因为波动的股市仍在继续影响并购买卖，摩根士丹利已中止供应所持中国券商中金企业的股份。它告诉贝恩资本和TPG等参与竞购的私人股本公司，它们的出价过低。
Morgan Stanley has put the sale of its stake in mainland brokerage China International Capital Corp on hold, telling private equity1 bidders2 including Bain Capital and TPG that their offers are too low as jittery3 equity markets continue to take a toll4 on deals.
中金企业的买卖表明，潜在用户与卖家之间的预期一般会相差何其之远。
The CICC deal provides evidence of just how far apart the expectations of potential buyers and sellers generally remain.
因为可以获得的借贷资金数额大幅降低，回收公司不愿为新买卖支付高价，而卖方仍然期望得到6个月之前可能拿到的金额。
With their access to vast sums of borrowed money curtailed5, buy-out firms are reluctant to pay TOP price for new deals while sellers are still hoping to get as much as they would have received six months ago.
从中金公司买卖程序启动伊始，有关私人股本企业的高管就表示担忧，自己或许会买在最高点。
From the beginning of the CICC process, executives from the private equity firms involved expressed concern that they might be buying at a peak.
摩根士丹利中止拍卖所持中金公司34.3%股份，将使问题复杂化，由于这家投行已计划与上海的华鑫证券达成新的伙伴关系。
Putting the auction6 for Morgan Stanleys 34.3 per cent stake in the brokerage on hold will complicate7 matters as the bank had planned to seal a new partnership8 with Fortune Securities in Shanghai.
中国政府已经告诉摩根士丹利，它在中国不可以同时拥有两家投行业务合资企业。摩根士丹利曾期望，所持中金公司股份可以为自己带来至少10亿USD资金。
Morgan Stanley, which hoped to get at least $1bn for its CICC stake, has been told by the government that it cannot simultaneously9 be in two separate investment banking10 ventures in China.
摩根士丹利在中金企业的主要合伙人中国建设银行已经将所持股份出售给中投公司。
China Construction Bank, Morgan Stanleys principal partner in CICC, has transferred its stake to China Investment Corp.
去年12月，中投公司斥资50亿USD回收了摩根士丹利少数股权。这笔买卖更多地被描述为对摩根士丹利的策略投资，而不是救援筹资。
CIC bought a $5bn minority stake in Morgan Stanley in December in a deal that was described more as a strategic investment for Morgan Stanley than as rescue finance.
当摩根士丹利刚开始于1995年夏达成入股中金企业的买卖时，国内市场还非常沉静，大多数收益来自中国政府债券的利息。 When the CICC deal was first sealed in the summer of 1995, Chinese markets were dormant11 and most of profits came from the interest earned on Chinese government bonds.
但目前，中国企业正在全球四处并购，更多公司筹备上市筹资，国内股市投资者人数与日俱增，全球其它国家和区域争相探寻中国投资资金，价格适合的中国券商因此拥有很大的吸引力。
But now, Chinese firms are scouring12 the world for mergers13 and acquisitions, more companies are going public, the number of investors14 in the domestic stock market is growing by the day and the rest of the world is lining15 up in search of Chinese investment capital, making Chinese brokerages hugely attractive at the right price.
中金公司高管的薪资，远远高于中信证券等其它国内券商。
CICC executives are paid far more than their counterparts at other mainland brokerage firms such as Citic Securities.
