| 单词 | Convertible security |
| 释义 | 可轉換證券 1. A bond, debenture or preference share which is capable of exchange by the owner for common stock or other securities normally issued by the same company, and in compliance with the respective terms of their issue. 2. A company may authorise conversion of its ordinary fully-paid shares into stock and reconvert stock into paid-up shares by passing an ordinary resolution in general meeting: Companies Ordinance (Cap 32) sch 1 table A arts 41-44. 3. Collectively, debt instruments are referred to as ‘securities’: Securities and Futures Ordinance (Cap 571) sch 1 pt 1 s 1. They include shares, stocks, debentures, funds, bonds or notes but exclude the instruments of a private company: Companies Ordinance (Cap 32) s 29. Their conversion by debt-holders into shares affords the holder a secure, regular return on the investment normally enjoyed by a debt-holder, together with the advantage that after a period of time, they may exercise their rights to become a shareholder, thereby participating in the future success of the company, particularly if the par value of the shares increases significantly. As such, convertible securities may minimise investment risk; however, a company cannot issue convertible debentures or notes as an indirect means of issuing shares at a discount: Mosely v Koffyfontein Mines Ltd [1904] 2 Ch 108. Conversely, convertible debentures or notes issued in support of a loan greater than the par value of the shares into which they may be converted will constitute the issuance of shares at a premium and the company must comply with Companies Ordinance (Cap 32) s 48B. See also Bond; Debenture; Option; Ordinary share; Private company; Public company; Security. 1.債券，債權證或優先股份的持有人的同一公司同類股額或證券可轉換，以至符合其有關發行的條款。 2.公司可授權將普通已繳付股款的股份轉換成為證以及將任何股額再轉換為任何面額的已繳付股款的股份：《公司條例》（第32章）附表1表A第41-44條。3集體上，債務票據稱為「證券」：《證券條例》（第333章）第2(1)條。包括股份，股額，債權證，基金，債券或抄票，但不包括私人公司的票據：《公司條例》（第32章）第29條。受債人將股份轉換為持有人提供保證，受債人可享有定期投資的回報以及可於一段時間後，可行使其成為股東的權利的優點，因而可參與公司未來的成果，尤其當公司的照票面值顯者增加。因此，可轉換證券可減低投資風險。但是，公司不能發行多於照票的面值。發行可轉換債權證或抄票間接作為發行股票折扣：Mosely v Koffyfontein Mines Ltd [1904] 2 Ch 108。相反地將可轉換債權證或抄票轉換會構成以支持較照票面值大的借款而發行的發行溢價股份而公司必須依照公司條例（第32章）第48B。另見 Bond; Debenture; Option; Ordinary share; Private company; Public company; Security。 |
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