Underwriter An intermediary between an issuer of debt securities and the investors.
承销商 债务证券发行人和投资者之间的中介。
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Investment Banks are very different in that a pure investment bank does not accept deposits and it doesn't make loans; it's an underwriter for securities.
投资银行是完全不同的，单纯的投资银行既不吸收存款，也不发放贷款，投行是证券承销商。
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Article 5 When the listed company applies for issuing new shares, the securities company qualified as main underwriter shall act as the recommender and the main underwriter.