callable share　

callable share　可收回股份，可兑付股份　

security that represents ownership in a corporation that has voting rights，whose owners are last to be paid if the company liquidates and which is redeemable by the issuing corporation，at a predetermined price or at a premium to the current market price.Typically，callable common stock is issued for a subsidiary company by its parent company.The parent company reserves the right to buy back the shares of the subsidiary company，should it become strategically beneficial.