H股H-SharesA share of a Chinese company listed on the Hong Kong Stock Exchange. 行业IndustryA category used to describe a company's primary business activity, usually determined by the largest source of a company's revenues. 行业基金Sector FundA mutual fund whose objective is to invest in a particular industry or sector of the economy to capitalize on returns. 行业类股SectorA particular group of securities that are in the same industry. 合并MergerThe combining of two or more companies, generally by offering the stockholders of one company securities in the acquiring company in exchange for the surrender of their stock. 合并套利Merger ArbitrageA hedge fund strategy whereby the stocks of two merging companies are simultaneously bought and sold to create a riskless profit. Merger arbitrageur look at the risk of the deal not closing on time or at all. Because of this slight uncertainty the target company's stock will typically sell at a discount to the price that the combined company has when the merger is closed. 合成出售期权Synthetic PutAn investment strategy of short selling a security and entering a long position on its call. 合成有抵押债务Synthetic Collateralized Debt ObligationAn artificial collateralized debt obligation that is backed by a pool of credit derivatives. 合成租赁Synthetic LeaseAn operating lease that is structured in a way so that it is not recorded as a liability on the balance sheet. Instead, it is considered to be an expense on the income statement. 合资格机构投资者QIBPrimarily referring to institutions that manage at least $100 million in securities including banks, savings and loans institutions, insurance companies, investment companies, employee benefit plans, or an entity owned entirely by qualified investors. Also included are registered broker-dealers owning and investing, on a discretionary basis, $10 million in securities of non-affiliates. 合资格机构投资者Qualified Institutional Buyer (QIB)Primarily referring to institutions that manage at least $100 million in securities including banks, savings and loans institutions, insurance companies, investment companies, employee benefit plans, or an entity owned entirely by qualified investors. Also included are registered broker-dealers owning and investing, on a discretionary basis, $10 million in securities of non-affiliates. 合资企业、合资经营Joint VentureThe cooperation of two or more individuals or businesses in a specific enterprise, each agreeing to share profit, loss, and control. 荷兰拍卖Dutch AuctionAn auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price. 黑色星期四Black ThursdayThe colloquial name given to Thursday, October 24th, 1929 when the New York Stock Exchange plummeted leading to the great depression of the 1930's. 黑色星期一Black MondayThe most notorious day in financial history (October 19, 1987). The DJIA fell 508 points, almost 22%. This stands as the largest one-day drop in NYSE history. 黑武士Black KnightA company that makes a hostile takeover offer on a target company. 恒生指数HSIAn index of the leading stocks on the Hong Kong stock market. 恒生指数Hang Seng Index (HSI)An index of the leading stocks on the Hong Kong stock market. 横向合并Horizontal MergerA merger occurring between companies producing similar goods or offering similar services. 横向整合Horizontal IntegrationWhen a company expands its business into different products that are similar to current lines. 红筹公司Red ChipA company incorporated and listed in Hong Kong with controlling Chinese shareholders. 红头招股书、公开说明书初稿Red Herring A preliminary registration statement that must be filed with the SEC or provincial securities commission. It describes the issue (IPO) and the prospects of the company. There is no price or issue size stated in the Red Herring. 宏观经济MacroeconomicsThe field of economics that studies the behavior of the economy as a whole. 后进先出LIFOA inventory management and valuation method whereby products acquired last are the ones sold first. 后进先出Last In First Out (LIFO)A inventory management and valuation method whereby products acquired last are the ones sold first. 后门上市/借壳上市Back Door ListingA strategy of going public used by a company that fails to meet the criteria for listing on a stock exchange. To get onto the exchange, the company desiring to go public acquires an already-listed company. 后线Back OfficeAdministration and support personnel in a financial services company. They carry out functions like: settlements, clearances, record maintenance, regulatory compliance, accounting, etc. 后续发行Follow-on OfferingAn offering of additional shares after a company has had an initial public offering. 后续发行Subsequent OfferingAn offering of additional shares after a company has had an initial public offering (IPO). 互相争夺市场Market CannibilizationThe negative impact a new product has on the sales performance of a company's existing, related products. 华尔街Wall StreetThe street in New York where the NYSE is located. The NYSE itself. Also the collective name for the financial institutions in New York City. Including stock exchanges, banks, commodity markets, money markets, etc. 还本付息Debt ServiceCash required in a given period for the repayment of interest and principal of a debt. 换算风险Translation ExposureThe exchange rate risk associated with companies that deal in foreign currencies or list foreign assets upon their balance sheets. 