融资文件中的“odd stocks”是什么意思?“odd lot”呢?

融资文件中的“odd stocks”是什么意思?“odd lot”呢?

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odd这里并非指奇数,而是零碎的意思。


odd stocks指零星股,一般多在股份转换时出现。出现零星股份时,可以现金支付,亦可对之进行四舍五入。如:


The respective bonds’ face value divided by the conversion price shall be the number of conversion stock, and odd stocks less than one (1) shall be paid the cash applicable to the odd stocks by the Issuer when the conversion certification will be transferred. The proportion of the number of conversion stock as calculated above to the total issued and outstanding stock at the time immediately prior to the Listing shall be at least X%.

各份债券的面值除以转换价格应等于转换股份的数量,不足一(1)股的零碎股份应在转换证书转让时,由发行人支付适用于零碎股份的现金。按上文计算的转换股份数量占上市前已发行和流通股份总数的比例应至少为X%(“转换率”)。


而 lot则是股市中常说的“手”。一手一般等于100股,odd lot即不足100股,通常称为零股/零星股。


此外,odd lot还可指零星交易量——低于通常交易单位〔unit of trading〕的股票数量:热门股以100股为交易单位,故1至99股为零股;冷门股以10股为交易单位,故1至9股为零股。An odd lot refers to an order amount for a security that is less than the normal unit of trading for an asset, which is typically 100 shares for stocks. Odd lots contrast with round lots, which are order amounts for a security that can be divided easily by 100.


Odd lot后若接有doctrine一词时,则其虽指零股规则,但具体内容却与股票没有多大关系:

Odd lot doctrine零股规则

用以确定完全丧失工作能力〔total disability〕的规则:主张权利者并未完全丧失从事任何工作的能力,在没有超人的努力、朋友或雇主的同情、商业景气〔business boom〕、运气条件下其残疾程度使其不能承担竞争性的劳务市场中任何众所周知的行业的普通工作。依该规则,主张权利者可能无力在竞争性劳务市场中找到工作时,即可被视为完全丧失工作能力。 

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