贝尔斯登与中国最大券商中信证券正在就去年达成的股份互换协议重新展开谈判，以更好地反映协议达成后双方股价的下跌。
Bear Stearns and Citic Securities, Chinas largest securities firm, are renegotiating the share swap1 agreement they reached last year to better reflect a subsequent fall in their stock prices.
一位知情人士称，两家企业的高管正在讨论一项对等调整，这将增加双方最后持有些他们股份。
Senior executives from both firms are discussing a reciprocal adjustment that would increase the amount they eventually hold in each other, according to a person familiar with the matter.
依据去年十月达成的买卖条约，中信证券赞同支付10亿USD购入最后将转换为贝尔斯登约6%股份的证券，而美国投行贝尔斯登最后将支付同等金额，购得中信证券约2%股份。
Under the terms of the deal struck last October, Citic agreed to pay $1bn for securities that would convert to about 6 per cent of Bear Stearns and the US investment bank would eventually pay the same amount for about 2 per cent of Citic.
这宗买卖仍需获得中国监管机构批准，若买卖成功，作为中国国务院控制的中国中信集团旗下证券买卖子企业的中信证券将成为贝尔斯登的最大单一股东。
The deal still needs regulatory approval in China, but if successful, Citic Securities, the brokerage arm of China Citic Group, which is controlled by Chinas cabinet, would become the biggest single shareholder2 of the US investment bank.
由外国投资者持有一家美国银行这样大规模的股份，或许会在美国引发批评。美国某些议员已对亚洲和中东主权财富基金的直接投资感到不安。
Such a large stake by a foreign investor3 in a US bank could attract criticism in the US, where some lawmakers have been unnerved by direct investments by sovereign wealth funds from Asia and the Middle East.
美国联合经济委员会主席、参议员查尔斯?舒默本周暗示，或许会推进对此类投资实行更严格的监管。
Senator Charles Schumer, chairman of the joint economic committee, this week signalled a possible push for greater regulation of such investments.
依据中国官方新华社的报道，中信证券在贝尔斯登的持股比率可能增至9.9%，而贝尔斯登所持中信证券的股份最后可能增至7.5%。
Citics stake is likely to be increased to 9.9 per cent of Bear Stearns. The US investment banks stake in Citic could eventually be lifted to as much as 7.5 per cent, according to a report from Chinas official Xinhua news agency.
10亿USD的投资规模将维持不变，只不过仍需得到中国监管机构的批准。
The $1bn investment scale will remain the same, subject to approval from Chinese regulators.
自去年十月达成买卖以来，贝尔斯登的股价已从当时的大约120USD跌至约80USD。中信证券的股价已下滑40%，至大约71元人民币。
Bears shares have fallen from about $120 when the deal was signed in October to about $80 now. Citics shares have dropped 40 per cent to about Rmb71.
据知情人士介绍，去年11月，在贝尔斯登股价出现骤跌后，中信证券第一提出重新讨论它将在这家美国投行持有些股份。
Citic first broached5 the subject of renegotiating the stake it would take in Bear last November following a precipitous drop in the US banks shares, according to people familiar with the matter.
中信一位发言人表示，他不了解有任何谈判正在进行。记者没办法联系上贝尔斯登驻日本的一位发言人置评。
A Citic spokesman said he had no knowledge of any ongoing6 negotiations7 and a Bear spokeswoman in Japan could not be reached for comment.
一名知道谈判状况的人士称，双方增持他们股份是适当的，反映了双方股价的下跌。 For the two sides to take larger shares in each other was reasonable and reflected their lower share prices, according to one person close to the negotiations.
另一位知情人士则持更为怀疑的态度。他表示：这类都是猜测，是大家的角逐引起监管机构担心导致的。双方的股价都下跌了，但这并不意味着需要重新谈判，除非这么做符合双方股东的利益。
Another source familiar with the matter was more sceptical, saying: It is all speculation8 driven by our competition which is causing the regulators to become concerned. The prices on both sides have come down but that doesnt mean that the deal will be renegotiated unless it is in the interest of shareholders9 on both sides.
