10:21 Apr 7, 2007 

Hi, friends.
Since I am unable to read Chinese, I depend absolutely on your knowledge of Chinese and accountancy to choose the best answer.

Denyce’s and Hewhew’s answers sound good, but Lupeng has explained to me that this phrase means

“a reserve which is normally set up for the company to issue share options to its employees”.

If so, the English translation would be “share options reserve” (see <http://www.anz.com/Documents/AU/Investor/agm/2006/ANZ_Fin_Re...>, for example).

Or is it that the Chinese phrase 股权投资准备 can be translated both as “share options reserve” and “equity investment reserve”?

Many thanks again for your help.
Manuel