中文：

定向增发是指上市公司向特定投资者发行股票的一种融资方式。这种融资方式通常是在上市公司公开发行股票不成功或不能满足特定投资者需求的情况下，通过向特定投资者定向增发股票来募集资金。

定向增发的特点在于其非公开性和针对性。非公开性是指定向增发的股票不面向公众销售，只有特定的投资者可以购买。针对性则是指定向增发的对象通常是与上市公司有密切关系的大股东、机构投资者或知名投资人等，他们能够为上市公司提供稳定的资金支持。

定向增发通常被视为一种股权融资方式，因为它会增加上市公司的股本，同时也会改变公司的股权结构。通过定向增发，上市公司可以引入战略投资者或加强与特定投资者的合作关系，从而促进公司的业务发展和战略实施。

然而，定向增发也存在一些风险和问题。由于非公开性导致的信息不对称和针对性导致的投资者集中，可能会增加投资风险和股价波动。此外，如果上市公司过于依赖定向增发来筹集资金，可能会导致公司治理结构和股权激励机制的问题。

总的来说，定向增发是一种特殊的股票融资方式，适用于那些需要筹集资金但公开发行股票不成功或不能满足特定投资者需求的上市公司。虽然定向增发具有非公开性和针对性的特点，但也需要注意其中的风险和问题。

英文：

What is directed additional issue? Directed additional issue refers to a method of financing by which listed companies issue stocks to specific investors. This type of financing is often used when the public issue of stocks by listed companies fails or cannot meet the needs of specific investors, and the listed company issues additional stocks to specific investors to raise funds.

The characteristics of directed additional issue lie in its non-public nature and targeted approach. Non-public means that the additional stocks issued by the listed company are not sold to the public, and only specific investors can purchase them. The targeted approach refers to the fact that the target of the additional issue is usually a major shareholder, institutional investor, or well-known investor who has a close relationship with the listed company, who can provide stable funding support for the listed company.

Directed additional issue is usually regarded as a form of equity financing, as it increases the share capital of the listed company and changes the company's ownership structure. Through directed additional issue, listed companies can introduce strategic investors or strengthen cooperation with specific investors to promote the development and implementation of the company's business strategy.

However, there are also some risks and problems in directed additional issue. Due to information asymmetry caused by non-publicity and investor concentration caused by targeting, investment risks and stock price fluctuations may be increased. In addition, if listed companies rely too much on directed additional issue to raise funds, it may lead to problems with corporate governance structure and equity incentive mechanisms.

Overall, directed additional issue is a special form of equity financing for listed companies that need to raise funds but whose public issue of stocks has failed or cannot meet the needs of specific investors. Although directed additional issue has non-public and targeted features, it also needs to pay attention to the risks and problems involved.