Translation - English Valuation and profit growth estimation are two key issues in fundamental analysis. In terms of valuation, CITIC S&P 300 generates a P/E ratio of 15 multiples, and 13 multiples for CITIC S&P 50, indicating extremely attractive valuation on many stocks. However, the loss of confidence on future profit devastated such advantage. According to statistics on profit projection among 300~400 listed companies, the growth of profit FY 2005 is not up to 20%, and such figure in 2006 dropped to single digit or even a ¡°zero growth¡±. Due to the decrease in projected profit, the implicit cost of capital increased merely from 8.7% to 9% under the circumstances of 10% stock value depreciation. Because the quarterly profit among enterprises for investment horizon of 2nd and 3rd quarter is not clear, the conflict between valuation advantage and the long-term confidence-loss in profit growth will probably rest at equilibrium for the next two months, however, the concerns over profit growth will keep the market from revival.
How do we then define the new valuation consensus after the launch of pilot project for non-tradable shares reform? With the view that the initiation of the pilot project breaks the balance of the existing market, then how shall we objectively assess the new market consensus or the benchmark system? Assume the non-tradable stocks penetrate into the market in discounts, and taking Hong Kong Market as the new valuation benchmark, the gap is at least 30% from perspective of implicit cost of capital and price difference between the two markets.
How much shall we compensate to curb the falling market? Due to the compensation system, the rise and fall on the market index fail to fully reflect the true profit/loss available for common shareholders. Assume the A-stock company is a corporation (i.e. fully floated), according to the current valuation consensus, the consideration ratio (ratio that converts value of non-tradable shares in line with tradable shares) can uphold stability on the current price level only when the compensation runs 4.3 shares ~ 6.7 shares for ownership of 10 tradable shares. The market anticipation of 3 shares compensation for 10 tradable shares found in pilot project enterprises is lower than the proposed level, which can only support the market around level of 1056 points.
Chinese to English: Master Contract by Beijing Construction Commission Detailed field: Real Estate
Translation - English Pursuant to stipulations in Contract Law of the PRC, Law of the People’s Republic of China on Administration of the Urban Real Estate, Administrative Method on Beijing Urban Real Estate Property Rights Transfer, and other laws and regulations, the seller and the buyer reached following agreement regarding the sales of commercial residential house on basis of equality, willingness, fairness, and negotiated consensus:
Article 1 Basis of Project Construction
The seller acquired, via means of 【Granting】【Assignment】【Allocation】, the State-owned land use right for land lot located at XXXXX Beijing. The 【State-owned land use right certificate number】【Urban construction land use approval number】 of the land lot is: Jing Chao Guo Yong (2004Chu) Zi No. 0124. The coverage of the land use right is 9464.04M2. The usage of land lot for commercial residential apartment bought by the buyer (“commercial apartment” hereinafter) is for residential purpose. The term of land use right is from September 20th 2003 through to September 19th 2073.
Through approval, the 【verified location name】【provisional name】 of commercial apartment built by the seller on the abovementioned land lot is XXXXXXX. The construction planning permit number is: 2004 Gui (Chao) Jian Zi No. 0044. The construction commencement permit number is: 00 (Jian) 2004- 0192. The contractual project construction commencement date in the construction contract is December 2003 and the completion date stipulated in project construction contract is July 2005.
Article 2 Basis of Sales
The selling of commercial apartment was approved by Beijing Administration of Land, Resources, and Houses. The sales permit number is: Jing Fang Shou Zheng Zi (2004) No. 140.
Article 3 Basic Conditions
The main body structure of the building where the commercial apartment belongs to is Framework – Shear Wall. The building is 9 -story building. Among which, 5~7 stories are above ground and 2 stories are below ground.
The commercial apartment is No. _____ on the ____【floor】 in the _____【unit】 of ______【building】【site】. The apartment number is 【approved number】【provisional number】, which shall be finally determined by the room number verified by the public security administration authority. Please refer to Attachment I for floor map and the location map in the building for the commercial apartment in question.
