Here's the background: Once a private company has 500 shareholders, SEC rules require the company to register its privatestock and disclose financial results.
Privatestock offering is a reference to the sale of corporate shares to individual investors without the lengthy registration process required for public offerings.
私人募集是指公司向私人投资者发售公司股份，其注册手续没有公开发行股票所要求的那么冗长。
3
Famous people and their private lives are the stock-in-trade of the popular newspapers.