Ant Groups current IPO valuation of 2.1 trillion yuan has aroused great controversy, and the distorted valuation logic may have long-term adverse economic consequences and negative demonstration effects on the capital market. This seminar will explain the revaluation logic of Ant Group in the context of financial regulatory reform: What is the essence of Ant Groups business model under the complex attribute of "finance + technology"? How do financial risks of technology and fintech influence the underlying value of an enterprise under financial regulatory change? How to interprete the spillover value from Ant Groups financial ecology? And is there an unethical valuation phenomenon in Chinese capital markets?