The purpose of the commercial apartment is 【common residence】【economic apartment for low-income group】【apartment】【villa】【office】【business】【 】: ________. The 【floor height】【net height】 of the apartment is: _3.1 meters. The lowest and the highest points of 【net height of sloped roof】is : _________ meters and _________ meters respectively. The commercial apartment faces __________ and has _______ balconies. Among which, X balconies are closed balconies and X balconies are open balconies.
The real estate property survey institution appointed by the seller to project the area of the commercial apartment is Beijing XXXX Survey and New Technologies Company. The total projected built-over area is ________ sq. meters, among which, the room building area is _______ sq. meters. The apportioned common space and shared room area is ________ sq. meters. Please refer to Attachment II for descriptions for constitution of common space and shared room area apportionment.
Upon signing the Contract, the construction progress of the building where the commercial apartment belongs to is interior decoration . (e.g.: even to ground, first floor underground … fifth floor above ground … structure capping)
The floor height referred to herein is the vertical distance between the two floors or the distance between the floor and the ground. The net height herein refers to the vertical distance between the floor or ground and the bottom of the floor above, or vertical distance between the bottoms of ceiling.
Chinese to English: Annual Report Detailed field: Accounting
Translation - English (II) Key Accounting Policies, Accounting Estimates, and Compilation of Financial Statements
(1) Standard for Compilation of Financial Statements
The financial statements herein are compiled pursuant to the enterprise accounting standards and Enterprise Accounting System promulgated by the State.
(2) Fiscal Year
The fiscal year for the Company commences as on January 1st and closes as on December 31st on calendar year.
(3) Functional Currency for Booking Purpose
The functional currency for booking purpose of the Company is RMB. The functional currencies for Hong Kong and overseas subsidiaries are USD or HKD. The monetary unit in financial statements herein is RMB Yuan
(4) Basis of Booking and Pricing Principle
The basis of booking for the Group is accrual accounting. Assets are booked at actual cost upon acquisition. In case assets devalue, the relevant devaluation reserve shall be accrued.
(5) Accounting Method for Business in Foreign Currency
The business in foreign currency done by the Company or its subsidiaries is booked in RMB converted according to the base forex rate published by the People’s Bank of China on date of transaction. For monetary assets and liabilities denominated in foreign currency upon balance sheet date, the conversion into RMB is done according to the base forex rate published by the People’s Bank of China on such date. The conversion discrepancy arising therefrom is booked directly into the profit and loss account of the corresponding period. The exception for such discrepancy is forex profit and loss during acquisition of fixed assets that are related to the debit and credit of the foreign fund. Such discrepancy shall be treated according to capitalization principle.
In case the subsidiaries in Hong Kong or overseas conduct transaction in non-local currency, the transactions are converted into the local currency according to the applicable forex rate on date of transaction. For assets and liabilities denominated in non-local currency as on the balance sheet date, the balances shall be converted into the local currency according to the applicable forex rate on that date. The conversion discrepancies are directly booked into the profit and loss account of the period.
Chinese to English: ICBC Financial Product Introduction Detailed field: Finance (general)
Source text - Chinese 一、产品简介
Translation - English "Perfect Match" Financial Product
"Perfect Match" financial product is the float-rate return financial product with RMB principal protection features launched by ICBC. Its return is linked to exchange rate between Euro and USD. The product is subject to four forex rate reference periods in one-year horizon, where each reference period spans over one quarter. The reference forex rate is reset in each quarter. The reference band is 500 basis points above and below the quarterly reference forex rate (i.e. ±5% change in reference forex rate). Its maximum annual expected return is 4.6%, and the minimum return is 0%. The principal is 100% guaranteed for redemption upon maturity.
II. Product Tenor and Expected Return
The current "Perfect Match" financial product has a tenor of one year. The value date is May 25th 2006 and the redemption date is May 25th 2007. The product's principal and incomes are all denominated in RMB. The minimum purchase amount is RMB 100,000 or above and the incremental lot size is RMB 10,000. In case the forex rate between Euro and USD fall within the reference band in any one of the four forex rate reference periods, the customer may receive an annual return of 1.15%, 2.3%, 3.45%, and 4.6% respectively.
