When every asset falls to an incredible price, it must be a time when most people are not optimistic, and at that time, the reasons for not being optimistic are often right. If you and most people hold the opposite point of view, chances are that you are wrong, not that the market is wrong. Don't be smarter than the market, that's what it means.
But that doesn't mean you can't make a bottom. If the public's pessimistic expectations are fully reflected in the stock price, and you have the ability to make a logical judgment on this "adequacy", or even come to a quantitative conclusion, bottom-reading may be a successful deal.
I do not have the ability to make a quantitative estimate of the business of China's Internet leading companies in the next few years, but I just feel that the worst of the stage has happened, and this price may have fully reflected these pessimistic expectations.