In this study, we examine the underpricing phenomena in initial public offering(IPO) of Chinese firms that were on the exchange for the period 2002-2010. We focus on the effects of pricing methods like inquiry pricing based on survey of subscribers and those of stock exchanges between Shenzhen Stock Exchange and Shanghai Stock Exchange. From the study, we find followings. Fist, the inquiry pricing IPO in China influences the degree of underpricing negatively for the Shanghai Exchange and the whole sample, but positively for the Shenzhen Exchange. Second, the prospectus period influences the degree of underpricing negatively for both exchanges. Third, the gap between the prospectus and the listing day does not influence the degree of underpricing except for the Shenzhen Exchange which shows a positive influence. Fourth, the adjustment between expected offer price and final offer price influence the degree of underpricing negatively for both exchanges. Fifth, the difference between the upper limit and lower limit of the offer range influence the degree of underpricing positively for both exchanges. The results show that they are not consistent with results from other countries.