“一个Pre-IPO项目，估值缩水85%”

Core Viewpoint - The perception of Pre-IPO projects as highly desirable investments has shifted, with significant valuation declines observed following regulatory changes and market conditions [2][3]. Group 1: Valuation Changes - A specific Pre-IPO project saw its valuation drop from 60 billion to under 9 billion, representing an 85% decrease after the Shenzhen Stock Exchange halted its IPO review [2]. - The phenomenon of valuation inversion is common, where the latest financing round's valuation is lower than previous rounds or the expected IPO valuation [2][3]. Group 2: Causes of Valuation Inversion - Market environment changes, including macroeconomic fluctuations and industry competition, impact investor expectations and lower valuations [3]. - Internal issues within Pre-IPO companies, such as inadequate profitability and unstable management teams, contribute to decreased investor confidence and valuation [3]. - Stricter IPO review standards by regulatory bodies increase uncertainty for Pre-IPO projects, further affecting their valuations [3]. Group 3: Investment Caution - Investors must conduct thorough research on the fundamentals of Pre-IPO companies, including business models, core competencies, financial health, and market prospects, rather than being swayed by high valuations and IPO expectations [3]. - Consideration of market and policy changes is essential for assessing potential impacts on company valuations, necessitating effective risk assessment and mitigation strategies [3].