What is a reasonable valuation? A project's financing amount at the time of going public is below the market value, which you can understand as a distressed financing. Such garbage essentially represents early listings that are fraudulent collaborations by the financing parties. The myth of high financing VC projects in the past two years has taught me one thing: financing parties can also engage in fraudulent financing, and the entire market is generally in this condition. Most copycat pump-and-dump schemes are just to offload at high prices or to execute a double kill in both long and short positions.