III. Sales Deadlines
The sales commences from March 27th 2006 and cuts off on April 13th. (May 15th till May 24th 2006)
IV. Size of Issue
The funding size is RMB 10 billion till all lots are sold out. (RMB 5 billion)
V. Product Characteristics
1. No Need of Foreign Currency
The product provides customers with opportunities in international market investment exposures. The customers do not have to provide foreign currencies. ICBC applies for and buy or exchange the foreign currencies involved in the international market investment. ICBC is responsible to convert the foreign currency incomes generated from the international market back to RMB before paying the customers.
2. No Forex Rate Risks Involved
Although the product herein entails foreign exchange upon income receipt from the international market investment, the customers are not exposed to the forex rate risks involved in two foreign currency exchanges. ICBC hedges off partial currency conversion risks through currency forward contracts and assumes the residual risks. The customers' investment principal and incomes are all denominated in RMB.
Chinese to English: Nokia President Speech Detailed field: Advertising / Public Relations
Source text - Chinese 岁末年终，回顾过去的一年，随着移动语音和数据、宽带的飞速增长，整个市场继续呈现出良好的发展趋势。特别是3G市场和技术的发展步入了快车道，全球3G已经全面进入商用阶段。在此过程中，爱立信一直担当着技术和市场领导者的角色，为先进移动通信走向大众市场起到了重要的推动作用。
Translation - English As we are closing our books for the annum, we recall the rapid surge in mobile audio and data and mobile broadband that continued to boost the positive momentum of the entire market. The 3G market, especially, entered into the market and technology fast track that marks the full commercialization of global 3G. During the course of development, Ericsson has been playing a role as the technological and market leader that exercised the major push for the mobile communications advancement into the mass market.
When we look into the grading sheet of Ericsson China for the past year, we found we sustained and reinforced our strategy in “Core China”. We have made great leaps on spectrums of marketing, R&D, production supply, and specialized telecom services. We have further consolidated China’s position as a core center for Ericsson’s global production, R&D, and business. What's more, Ericsson carried on its honor as an excellent corporate citizen and made multiple donations to educational undertakings and informationalization projects. We have made our continued commitments to the society’s sustainable development.
Encouraging Market Performance
Through capitalizing on our technological leadership and market insights in year of 2005, Ericsson continued to be accredited, by our clients, on spectrums of communication infrastructure, communication solutions, and specialized telecom service. Our achievements are encouraging.
English to Chinese: Sovereign fund bidding packet
Source text - English Orders are then entrusted to the selected brokerage firm with the objective to be fully completed at an average price that compares as favourably as possible to the VWAP (Volume-Weighted Average Price) of a predefined execution period. The result is systematically checked and input into a database, which also contains information about the market environment, and serves for both an immediate analysis of the trade and a longer-term evaluation of the broker involved.
As a result of the way our process is built, the same criteria that are used to initiate an investment decision continue to prevail in its regular reassessment. All active decisions are subject to monthly re-evaluation in light of the quantitative tool’s most recent recommendations, and the same judgemental overlay as any new suggestion. In particular, an active bet will have to be terminated (i.e. neutralised or reversed) if recent trends alter the quantitative tool’s fundamental or technical message to a sufficient extent.
In addition, we use the UBS-PAS Portfolio Analysis System to calculate various ex-ante measures of risk and assess overall portfolio biases. This tool allows the fund management team to ensure that portfolio characteristics remain consistent at all times with the strategy’s objectives. It will soon be complemented by a proprietary portfolio monitoring ‘dashboard’ derived from those already used by the International Equity Investments team to analyse risk and performance in most other markets.
Translation - Chinese 订单会之后委托给选定的经纪公司，以一个比预先确定的执行期内VWAP（成交量加权平均价）更为有利的平均价格予以执行。该结果会进行系统的核对并录入数据库，数据库中也包括有关市场环境的信息，并为交易的即时分析和券商的长期评估提供参考。
Source text - English We have in place financing facilities for all B747 aircraft to be delivered in 2007.
