| 单词 | Underwriter |
| 释义 | 包銷商 1. In relation to initial public offering, a person who for remuneration undertakes to subscribe for, or purchase, on specified terms specified securities that are not subscribed for, or purchased, by the public after having been offered to the public by a person who is issuing or selling those securities: Mandatory Provident Fund Schemes (General) Regulation (Cap 485A) sch 1 s 12(4). The name of the underwriter is included in the information to be submitted in respect of advertisement, invitation or document: Securities and Futures (Exempted Instruments – Information) Rules (Cap 571G) sch, item 14. There are two kinds of underwriter in an initial public offering: a public offer underwriter, who is able to allot shares to members of the general public as well as to institutional investors; a placing underwriter, who is required to ‘place’ his allocation of shares with his clients, who, essentially, would be a different type of investor, being private investors who trade shares on a regular basis or who might be expected to take a larger allocation of shares than an investor applying through the public offer allocation, usually institutional investors: Yicko GA Network Securities Ltd v Oriental Patron Asia Ltd (CACV 7/2003, unreported). The Stock Exchange of Hong Kong reserves the right to inquire of an issuer as to the financial suitability of any proposed underwriter and may reject an application for listing if it is not satisfied as to the underwriter’s ability to meet its underwriting commitment. An underwriter will often reduce its risk by sub-underwriting agreements with a sub-underwriter. Under these agreements, the sub-underwriter will agree to subscribe for a portion of the shares underwritten by the underwriter. 2. In relation to insurance, a person who issues an insurance policy, or a person who signs an insurance policy, thus guaranteeing payment. An underwriter may join with others in entering into a policy of insurance as an insurer. If a policy of insurance is underwritten in whole or in part by an individual underwriter his death has no effect on the obligations that he has undertaken: Re Worthington, ex p Pathé Frères [1914] 2 KB 299 (CA). Where the policy is personally subscribed by individual underwriters, they sign their names at the foot of the policy, writing opposite to it the sum insured by each. Unless the contrary is expressed, the effect is that each underwriter makes a separate contract with the assured for the amount set opposite his name and the assured acquires a right of action against each separately and not against all jointly: Marine Insurance Ordinance (Cap 329) s 24(2). See also Initial public offering; Underwriting. 1.就初次公開招股而言，為報酬而承諾以指明條款認購或買入指明證券的人，而該等指明證券是由發行或售賣該等證券的人向公眾提出發售要約後而未為公眾所認購或買入的：《強制性公積金計劃（一般）規例》（第485A章）附表1第12(4)條。就某廣告、邀請或文件而言，須呈交包銷商的姓名或名稱的資料：《證券及期貨（獲豁免的票據—資料）規則》（第571G章）附表，第14項。初次公開招股中有兩類包銷商：可向公眾成員及機構投資者分配股份的公開發售包銷商；被規定須向其客戶「配售」其獲分股份的配售包銷商，而其客戶基本上會是一種不同種類的投資者，即作為有規律地買賣股票的私人投資者，或相比透過公開發售分配申請的投資者，預計會承購股份分配較大的私人投資者，通常為機構投資者：Yicko GA Network Securities Ltd v Oriental Patron Asia Ltd（刑事上訴2003年第7號，未經彙報）。就任何擬任用的包銷商的財務狀況而言，香港聯合交易所保留對某發行人進行訊問的權利；如香港聯合交易所不信納該包銷商有能力履行其包銷承諾，則可拒絕上市的申請。包銷商通常會與分包銷商達成分包銷協議，藉該協議以減低風險。根據此等協議，分包銷商會同意認購該包銷商已包銷的股份的一部分。 承保人 2.就保險而言，發出保單的人，或簽署保單而保證支付款項的人。承保人可聯同其他人訂立保單以作為保險人。如某保單的全部或部分是由個別承保人承保，則該承保人的死亡並不影響其已承擔的責任：Re Worthington, ex p Pathé Frères [1914] 2 KB 299（芵國上訴法院）。如該保單是由個別承保人承保的，則他們會在該保單的結尾部分簽署其名稱，由每一名承保人在與簽署相對之處寫上投保款項。除非有相反的明文規定，否則每一名承保人因此與受保人就列於其名字相對之處的款項作出各別的合約，並且該受保人獲訴訟權，各別地針對每一名承保人，而非共同地針對所有承保人，提出訴訟：《海上保險條例》 （第329章）第24(2)條。另見 Initial public offering; Underwriting。 n. |
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