All over the world, IPO has three abnormal phenomena, underpricing, long-term underperformance and hot issue, which are also puzzles perplexing financial circle.

• 从全球角度来看，首次公开发行价格存在三个显著异常现象：新股抑价、新股长期弱势和新股热销，这也是困扰金融界的三个难题。