不要因为自己不懂“清算优先权”(liquidation preference)、“优先承购权”(rightoffirst refusal)，或者是“拖带权”(dragalong/tag along)的含义，而被律师搞的晕头转向。

Don't let yourself be confused by a lawyer because you don't know what "liquidation preference," "right of first refusal," or "drag along/tag along" means.

youdao

私人和机构股东之所以愤怒，是因为这笔交易无视他们的优先购买权----任何新股份发行，他们都应该有第一承购权，----并且降低了他们的持股比例。

Private and institutional shareholders are angry because the deal ignores their pre-emption rights – they should have first refusal on any new shares issued – and would dilute their stakes.

youdao

私人和机构股东之所以愤怒，是因为这笔交易无视他们的优先购买权----任何新股份发行，他们都应该有第一承购权，----并且降低了他们的持股比例。

Private and institutional shareholders are angry because the deal ignores their pre-emption rights – they should have first refusal on any new shares issued – and would dilute their stakes.

youdao