| 1. | Primary market refers to the market in which securities are issued and sold for the first time , usually directly from the issuers to the investors
第一市场指证券首次发行及出售的市场，通常是由发行人直出售予投资者。 |
| 2. | Primary market refers to the market in which securities are issued and sold for the first time , usually directly from the issuers to the investors
第一市场指证券首次发行及出售的市场，通常是由发行人直出售予投资者。 |
| 3. | Once in a while participants in the stock market should remind themselves that this is the primary market for initial public offerings ipos , which serves the important role of bringing together investors and institutions with a need to raise funds
参与股市的人应不时提醒自己，股市是首次发售新股的第一市场，目的是撮合投资者与集资者，以满足其不同的需要。 |
| 4. | The secondary market cannot exist on its own without the primary market , although as a machine for making and losing money and a centre of constant investor attention the former is a lot more important than the latter
第二市场不能缺少第一市场而独立存在，但由于前者可提供买卖股票赚钱的机会当然亦可能会蚀钱，并且是恒常吸引投资者注意的焦点，因此远比第一市场重要得多。 |
| 5. | In the equity channel for financial intermediation , for example , where activity in the secondary market far overshadows that in the primary market , the primary purpose of the market in channelling savings into investment can often be ignored , or even forgotten
以股票这种中介渠道为例，由于第二市场的活跃程度远远超过第一市场，股市作为中转储蓄至投资的主要功能往往会被忽略或遗忘。 |
| 6. | The closure of a secondary market , which provides the liquidity for attracting primary market activity that channels additional savings into investments , was blatantly wrong and seriously damaged the credibility of the stock market as a channel for financial intermediation
第二市场的作用是提供流通性，以增加第一市场把储蓄中转为投资的吸引力。因此关闭第二市场是极大的错误，并且严重损害股市作为金融中介渠道的公信力。 |
| 7. | Stock brokers make a market in shares and provide the secondary market liquidity necessary to entice investors and fund raisers into the primary market of initial public offerings , thereby serving the public interest by providing financial intermediation that promotes economic growth and development
股票经纪担当庄家的角色，刺激第二市场的流通量，以吸引投资者与集资者参与第一市场的首次招股活动，从而发挥金融中介作用，促进经济增长与发展，这符合公众利益。 |
| 8. | In the more complicated cases of the debt and equity markets , where the investors actually take on the risk of the fund raisers , the roles of the financial intermediaries include the creation of the financial instruments in the primary markets the stock exchange and the underwriters of new share issues and the brokering of transactions in these instruments in the secondary markets the brokers and the market makers
至于在较复杂的债市及股市，投资者直接承受集资者的风险，金融中介人的角色则包括在第一市场创造金融工具即作为证券交易所及新股上市的包销商，以及在第二市场促成这些工具的交易即作为经纪及市场庄家。 |
| 9. | The issue will be divided into two portions for allocation in the primary market . the bigger portion , with a minimum size of hk 400 million , will be restricted for competitive bidding by the recognised dealers under the existing tendering mechanism administered by the hkma for exchange fund paper and specified instruments including nip notes
是次发行的债券会在第一市场分为两部分分配，较大的部分为数最少达亿港元，是供金管局管理的外汇基金票据及债券和指定工具包括在债券发行计划下发行的债券的现有投标机制下的认可交易商出价竞投。 |
