信息不对称是指约定的双方一方知道而另一方不知道，第三方通常也无法验证，

Information asymmetry means that both parties to the agreement know that the other party does not, and the third party is usually unable to verify, or the verification cost is very high. The information asymmetry includes the information asymmetry between the underwriter and the issuer, and the information asymmetry between the issuer and the investor, which will affect the IPO underpricing. Since the company that issued the stock did not fully understand the securities market and the probability of success of its own listing and issuance, it chose to let the underwriters issue its own stock. The underwriter has more information about the securities market, and he will deliberately lower the stock issuance price for successful issuance, leading to IPO underpricing. There are various uncertain factors before the issuance of new shares. The more factors, the greater the impact, and the greater the risk of issuance. Underwriters will lower prices in the pricing process to avoid risks.

Information asymmetry refers to the agreement that one party knows and the other does not know that the third party is usually unable to verify, or that verification costs are high. Information asymmetry includes information asymmetry between underwriters and issuers, and information asymmetry between issuers and investors, which will have an impact on IPO price suppression. Because the company issuing shares does not have a full understanding of the securities market, the probability of success of their own listing is not fully sure, so they choose to let the underwriters issue their own shares. The underwriter has more information about the securities market, and he will deliberately lower the issue price in order to successfully issue the stock, leading to an IPO price. There are various uncertainties before the issuance of new shares, the more factors, the greater the impact, the greater the risk of the issue, underwriters in order to avoid risk will be in the pricing process to lower prices.

Information asymmetry refers to the fact that one of the two parties knows and the other party does not, the third party is usually unable to verify, or the cost of verification is very high. Information asymmetry includes information asymmetry between underwriters and issuers, and information asymmetry between issuers and investors, which will affect IPO underpricing. Because the issuing companies do not fully understand the securities market, and do not fully grasp the success probability of their own listing and issuance, they choose to let the Underwriters issue their own shares. The underwriter has a lot of information about the securities market. He will deliberately lower the price of the stock in order to issue successfully, resulting in IPO underpricing. There are various uncertain factors before the issuance of new shares. The more factors, the greater the impact, the greater the risk of the issuance. In order to avoid the risk, the Underwriters will lower the price in the process of pricing.<br>