Right now Ant Group's valuation is way lower than their IPO price. It could even be bankrupt and be nationalized, depending on investigations into their books, and what the Chinese government feels like that day.

There won't be any Chinese luckin coffee shaninigans in US exchange by end of 2021, according to new accounting standards https://www.thenationalnews.com/business/markets/us-to-delis.... Also, expect a large wave of Chinese companies delisting in 2021.

Friendly warning: check your mutual and index funds exposure to Chinese companies on US exchanges.

Of course last round valuation would be lower than IPO price, that's why IPO is called exit for early investors. And valuation DOES NOT bankrupt a company.