公开发行证券是一种按证券发行对象划分的证券发行方式。
非公开发行证券，不得采用广告、公开劝诱和变相公开方式。
Where securities are issued in non-public manners, no advertising, public solicitation or any other covert ways in disguised form shall be employed.
未经依法核准或者审批，任何单位和个人不得向社会公开发行证券。
No unit or individual may make a public offer of securities if the same has not been verified or examined and approved according to law.
未经依法核准或者审批，任何单位和个人不得向社会公开发行证券。
Without attaining prior approval according to law, no unit or individual is allowed to openly issue securities to the public.
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