“破发”指的是：股票跌破其发行价（initial offer price）。对于新股频频破发的原因，市场普遍认为，市场低迷并不是主因，发行价格和市盈率偏高才是祸首。
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Over the three months since the IPO of Facebook shares, their price dropped to less than half of the initial offer price.
FORBES: Does Facebook Present A Conflict of Interest For Morgan Stanley Mutual Funds?
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