$ Alibaba-SW.HK has abundant cash flow and low valuation, is the market blind? Not necessarily. Alibaba will announce its earnings on May 14th, let's first look at the company's fundamentals. Although Alibaba is cheap, its moat is not as strong as $ Tencent Holdings.HK's WeChat exclusivity. Additionally, Tencent has growth curves in advertising and video accounts, while Alibaba, apart from Taotian, struggles to compete on a larger stage. The key is that Taotian also faces competition from Douyin and Pinduoduo. Although Alibaba is severely undervalued, there is some rationality to it, but a PE of 8x is still too low, isn't it? The market expects Alibaba's Q1 e-commerce GMV growth to narrow the gap with the industry, with significant growth in apparel categories, while Tmall's commission income declines year-on-year. If the sentiment improves slightly, Alibaba returning to HK$100 shouldn't be too difficult. Compared to JD.com (9.1x PE) and Pinduoduo (12.2x PE), as well as Amazon's EV/EBITDA of around 22x in the U.S. market, Chinese e-commerce valuations are generally low.