黄金股Golden ShareA type of share that gives its shareholder veto power over changes to the company's charter. 黄金降落伞Golden ParachuteLucrative benefits given to top executives in the event that a company is taken over by another firm, resulting in the loss of their job. Benefits include items such as stock options, bonuses, severance pay, etc. 黄金救生衣Golden LifejacketAn exceptional compensation package an acquiring company offers to the top executives of the company being acquired. The offer is meant to keep these executives attracted to holding their offices. 黄武士Yellow KnightA company that was once making a takeover attempt but ends up discussing a merger with the target company. 灰市Gray MarketAn unofficial market where new issues of shares are bought and sold before they officially become available for trading on the stock exchange. The sale of goods by unauthorized dealers. 灰武士Gray KnightA second, unsolicited bidder in a corporate takeover. A gray knight enters the scene in order to take advantage of any problems between the first bidder and the target company. 回报率ReturnThe gain or loss for a security in a particular period, consisting of income plus capital gains relative to investment. It is usually quoted as a percentage. 回购Buy BackThe buying back of shares by a corporation in order to reduce the number of shares on the market. D207The purchasing of shares previously sold short so the open position is closed. 回购股份Share RepurchaseA company's plan to buy back its own shares from the marketplace, reducing the number of outstanding shares. Typically, this is an indication that the company's management thinks the shares are undervalued 混合证券Hybrid SecurityA security that combines two or more different financial instruments. 活动比率Activity RatioAccounting ratios that measure a firm's ability to convert different accounts within their balance sheets into cash or sales. 活动收入Active IncomeIncome for which services have been performed. This includes wages, tips, salaries, commissions, and income from businesses in which there is material participation 活期存款Demand DepositAn account where deposited funds can be withdrawn at any time. 活跃债券投资者Active Bond CrowdA term used to describe fixed-income securities that trade frequently on the floor of the NYSE. 货币CurrencyMoney circulated within an economy, including coins and paper notes. 货币掉期Currency SwapA swap that involves the exchange of principal and interest in one currency for the same in another currency. 货币管理外包Currency OverlayThe outsourcing of currency risk management to a specialist firm, known as the overlay manager. This is used in international investment portfolios to separate the management of currency risk from the asset allocation and security selection decisions of the investor's money managers. 货币供应Money SupplyThe entire quantity of a country's bills, coins, loans, credit, and other liquid instruments in the economy. It is divided into three categories, M1, M2, and M3, according to the type and size of account the instrument is kept in. 货币供应量1M1The category of the money supply that includes all physical money like coins and currency. It also includes demand deposits, which are checking accounts and NOW accounts. 货币供应量2M2A category of the money supply that includes M1 in addition to all time-related deposits, savings deposits, and non-institutional money-market funds. 货币供应量3M3A category of the money supply that includes M2 in addition to all large time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets. 货币流量Money FlowCalculated by averaging the high, low, and closing prices, and multiplying by the daily volume. Comparing that result with the number for the previous day tells you whether money flow was positive or negative for the current day. 货币流量指数Money Flow Index (MFI)A momentum indicator that measures the strength of money in and out of a security. A divergence between the MFI and price trend can be interpreted as a possible trend reversal. 货币期货Currency FuturesA transferable futures contract that specifies the price at which a specified currency can be bought or sold at a future date. 货币期权Currency OptionA contract that grants the holder the right, but not the obligation, to buy or sell currency at a specified price during a specified period of time. 货币市场Money MarketThe securities market dealing in short-term debt and monetary instruments. Money market instruments are forms of debt that mature in less than one year and are very liquid. 货币市场基金Money Market FundA mutual fund that invests in short-term debt instruments. The fund's objective is to earn interest for shareholders while maintaining a net asset value of $1.00 per share. 货币市场账户Money Market AccountA savings account that offers the competitive rate of interest (real rate) in exchange for larger than normal deposits. 货币远期Currency ForwardA forward contract that locks-in the price an entity can buy or sell currency on a future date. 货币政策Monetary PolicyThe actions of a central bank, currency board, or other regulatory committee, that determine the size and rate of growth of the money supply, which in turn affects interest rates. 获利抛售Profit TakingOccurs when traders sell stock to cash in on a sharp rise. This action pushes prices down temporarily.