Based on a stochastic frontier model , it is empirically examed in this paper whether there is deliberate un2 derprising or overpricing in the Initial Public Offerings of Chinese stock markets. The results show that these IPOs are not underpriced as overseas. Contrarily , the lower frontier was found in Chinese IPOs pricing , showing that there is overpricing in Chinese stock market . By applying the stochastic frontier model and the first day’s closing price of IPOs , we find that the IPOs is always overvalued by market in China.