Valuations of Alibaba, PDD Holdings, and JD.com are only 9-12 times, potential upside reassessment.

$PDD Holdings (PDD.US)$ $Alibaba (BABA.US)$ $JD.com (JD.US)$ Goldman Sachs pointed out that the median forward price-to-earnings ratio for the Chinese internet-related industry is 14.3 times over the next 12 months, still at a discount of over 40% compared to the internet companies in the USA. However, the valuations of e-commerce companies such as Alibaba, PDD Holdings, and JD.com are only 9-12 times, still lower than the median of the Chinese internet-related industry, indicating significant potential for value reassessment.