In a hard lock-up, investors have no right to redeem before their time is up; in a soft lock-up, they can get out early but have to pay a redemption fee of, say, 3-5%.

在硬性期权锁定中，投资者在到期之前无权赎回其投入的资金；在软性期权锁定中，他们能够早早的退出但不得不支付据说有3 - 5%的赔偿金。

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In a hard lock-up, investors have no right to redeem before their time is up; in a soft lock-up, they can get out early but have to pay a redemption fee of, say, 3-5%.

在硬性期权锁定中，投资者在到期之前无权赎回其投入的资金；在软性期权锁定中，他们能够早早的退出但不得不支付据说有3 - 5%的赔偿金。

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