为何发行价和二级市场价之间存在差距？
Why the mismatch between the offering prices and the market values?
昨天西班牙对外银行股价收于9.11欧元，高于发行价35%。
The stock closed at 9.11 euros yesterday, 35 percent more than the rights offering price.
行业专家认为万科股价跌破发行价的主要原因是市场的变化。
Industry experts indicate that Wanke's stock price fell below its issue price mainly due to market change.
许多分析师认为很多近期所谓的“大热”科技股发行价被高估。
Plenty of analysts believe that many of the recent "hot" tech flotations may have been overpriced.
通常来说，一笔IPO在经历最初的热捧之后，股价随后就会跌破发行价。
Often, after an initial frenzy on an IPO, the stocks later fall below their initial offering price.
本次发行价格通过在询价区间内向配售对象累计投标询价确定。
The price of this offering is fixed through accumulated bidding enquiry to the allotment subjects within the range of enquiry.
虽然最初的繁荣一些已经消退，股市目前是双重的初始发行价。
And while some of the initial exuberance has subsided, the stock currently is double its initial offering price.
但这个过程也可能需要数个小时，有可能要到晚上才能确定最终发行价。
But the process is likely to take a few hours, and it might not happen until later in the evening.
银行担心没有购买者会自愿购买他们的证券，这就会使得股票的发行价变高。
The Banks worry there are no natural buyers for such securities, making them expensive to issue.
周日的协议赋予了荷兰国际集团以发行价1.5倍的价格回购优先股的权利。
Sunday's agreement gives ING the right to buy back the preferred shares at 150% of the issue price.
较低的发行价和中国铁路行业的美好前景预计将会有助于中国南车的股价走势。
Its shares are expected to benefit from a low initial public offering price as well as a good outlook for China's rail sector.
若发行价过低，则发行公司的筹资需求难以满足，甚至还会损害原有股东的利益；
If the offering price is too low, then not only it is difficult to satisfy the issue firm' s capital demand, but also it maybe injure the original shareholders' profits.
SJM公司7月上市后，屡次削减发行价以刺激市场关注，目前它的估价已经折半。
SJM, which went public in July after repeatedly cutting its offering price to entice a sceptical market, has seen its valuation cut in half.
IPO抑价是指股票的发行价格低于上市首日价格，从而产生正的初始收益的现象。
IPO underpricing is a phenomenon that the stock's issue price is lower than the list price at the first day. so cause positive profit.
Appiphany每股5美分的发行价比最便宜99美分的苹果程序还要便宜不少。
Interestingly, the 5-cent-per-share offer price would cost you less than the cheapest of these apps, at 99 cents.
另外一个积极的迹象是：今年为数不多的大规模IPO交易，其股价都明显高于发行价。
Another encouraging sign: This year's few big IPOs have seen their stocks hold well above their initial offering price.
发行价远远不像上年同期那样低迷，而且越来越多地，企业筹资不是为了救急，而是着眼于业务增长。
The prices are far less depressed than earlier in the year; and increasingly, money is being raised not out of desperation, but with business growth in mind.
美林的股东得到了美国银行现在价值为96亿美元的股票，而这仅仅是发行价的五分之一。
Merrill Lynch's shareholders got shares in Bank of America (BofA) which are now worth just $9.6 billion, less than a fifth of the original offer value.
新东方首日收盘价较之其发行价飙升了39％，是今年4月以来纽交所首日表现最好的新股票。
New Oriental soared 39 percent after their initial public offering, the biggest first-day gain for a new stock since April.
周一收盘价在30.40美元。 比发行价12.80美元上涨了138%，但比最高峰的50美元已下跌39%。
It closed Monday at $30.40 — 138 percent above its initial offering price of $12.80, but down 39 percent from its $50 high.
我重申一次，如果没有计划好定价，就不要提交申请，这里所说的价格涵盖计划发行价区间中的任何水平。
Once again, do not file if you do not plan to price, and this includes all prices in the planned offering range.
本周二，LinkedIn将其预计发行价区间从每股32美元至35美元提高到每股42美元至45美元。
On Tuesday LinkedIn raised the price of its expected price range to $42 to $45 per share from $32 to $35 per share.
已经发行尚未上市的，撤销发行核准决定，发行人应当按照发行价并加算银行同期存款利息返还证券持有人；
As to any securities that have been issued but haven't been listed, the relevant decision on approval for issuance shall be revoked.
如果没有确定发行价的计划，就不要提交s - 1申请，提交该申请后长时间的等待可能会带来灾难性的后果。
Don't submit an S-1 if you don't plan to price. Waiting on file for extended periods of time can be catastrophic.
如果没有确定发行价的计划，就不要提交s - 1申请，提交该申请后长时间的等待可能会带来灾难性的后果。
Don't submit an S-1 if you don't plan to price. Waiting on file for extended periods of time can be catastrophic.
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