Such as binding as a result of market mechanisms, the buyer weak binding, the possibility of high issue price, the issue of high prices may lead to the first day of listing below issue price.

• 如由于市场约束机制不健全，买方约束力弱，有可能出现发行价格偏高情况，发行价偏高则有可能导致上市首日跌破发行价。