transferable shares

The subscription of shares since the end of the issue date of 12 months transferable.

认购的股份自发行结束之日起12个月内不得转让.

Non-transferable shares lead to the interest confliction between the holders of common stock and those of non-transferable share, and further result in various other issues in the governance and regulation of listed companies.

非流通股的存在导致了非流通股股东利益和流通股股东利益的不一致，进而导致了上市公司治理的其它种种违规问题。

The transferable preference shares refer to those convertible into ordinary shares.

可调换优先股指可换成普通股的优先股.

The author proposed in Chapter Three a pricing method by establishing a" X Stock Market", i.e. a market where the transferable shares and the non-transferable shares can be exchanged, which offers a dynamic and indirect pricing for non-transferable shares.

正是从解决问题的角度出发，笔者在第三章提出了X股市场的定价方法，即通过开辟一个非流通股和流通股的置换市场实现对非流通股的动态、间接市场定价。

The shares are freely transferable.

股份可以自由转让.