For the purpose of expanding its business, Drinkin...

For the purpose of expanding its business, Drinking Co intended to get a loan of RMB 30 million yuan for two years from City Bank and was willing to provide shares of TCL, a listed company, as a guarantee. On 15 June 2012, the two parties entered into a loan agreement and pledge agreement, which stipulated that Drinking Co should provide 10 million TCL shares as the pledge of rights. On 16 June 2012, they went to the relevant statutory institution and jointly applied for a pledge registration of TCL shares. On the date of registration, the price of TCL shares held by Drinking Co was RMB 5?00/share, total market value of the shares was 50 million yuan.

Six months after the registration of the pledge agreement, the price of TCL shares rose to RMB 6?00/share because of the substantive good news for the securities market. Having analysed the latest market situation, Drinking Co intended to sell the shares under the pledge and make an early repayment with the gains from such transactions. City Bank, however, disagreed with the proposal on the grounds that the debt under the loan agreement did not mature and this would cause liquidated damages to City Bank if Drinking Co insisted on the proposal. A dispute emerged between the two parties.

Required:

Answer the following questions in accordance with the Property Law of China, and give your reasons for your answers:

(a) state the date on which the right to pledge was established and the institution the pledge should be registered with; (4 marks)

(b) state the institution which the pledge should be registered with if TCL were a limited liability company; (2 marks)

(c) state whether City Bank was entitled to refuse the proposal of Drinking Co to sell the shares and make an early repayment. (4 marks)

According to the passage, it is implied that Airbnb______.

A．is a large-scale hotel chain in America

B．has just moved to San Francisco

C．is not worth investing

D．is expanding its business

What does "a bull" mean? it is a term that is used to refer to an investor who expects stock prices to rise. "Bulls" buy in anticipation of the market going up. Of course, the market will not always rise. Sometimes stocks drop and remain low for extended periods of time. Those investors who expect stock prices to decline are known as "bears". During the Great Depression, the bears made a great deal of money. While the bulls were "buying long" the bears were "selling short". Buying long means buying stock for the purpose of reselling it at a higher price. If the market is going down the only way to recover your investment is hang on to the stock and wait for it to come back. Selling short means selling stock that you do not own with the intention of replacing it later at a lower price. For example, if you heard that IBM was going to announce very low earnings and felt that the price would drop from $70 to $65, you could sell IBM short by telling your broker to borrow this stock from one of the brokerage's customer accounts and replace it when it drops to $ 65. Keep in mind, of course, that if the stock goes up instead of down, you will have to replace the stock at a higher price and will lose the difference between the selling and the replacement price. Thus, selling short can be a risky strategy. 1. The main topic of the passage is________.

A、what is the stock market

B、how to buy and sell stocks

C、stock market

D、bulls and bears

In 1997 Britain tried to make her exports more competitive abroad by

A．expanding its market.

B．devaluing its currency.

C．raising the quality of commodities.

The MegaTek Corporation is displaying its distribution of employees by department in a circle graph. The size of each sector of the graph representing a department is proportional to the percentage of total employees in that department. If the section of the circle graph representing the manufacturing department takes up 72° of the circle, what percentage of MegaTek employees are in manufacturing?

A．20%

B．25%

C．30%

D．35%

E．72%

听力原文：Have you considered applying for the opening in Brazil?

(A) I'm still discussing it with my wife.

(B) Apply that cream every morning and night.

(C) Brazil is famous for coffee.

(24)

A．

B．

C．

Although the sport is very popular, some people are still ______.

A．expanding its equipment

B．asking for instructions

C．afraid of going down the mountainsides

D．curious about the sport

听力原文：M: Hello, Mary. I was hoping to speak to Helen.

W: Sorry, Helen's away on business. Can I help?

M: Yes, Mary, I think you probably can. I'm afraid I've got some rather bad news.

W: Oh?

M: It's the trip over for Electronica.

W: Uh-huh?

M: Yes, I'm afraid we've had a bit of an internal reorganization here and we'll be sending a much smaller team.

W: You will still be having the same booth at the fair, won't you?

M: I'm afraid not. There'll be just Brine and myself so we won't be able to manage such a large booth.

W: Well, I can't promise that they're going to have any smaller booths available at this late date ...

M: Yes, I realize that. But could you see what you could do? You know, Mary, you've done a terrific job so far.

W: We've certainly put a lot of work into it. I hope this doesn't mean you're canceling the reception at Caesar's Restaurant?

M: Not canceling it, but I think we'll have to reduce the scale a bit.

W: The problem is that all the arrangements have all been made and confirmed. We've already given a deposit for the food and wine. I don't know ... this may be difficult to change ...

M: Yes, I know, I'm sorry, but these things happen. I think I'd better talk to Helen.

W: Yes, I think you should.

(20)

A．He wants to cancel the reception at Caesar's Restaurant.

B．He wants to tell the woman some bad news.

C．He wants to have a smaller booth at the fair.

D．He wants to talk to Helen about his trip over for Electronica.

?Read part of a fax below from Gerald Davis, a colleague in the London office of your company.

As you know, we regularly use the Station Hotel in London for business meetings. However, some clients have recently complained about the business facilities at the hotel. We would be grateful if you could give us your opinion.

For your next visit on 28th August, would you prefer to stay there or at another hotel? In addition, would you like us to arrange a company car from the airport?

?Write a fax to Gerald Davis:

?giving your opinion of the Station Hotel

?comparing its business facilities with another hotel

?saying which hotel you would prefer in August

?accepting the company car.

?Write 60-80 words on your Answer Sheet.

?Do not include any postal addresses.