing cyberspace companies , as these companies usually have difficulties to show profit in short to medium - term 但由于发展数码公司的短中期回报率未必得到商界的认同，这些公司在上市时可能遇上许多困难，例如一些上市包销商可能要求数码公司以极低市盈率来进行包销。
In fact , according to mr greenspan , the optimistic bias of investment analysts " apparently has been especially large when the brokerage firm issuing the forecast also serves as an underwriter for the company s securities " 事实上，格氏指出若就某公司发出盈利预测的经纪行同时担任该公司的证券包销商，偏向唱好的情况便更明显。投资分析的客观水平如何，已经不言而喻。
Sheets of drafting paper were pinned to the walls around the office . relationships between the company directors were then outlined graphically to trace business transactions or transfers of funds to help identify suspects in the case . " we interviewed about 1 , 000 people , " says gregory , " including shareholders , directors , financial controllers , financial consultants , sub - underwriters - anyone involved in the listing process 为了方便核对资料，我们在办公室整幅墙壁贴上绘图纸，用不同颜色将这1 5 0间公司的资料一一列出，再勾划出公司董事间的脉络关系，然后循著他们的业务交易或财务转移的流向，找出与案相关的疑点和疑人随后我们接见了近千名人士，包括各间上市公司的股东董事财务总监安排上市的财务顾问及分包销商等，录取了数百份口供从中整理出有力的证据，作为起诉的凭据。
