The article examines how companies manipulate their earnings before going public, focusing on those with partnerships with customers. Companies with these partnerships engage in more earnings manipulation than those without, leading to faster approval times and lower initial stock price increases. Despite this, companies with partnerships perform worse in the long run. The partners of these companies also benefit from stable sales and more trade credit. Overall, the study shows that companies and their partners work together to benefit from earnings manipulation during the initial public offering process.