5 billion to select pre-IPO investors as it gears up for a Hong Kong stock exchange debut, a move that essentially amounts to a very expensive apology for a valuation collapse that saw the company’s worth plunge from around $100 billion in 2022 to a target range of roughly $26 to $27 billion for its upcoming listing. The compensation is designed to realign the cost bases of late-stage investors with the company’s new, considerably more humble IPO valuation. Investors who bought in at the top are set to receive either cash payouts or additional shares to cushion the blow. Who gets paid, and how much Qualified investors from previous funding rounds, including prominent names like Boyu Capital, Tiger Global, and General Atlantic, are eligible for the payouts. The structure includes an 8% annual return commitment, which works out to approximately $1.