What happens when a founder demands a $5 billion valuation for a startup that is burning $100 million a year?You throw away the calculator and rewrite the story.Wall Street trains you to believe that a company's valuation is an objective truth hiding inside an audited spreadsheet. But at the highest levels of global capital, when the math breaks down, traditional logic goes out the window. Discounted cash flows will not save you. Trading comparables will not protect you.Valuation is not a math equation. It is narrative engineering.In WHAT Valuation!, veteran investment banker and deal architect Jeff H. Chen takes you behind the closed doors of the most intense, high-stakes tech deals in Asia. After a 15-year career in the bulge-bracket trenches of Bear Stearns, Credit Suisse, and HSBC, Chen crossed the table to act as the ultimate strategic advisor-translating the impossible visions of startup founders into the rigid financial language that institutional investors demand.Part gripping corporate thriller, part tactical masterclass, this book exposes exactly how elite dealmakers manufacture momentum and extract premium value from thin air. You will go inside the war rooms of two massive, paradigm-shifting transactions: