1. Pax Wo`rld's largest stockholding is Gap Inc.
   派克斯世界基金所持有的最多的股票是盖普公司的股票。
2. At the same time, we encouraged eligible large state-owned enterprises to get listed after the stockholding system was established.
   同时，鼓励符合条件的国有大型企业改制上市。
3. But if the managers" stockholding ratio is more than or equal to 32.88%, the increasement of the managers" stockholding may raise the agent costs and entrench upon external stockholders.
   而如果管理层持股比率大于32.88％，这时增加管理层持股比率会增加公司的代理成本，导致管理层对外部股东的利益侵占。

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