The problem of IPO underpricing has existed in China for a long time, and in recent years, the phenomenon of cross-listing has also become a hot spot. This paper studies the two types of cross-listing stocks in the A-share market of Shanghai and Shenzhen and discusses the influence of cross-listing on the IPO price suppression of enterprises. We manually collected the first closing price of A-share enterprises after 2014, took the revised first day of IPO yield as the proxy variable of IPO suppression rate, and used the multiple regression analysis method to verify the theoretical hypothesis of this paper. The study found that enterprises with cross-listing experience have a higher IPO suppression level than those with no cross-listing experience, that is, there is a significant positive correlation between cross-listing and IPO price suppression. Further research systematically identifies IPO discount risks and establish a management framework. Finally, this paper puts forward the corresponding countermeasures and suggestions based on this point.