Alibaba has returned to the price on the day of its listing in 2014, and now mainly focuses on pricing Alibaba Cloud+Qianwen, with Taobao and Tmall offering almost free discounts Pinduoduo has returned to June 2020 prices Meituan has fallen below the IPO price of HKD 69 in 2018 Tencent currently has just over 10 times PE, near its historical low point In addition to the four major platforms, typical consumer Internet platforms such as Station B, Kwai, Weibo, iQiyi, Zhihu, Douyu and Tiger Teeth are basically 85% – 98% level retreats This is not a stock issue, but a whole generation of China's Internet asset valuation system has been rewritten These companies are also the companies that our generation of Internet product managers and practitioners are most familiar with their operation modes; If a practitioner/employee heavily invests in these stocks, it will be very miserable A friend who used to work at Didi said that the exercise price of the option agreement he signed in 2016 has exceeded its current value, and the option has become worthless; Fortunately, he also has the option of ByteDance, which is enough for him to lie flat in his life.