在IPO语境下，"破发" 指的是股票在上市初期的交易价格跌破其IPO定价，即该股票在公开市场的交易价格低于其在IPO时的发行价格。

在英文中，"破发" 通常被表达为 "break issue price" 或者 "trade below the IPO price"。

如

尽管这家科技公司在上市前受到了大量关注，但由于投资者对其盈利能力表示担忧，其股票在首次公开募股后不久就出现了破发的情况。

Despite the significant attention the tech company received prior to its listing, its stock traded below its IPO price shortly after going public, due to investor concerns about its profitability.

许多分析师指出，随着市场对新股热情的减退，今年已经有多家公司在上市初期出现破发，这显示了投资者变得更加审慎。

Many analysts have pointed out that with the waning enthusiasm for new stocks in the market, several companies have traded below their IPO prices in their early days of listing this year, indicating a more cautious stance among investors.

当市场对某一行业的长期前景感到不确定时，即使是该行业内最有潜力的公司，其股票在上市后也可能面临破发的风险。

Even the most promising companies within an industry might face the risk of their stock trading below the IPO price upon listing when the market feels uncertain about the long-term prospects of that industry.

破发不仅对公司自身不利，还可能对同一行业内其他正考虑上市的公司产生负面影响，因为投资者可能会对整个行业失去信心。

Trading below the IPO price is not only detrimental to the company itself but can also have a negative impact on other companies within the same industry that are considering going public, as investors might lose confidence in the entire sector.