As China’s economy has grown rapidly in last 30 years, it has occupied a progressively crucial position in the world economy. The stock market in China plays an increasingly important role in the national and global economy. Previous literature finds that initial public offerings (IPOs) underperform after the issue in many countries, including China. As China Securities Regulatory Commission (CSRC) constantly reform the system of issuing new shares, searching the reasons of IPOs underperformance has important meaning. Using data of IPOs from China stock market over the period of January 2000 to December 2007, I plan to investigate (1) whether greater accrual-based earnings management leads to worse post-IPO performance; (2) whether IPOs which have centralized ownership structure perform better than those with decentralized ownership structure after issuance; (3) how managerial ownership impacts post-IPO performance; (4) whether management ownership affect the relationship between post-IPO performance and earnings management. My study is expected to obtain an overview of IPOs underperformance, and evaluate the effect of earnings management and corporate governance on post-IPO performance in Chinese Stock Market.