Please click and read this disclaimer if you wish to continue with the contents below. Alibaba's June quarter 2022 result is out, lets revisit the sum of parts again. Liliani in her substack did provide some numbers on Alibaba's sum of parts basing on their latest financing round. You can read her full article here. I think we should be more conservative. Alibaba's market cap as of today is 240.29 bil usd. Net cash: 50.8 bil usd Use their cash + short term investments + escrow receivables + restricted cash minus all their borrowings. Share investment equity value: 66 bil usd "Equity securities and other investments" + "Investment in equity method investees" Cainiao(63% stake): 17.64 bil usd Latest cash injection valuation done by Alibaba and size it to 63% stake, article here. That was in 2020, it should be worth more now due to its growing topline and shrinking ebita losses. To be conservative we will use its 2020 valuation. The valuation of 28bil is lower than Liliani's valuation. 28bil is 3.8x...