It is possible that stocks are undervalued at the moment. So even the SEO price is higher than the current stock price, it is still cheaper. In addition, the buyers who will buy SEO shares can not sell it immediately after they buy them, So they do not care whether SEO price is hihger than the current stock price, they do care whether SEO price is lower than the stock price in the future when you want to sell them.

Thank you for your help! Your answer is very reasonable and valuable. I used to think that if the SEO price is higher than the current price, why not investors buy the stocks from the second market directly ,which is lower cost. But now I find that the SEO is to institution investors who will buy a bulk of stocks. The quantity is huge enough to make the current price to be higher cost than SEO price.