Brokers may get to form private equity funds

时间：2006-12-18 00:21:58

（单词翻译:单击）

Dec.17 - China's stock regulator is studying a plan to let brokers2 set up private equity3 funds to invest in non-listed companies as part of moves to help them add new channels of growth, industry sources said yesterday.

 

The pilot scheme, set to debut4 early next year, will likely be tested in a small number of stable and financially healthy brokerages to curb5 operational risks, the sources said.

 

"Engaging securities firms in private equity businesses will certainly diversify6 their sources of revenue," said a Shanghai-based source familiar with the matter. "That's what authorities are studying and (the plan) might be pushed forward in the first half of next year."

 

China's more than 100 brokers, long plagued by scandals and weak risk controls, are striving to expand and boost their bottom lines as there are plans to reduce the number of brokerages by half by next August.

 

More than two-thirds of their revenues now come from commission fees for trading securities for clients, leaving operations vulnerable during times when the stock market is bearish7.

 

To bolster8 brokers' business scope, the started last year to permit "first-tier", or the 10 or so biggest, brokers to pool retail9 investors10' capital and help them invest in the capital market.

 

But sources said acquiring ownership stakes in non-public firms is the business that most brokerage houses are eying as it might bring a hefty profit.

 

"The gains from private equity operations will be eye-popping," said a second industry source with knowledge of the situation, "But risks are also higher, so regulators want to ensure only strong players can test the water."

 

The sources noted11 specific regulatory arrangements for the scheme have yet to be finalized12 and no broker1 has gained approval for a trial so far.

 

"Regulators are collecting proposals from brokers with an aim to draft the rules better," said the first source. "It may take months to do so in order to minimize risks."

 

The sources said regulators may let brokers manage private equity on their own or they have to set up subsidiaries before they can start the business.

 
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1 broker ESjyi     
n.中间人，经纪人；v.作为中间人来安排
参考例句：
  • He baited the broker by promises of higher commissions.他答应给更高的佣金来引诱那位经纪人。
  • I'm a real estate broker.我是不动产经纪人。
2 brokers 75d889d756f7fbea24ad402e01a65b20     
n.（股票、外币等）经纪人( broker的名词复数 )；中间人；代理商；（订合同的）中人v.做掮客（或中人等）( broker的第三人称单数 )；作为权力经纪人进行谈判；以中间人等身份安排…
参考例句：
  • The firm in question was Alsbery & Co., whiskey brokers. 那家公司叫阿尔斯伯里公司，经销威士忌。 来自英汉文学 - 嘉莉妹妹
  • From time to time a telephone would ring in the brokers' offices. 那两排经纪人房间里不时响着叮令的电话。 来自子夜部分
3 equity ji8zp     
n.公正，公平，（无固定利息的）股票
参考例句：
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。
4 debut IxGxy     
n.首次演出，初次露面
参考例句：
  • That same year he made his Broadway debut, playing a suave radio journalist.在那同一年里，他初次在百老汇登台，扮演一个温文而雅的电台记者。
  • The actress made her debut in the new comedy.这位演员在那出新喜剧中首次登台演出。
5 curb LmRyy     
n.场外证券市场，场外交易；vt.制止，抑制
参考例句：
  • I could not curb my anger.我按捺不住我的愤怒。
  • You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。
6 diversify m8gyt     
v.（使）不同，（使）变得多样化
参考例句：
  • Our company is trying to diversify.我们公司正力图往多样化方面发展。
  • Hills and woods diversify the landscape.山陵和树木点缀景色。
7 bearish xyYzHZ     
adj.(行情)看跌的，卖空的
参考例句：
  • It is foolish not to invest in stocks,so I will show her how to be bearish without them too,if she chooses.不投资股票是愚蠢的，因此如果她选择股票，我会向她展示怎样在没有长期潜力的情况下进行卖空。
  • I think a bearish market must be a good time for bargain-hunters to invest.我觉得熊市对于想买低的人可是个投资的大好机会。
8 bolster ltOzK     
n.枕垫；v.支持，鼓励
参考例句：
  • The high interest rates helped to bolster up the economy.高利率使经济更稳健。
  • He tried to bolster up their morale.他尽力鼓舞他们的士气。
9 retail VWoxC     
v./n.零售；adv.以零售价格
参考例句：
  • In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
  • These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。
10 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
11 noted 5n4zXc     
adj.著名的，知名的
参考例句：
  • The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
  • Jim is noted for arriving late for work.吉姆上班迟到出了名。
12 finalized 73d0ccbca69b94ee4cd7fc367a8ac9fc     
vt.完成（finalize的过去式与过去分词形式）
参考例句：
  • The draft of this article has been finalized [done]. 这篇文章已经定稿。 来自《现代汉英综合大词典》
  • The draft was revised several times before it was finalized. 稿子几经删改才定下来。 来自《现代汉英综合大词典》

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