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Largest Clean Technology Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Tongwei, Jinko Solar, Baosight, CSI Solar and Trina Solar.
 | Tongwei is the world's largest polysilicon producer and a leading solar cell and module supplier. The solar business contributed more than 60% of revenue in 2024. In addition, Tongwei runs a feed and food business, which made up 35% of revenue in 2024. | $2 | -16% | $9B | $19B | 1.5x | 24.1x | ||
| Jinko Solar is the largest Chinese solar module manufacturer by global shipment in 2024. Jinko's products are distributed across nearly 200 countries and regions. The company operates a vertically integrated production process, spanning from solar wafer and cell manufacturing to module production. Jinko's N-type cell capacity is industry-leading in scale. | $1 | +9% | $8B | $10B | 1.0x | 26.1x | ||
| Shanghai Baosight Software Co Ltd is a Chinese software company that develops automation and software tools for various industries. The company operates through three segments: the Software Development and Engineering Services segment, the System Integration segment, and the Service Outsourcing segment. Its operations span across areas such as information technology, industrial automation, robotics, intelligent transportation, and information infrastructure. The company’s offerings are mainly applied in sectors including steel, non-ferrous metals, chemicals, mining, new materials, renewable energy, metalworking, equipment manufacturing, urban transit systems, and infrastructure development. | $2 | -19% | $7B | $6B | 3.9x | 22.4x | ||
| CSI Solar is a leading Chinese solar module producer, ranking seventh by solar module shipments in 2024. The company's products are available in over 160 countries and regions. CSI operates a vertically integrated production process, encompassing solar wafers, cells, and module production. | $2 | +33% | $6B | $7B | 1.2x | 8.9x | ||
| Trina Solar is one of the top four Chinese solar module producers. Trina's products are available in over 170 countries and regions. The company operates a vertically integrated production process, covering everything from solar wafers and cells to complete modules. | $2 | +1% | $5B | $8B | 0.8x | (161.5x) | ||
| Shanghai Aiko Solar Energy Co Ltd is engaged in research, manufacturing and sales of crystalline silicon solar cells. The company's products include C&I Scenario COMET Series, Residential Scenario NEOSTAR Series, Lightweight module AIR and Utility Scenario STELLAR Series. | $2 | -11% | $4B | $5B | 2.1x | 105.4x | ||
| Xinyi Solar Holdings Ltd is an investment holding company. Along with its subsidiaries, it is engaged in the production and sale of solar glass products and the development and operation of solar farms. The company's operating segments include sales of solar glass and solar farm business, which includes solar farm development and solar power generation. A majority of its revenue is generated from the sales of solar glass. Geographically, it derives maximum revenue from Mainland China, followed by other areas in Asia, North America and Europe, and other regions. | $0 | +5% | $3B | $4B | 1.4x | 6.5x | ||
| Longshine Technology Group Co Ltd is engaged in the provision of software and IT services for the power and electricity industry. Its range of solutions in new energy and smart grid areas are electric vehicle smart charging service network operation management system; enterprise energy efficiency management system; wind power centralized monitoring system; smart electric substation; and mobile internet payments through Alipay. | $2 | -42% | $2B | $2B | 3.0x | 50.1x | ||
| Ygsoft Inc supplies business management and social service information systems in China. It is focused on providing enterprise management software for the energy industry. The company offers a cloud platform, cloud services, big data service, blockchain services, group resource management, comprehensive risk management, asset lifecycle management and multi-project management. | $1 | -2% | $2B | $1B | 3.9x | 20.9x | ||
| JinkoSolar Holding Co Ltd is engaged in the photovoltaic industry. The firm has built a vertically integrated solar power product value chain, manufacturing from silicon wafers to solar modules. It sells solar modules under the JinkoSolar brand. The company's products include Silicon wafers, Solar cells, and Solar modules. Its geographical segments are China (including Hong Kong and Taiwan), North America, Europe, Asia Pacific, and the Rest of the world. | $22 | +4% | $1B | $6B | 0.6x | 184.6x | ||
| Suzhou Thvow Technology Co Ltd is a Chinese company engaged in the design and manufacturing of non-standard pressure vessels. | $1 | -- | $642M | $1B | 2.8x | 31.7x | ||
| Zhejiang Netsun Co Ltd is a high-tech enterprise specializing in Internet information services, e-commerce, professional search engines and enterprise application software development. | $2 | -31% | $514M | $434M | 5.5x | 519.5x | ||
| Skycorp Solar Group Ltd is a solar PV product provider principally engaged in the manufacture and sale of solar cables and solar connectors. It also has partnerships with multiple IC chip manufacturers and offers customers new and used GPU and HPC servers. Its business is carried out through its operating subsidiaries. The company operates in two operating segments: the business to manufacture and sell solar PV products and solar power system solutions service, the business to sell High Performance Computing products, and others. Key revenue is generated from Solar PV products. Geographically, key revenue is generated from Mainland China, followed by Asia other than mainland China, and Others. | $3 | +13% | $44M | $40M | 0.6x | (33.6x) | ||
| ReTo Eco-Solutions Inc is a manufacturer and distributor of eco-friendly construction materials and fly ash, as well as equipment used to produce these eco-friendly construction materials. The company engaged in providing consultation, design, project implementation, and construction of urban ecological environments for capturing, controlling, and reusing rainwater. It operates through two segments, namely Machinery and Equipment sales, and Technology Consulting and other services. The company earns its revenue from the Machinery and Equipment sales segment. Geographically, it derives a majority of its revenue from China. | $2 | -- | $8M | $10M | 2.9x | (0.9x) | ||
| Median | $2 | -1% | $3B | $5B | 1.8x | 23.3x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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