With the universal IPO underpricing in the world, and accompanying with the improved market maturity, the initial return tends to be reducing.

IPO抑价是世界范围内普遍存在的现象，而且随着市场成熟度的提高，初始报酬率有逐渐下降的趋势。

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Initial return and short-term return are two totally different conceptions.

初始报酬率与短期回报是两个完全不同的概念。

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Initial return and short-term return are two totally different conceptions.

初始报酬率与短期回报是两个完全不同的概念。

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