We have tenloan facilities that were used to finance aircraft that have since been sold. These facilities are opened for re-drawing and we intend to use them to finance the two WJ aircraft to be delivered in April and May 07 and two JA aircraft to be delivered in March 08.
The two Levingstan A320 aircraft (MaN 1950 and MaN 1970) were sold and the underlying loan facilities (being via ECA loan) are currently cash-collateralised. We are approaching the European Export Credit Agencies to allow us to re-use these two facilities to finance five A319 aircraft to be leased to Skybus.
Following the extension of the leases of seven 777-300 with Emirates, we have approached banks to refinance one of the aircraft. We are seeking Board’s approval to mandate OCBC/UOB to refinance one aircraft.
We have in-principle agreement with BNP on the general terms of the US$1 billion line. BNP is progressing internally to get the necessary clearance.
Short term lines totalling $65m (in addition to $20m from BOTM which has expired) will expire by end Dec 2008. Following discussion at the Board meeting on 30 Nov, it was decided that we will proceed with getting best and final offers and thereafter Board approval for these renewals.
Martinair (Holland) have advised the company of its intent to phase out the A320 from their fleet to concentrate their efforts on long haul operations. To this end the Company was requested by the Airline to assist them in locating a sub Lessee to take the Aircraft and has been successful in placing the Aircraft with Etihad Airlines based in Abu Dhabi. The Aircraft will transition on a sub lease from Martinair to Etihad toward the middle of December 2007; the transition will be transparent to the Company as the task will be completed by Martinair with a representative from the Company attending purely as an observer. We will take over the lease directly to Etihad in early 2008 after the transition has occurred.
interpretation qualification: CATTI Interpretor LVL II Certification
MBA (fin)-the George Washington University
CFA - Passed LVL III and active member of CFA Society.
ACCA - Fin certificate
Translated and interpreted specialty texts and events in finance, economics, law, and investment with extremely competitive in China for quality and efficiency, also a professional investment practitioner (with CFA qualification) with focus on international banking market.
Contracted with the Big-Four banks in China as language consultant (one of the two), after winning the bidding competition against a few dozen peer professionals with a diverse top-notch linguistic qualifications.
Completed over 5 million Chinese characters (equivalent to 25 volumes of books) in translation, and accomplished over 600 paid hours' consecutive interpretation and 100 paid hours' simultaneous interpretation.
Some past works:
Translation: a lot!
- US Department of Commerce anti-dumping investigation against COFCO (1 week, accounting specialization)
- Nordzuker merger and acquisition negotiation series for Chinese sweetener producers (2 years, intensive business and some chemicals specialization)
- BNP Paribas due diligence for acquisition of Bank of Nanjing shares (1 year, intensive finance and banking specialization)
- BNP Paribas due diligence for acquisition of CITIC Bank shares (2 days, intensive finance and banking specialization)
- Robert Wussler (co-founder of CNN and Hollywood Theme Park) personal visit to China researching for world-class theme park opportunities (1.5 years, intensive business and infrastructure specialization)
- Merrill Lynch analyst research interview with sector experts of power, iron and steel, aluminum, and logistics sectors (2 days intensive general engineering and investment specialization)
- and more...
- China-Belgium Equity Investment Fund board meeting series (2 years, solo SI, intensive venture capital and hi-tech specialization)
- Hong Kong-Beijing Forum for Financial Cooperation (1 full day, solo SI, wealth management and financial regulation specialization)
- BP2S Wealth Management bidding for China Investment Corporation performance/risk control system mandate (half day, solo SI, intensive portfolio management and financial regulation specialization)
- Workshop of Australia Securities Exchange for overview of listing rules and securities regulations (half day, solo SI, general finance and mining specialization)
- Conference of Shandong Qufu Cultural Festival (1 full day, relay SI, general culture and tourism specialization)
- and more...
Keywords: finance, investment, financial statement, finance, economics, appraisal report, contract, evaluation report, auditing, accounting, annual report, derivatives, securitization, alternative investment, fixed income, venture capital, investment banking, business plan, due diligence, contract, research report, pitch proposal, roadshow,