非法沽空
illicit short selling
即投資者在沽空股票前，並沒有先行借入股票，即無貨沽空。合法沽空活動在內地、香港及歐美主要市場都是允許的，但非法沽空則須面對刑責。
That is short selling stocks before investors, and without first borrowing the stock, that is not available short. Legitimate short selling activities in the Mainland, Hong Kong and major European and American markets are allowed, but illegal short selling shall face criminal liability.