zhèng quàn dài xiāo / bù tóng / yú / bāo xiāo / chéng xiāo shāng / bù / chéng dān / fā xíng / fēng xiǎn

证券代销不同于包销，承销商不承担发行风险。

Securities proxy sale is different from underwriting; the underwriter does not bear the issuance risk.