Some "barbarians" and "crocodiles" hurt retail investors by plundering the stock market under the cloak of legality, said Liu Shiyu, chairman of China Securities Regulatory Commission (CSRC), at a press conference.

中国证券监督管理委员会主席刘士余在新闻发布会上表示，有些“野蛮人”和“大鳄”披着合法的外衣在资本市场巧取豪夺，侵害了广大个人投资者的权益。

"The lure of money is huge.... On the capital market, financiers are just half a step away from 'financial crocodiles'," Liu told reporters.

刘士余指出：“金钱的诱惑是巨大的。资本市场的金融家和金融大鳄是半步之遥。”

“野蛮人”(barbarians)、“妖精”(evil monsters)、“害人精”(poisonous demons)、“大鳄”(crocodiles)，这些人的行为往往是披着合法的外衣(under the cloak of legality)，打着制度的擦边球，在资本市场上巧取豪夺(plundering the stock market)，侵蚀着广大中小投资者的合法权益。

刘士余在发布会上对上述资本市场乱象的生动标签并非首次使用，早在去年12月，在中国证券投资基金业协会第二届会员代表大会上，他就曾经措辞很严厉地指出过这些问题。

他表示，希望资产管理人(asset managers)，不当奢淫无度的土豪、不做兴风作浪的妖精、不做坑民害民的害人精。用来路不当的钱从事杠杆收购(the use of improperly obtained capital for leveraged trading)，行为上从门口的陌生人变成野蛮人，最后变成行业的强盗(turning strangers into barbarians at the gate, and ultimately into robbers of the industry)，这是不可以的。这是在挑战国家金融法律法规的底线，也是挑战职业操守的底线，这是人性和商业道德的倒退和沦丧，根本不是金融创新。

“野蛮人”(barbarians)的说法来自布赖恩•伯勒(Bryan Burrough)的《门口的野蛮人》(Barbarians at the Gate)一书。该书记述了RJR纳贝斯克公司的收购大战(takeover battle for RJR Nabisco)，全面展示了企业的管理者如何取得和掌握公司的控制权，是一部精彩的华尔街商战纪实巨著。该书出版后，“野蛮人”一词也成为流行词，常被用来形容那些不怀好意的收购者(hostile buyers)。

此外，刘士余还将高质量的上市公司比作珍珠，用珍珠项链形容资本市场的运作和监管。

“一条高质量的珍珠项链，必须有好的珍珠，即高质量的上市公司，珍珠数量要够，上市公司的数量还要增加;穿珍珠的线要坚固扎实穿起来的项链才带着好看，即资本市场的基础制度要扎实，改革方向要正确;珍珠需要一颗一颗地穿，夏天项链要防汗，即资本市场需要呵护，一步一步来;珍珠项链的锁头即资本市场的监管，即要加强监管力度，保护投资者合法权益。”

“A high-quality pearl necklace needs good pearls which in stock market refer to high-quality listed companies. We need enough number of pearls to make a necklace; that means the number of listed companies will increase. The string that holds the pearls together needs to be strong and durable, in stock market, that means we need a solid basic system and right direction for the reform. Pearls should be put on the string one by one, and they need to be kept away from sweat in summer, that is to say, the growth of the capital market is a gradual process. The lock on the necklace is supervision, and the lock should be strengthened in order to protect legal interests of investors.”