这两个都是香港联交所上市规则中定义的术语。“选择性销售的证券”可用“selectively marketed securities”表达，指推销或配售予任何数目的注册交易商或财务机构的债务证券，

而该等注册交易商或财务机构将该等证券以自已名义在场外转售（由于证券本身的性质，该等证券通常差不多全部由特别熟悉投资事宜的有限数目投资者所购入及买卖），或将该等证券配售予有限数目的该等投资者）；其英文释义如下：debt securities marketed to or placed with any number of registered dealers or financial institutions either with a view to their reselling such securities as principals off-market, nearly all of which, because of their nature, will normally

be purchased and traded by a limited number of investors who are particularly knowledgeable in

investment matters or placing such securities with a limited number of such investors.

而“选择性销售”可用“selective marketing”表达。其一般意义指供应商（主要是生产厂家）按照一定的标准对销售商（包括代理商、批发商和零售商等）进行选择，未被选上的销售商不许销售自己产品的一种交易制度。生产厂家（供应商）采用选择性销售方式的目的是为了避免多家销售商相互竞争而导致自己价格的下降、维护厂家和销售商的一定利益、便于对市场进行管理和控制。

以下为双语示例：

选择性销售的证券上市文件只会分发予最初的投资者。然而，发行商继续有责任以公告形式在香港交易所的披露网站内披露任何股价敏感资料。

The listing documents of selective marketing securities will only be distributed to the original shareholders, provided that the Issuer shall continue to bear the responsibility to disclose any share price-sensitive data on the disclosing website of HKEx.