注销发行：中文篇

注销发行是指证券发行公司在已发行的证券中，按照法定程序将一部分证券从市场上撤回，使其不再流通的行为。这种操作通常发生在公司需要调整资本结构、优化资源配置或应对市场变化等情况下。注销发行可以是主动的，也可以是被动的。主动注销通常基于公司的长期战略规划和市场策略，而被动注销则可能是由于市场环境变化、公司业绩下滑等原因导致的。

注销发行对证券市场有着重要的影响。首先，注销发行可以减少市场上的流通股份，提高每股的盈利能力和市场价值。其次，注销发行也可以改善公司的财务状况，降低财务风险，提高公司的资本效率。然而，注销发行也可能导致股价波动、投资者信心下降等负面影响，因此公司需要谨慎考虑并充分披露相关信息，以便投资者做出明智的决策。

Cancellation of Issuance: English Version

Cancellation of issuance refers to the act of a securities issuing company withdrawing a portion of its already issued securities from the market through legal procedures, thus removing them from circulation. This operation typically occurs when a company needs to adjust its capital structure, optimize resource allocation, or respond to market changes. Cancellation of issuance can be either active or passive. Active cancellation is usually based on the company's long-term strategic planning and market strategy, while passive cancellation may result from changes in the market environment, a decline in company performance, or other reasons.

Cancellation of issuance has significant implications for the securities market. Firstly, it can reduce the number of shares circulating in the market, increasing the profitability and market value per share. Secondly, cancellation of issuance can also improve a company's financial situation, reducing financial risks and enhancing capital efficiency. However, it may also lead to fluctuations in stock prices and a decrease in investor confidence. Therefore, companies need to carefully consider and fully disclose relevant information to allow investors to make informed decisions.