Abstract: On the basis of the asymmetry information,the concept of holding rent is introduced to this article with respect to the character of the corporate governance in our conuntry.According to the modeling and deducing,this paper gives the expression of the optimal offering price,and concludes that the underpricing of new issues is equilibrium between the company and the govermment.The equilibrium can guarantee the success of IPOs of the stated-owned-holding company and the government to optimize the utility under the bundle.

Key words: stated-owned-holding company, IPOs, pricing, underpricing