Part two argues that there lacks a disclosure standard for the IPO of unlisted securities and Secondary Public Offerings by unlisted public companies then gives comments on the continuous disclosure regime of the Stock Transfer Agent System which is the principle OTC market in China .

第二部分首先指出了我国公司股票场外IPO和 非上市公众公司新股发行信息披露标准的缺失，然后集中评述了我国代办股份转让系统这一主要场外交易市场的持续披露规则。

The fund will also seek to raise money from society for the first time providing a channel for private investors to bet on unlisted state defence companies and hopefully to benefit from later public stock offerings according to the China Securities Journal .

据《中国 证券报》报道，该基金还将寻求“从社会上”融资首次为私人投资者押注 未 上市的国防公司提供了渠道，并有望从随后的首次公开发行中受益。

However for emerging stocks unlisted stocks or stocks not traded in the business places of securities firms performance of contract shall be by issuance of new shares ;

但 兴柜股票、未上市或未于 证券商营业处所买卖之公司，应以发行新股为之。

Its shares are traded on the Unlisted Securities Market .

那 家公司的股票在 场外 证券市场交易。

The unlisted companies can not trade their securities through the listing system at the stock exchange or other stock markets .

未 上市的公司的 股票不能在证交所或其他股票市场 公开挂牌交易。