break issue指的其实就是我们常听到的“新股破发”，即跌破发行价。

A new issue of a security that drops below its first offer price very quickly. For example, a company may make an IPO and ask $15 per share. If its price drops to $12 per share that trading day, it is said to be a broken issue (in this particular case, a broken IPO). Broken issues are commonly the result of lack of trust in the company's management, or bad news regarding the company that occurred during or just before the issue was made. Speculators buy broken issues with the hope that the crashed price is too low and that a correction will result in gains.

新股破发是指股票发行上市当日就跌破发行价，在一级市场申购中签的股民也是要赔钱的。在股市中，当股价跌破发行价时即为破发。而普遍情况，特别在牛市行情中比较少见，在市场徘徊期常见到。

新股跌破发行价，分为两种情况，一种是上市首日或几天内就跌破发行价，另一种是上市一年内跌破发行价：

1、如果新股上市首日或前几个交易日就跌破发行价，说明新股的市盈率高，发行价高、溢价率高，这种情况下无论是主力还是散户都有不同程度的亏损，一些主力资金可能会利用资金优势做T将成本摊薄，而公司的股东由于股票还在限售期，所以对他们来说只是账户市值在缩水。

遇到上市就破发的新股，投资者可以判断该股票是否还有持股的必要，如果只是短线投资，也可以通过做T的方式，减少亏损出局，如果本身准备长线投资，则持股。

2、第二种是上市一年内破发，一般上市一年内一些主力资金已经获利或者开始解套，此时股价跌破发行价意味着该公司的季报内容不好，所以投资者才会抛售这只股票，如果业绩亏损，则投资者可以卖出换股操作。

以下为相关双语示例，供参考：

Given all of the preparation and risk associated with IPOs, a break issue can be extremely costly. Although market participants might do everything possible to predict the ideal price for a new issue and investors might initially support the stock, trading in the stock market can be unpredictable.

鉴于IPO前所做的所有准备以及与IPO有关的风险，股票破发的代价可能极其高昂。尽管市场参与者可能会尽一切可能的努力预测新发行股份的理想价格同时投资者最初可能也会支持该股票，但股市交易始终是难以预测的。