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.

youdao

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.

youdao