越来越多的新发债券和股票被非公开配售而非公开发售。
new issues of bonds and equities are increasingly made via private placements rather than public offerings.
这些私人配售比公开发售的障碍要低。这个理论来自于买家，也是多数富有经验，可以做好他们的本份的投资者。
The hurdles for these private sales are lower than for public offerings, the theory being that the buyers - large, supposedly sophisticated investors - can do their own homework.
第二十条上市公司发行新股，应当符合公司法有关发行新股的条件，可以向社会公开募集，也可以向原股东配售。
When a listed company issues new stocks, it shall comply with the conditions required by the company Law on new stock issue. It may sell the new stocks to the public or to existing Stockholders.
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