IPO is an initial public offering of shares. Initial public offering means that an enterprise (issuer) sells its shares to the public for the first time. Usually, the shares of listed companies are sold through brokers or market makers according to the terms agreed in the prospectus or registration statement issued to the corresponding stock exchanges. Generally speaking, once the initial public listing is completed, the company can apply for listing on the stock exchange or quotation system. Corresponding to the primary market, most public shares are underwritten or sold to the public by investment banking groups (underwriters). According to the different pricing and distribution methods, underwriting can be divided into different ways, such as balance underwriting, quota underwriting and full underwriting. The first IPO company auctioned in the Netherlands can be traced back to the Dutch East India Company in 1602.

CPO is the abbreviation of commodity pool operator. It is the main manager of the futures investment fund, the designer and operational decision maker of the fund, and is responsible for selecting the issuance mode, main members and investment direction of the fund. CPO can be an individual or an organization, usually a limited partnership; CPO, also known as the cost per transaction, is a way of charging according to each order/transaction.