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。

At the same time, we encouraged eligible large state-owned enterprises to get listed after the stockholding system was established.

同时，合条件的国有企业改制上市。

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。