$Alibaba(BABA)$ $PDD Holdings Inc(PDD)$ $JD.com(JD)$
For PDD they are the same market cap as BABA but have half the cash flow so on their valuation BABA is a double (I don't trust PDD numbers eithers won't get into that and assuming all being equal).
For JD, they make 2.5B in EBITDA (I prefer that to their cash flow which is less accurate) whereas BABA is 20B cash flow. So on JD valuation of real operating income, JD is currently at 40B and making 1/10 of the cash flow BABA is so BABA would be valued 400B (again can deduct short-term assets to 480B).
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