May 2026
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Largest Cloud Infrastructure Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Alibaba Group, Baidu, GDS Holdings, Wangsu and Kingsoft Cloud.
 | Alibaba is the world's largest online and mobile commerce company as measured by gross merchandise volume. It operates China's online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer). The China retail e-commerce platform is the most valuable cash flow-generating business at Alibaba. Additional revenue sources include China wholesale e-commerce, international retail and wholesale e-commerce, local consumer services, travel services, cloud computing, digital media and entertainment, Cainiao logistics services, and other businesses. | $17 | +18% | $329B | $318B | 2.2x | 10.5x | ||
| Baidu is the largest internet search engine in China with over 50% share of the search engine market in 2024 per web analytics firm, Statcounter. The firm generated 70% of core revenue from online marketing services from its search engine in 2024. Outside its search engine, Baidu is a technology-driven company and its other major growth initiatives are artificial intelligence cloud, video streaming services, voice recognition technology, and autonomous driving. | $17 | +61% | $46B | $43B | 2.3x | 9.5x | ||
| GDS Holdings started as an IT service provider in 2001 then moved to the data center business with its first self-developed data center opening in 2010. The company now develops and operates data centers in China and also builds, operates and transfers data centers for other clients. It offers colocation and managed services and mainly targets hyperscale cloud service customers who take large areas of its data centers or even whole data centers under long-term contracts. Its data centers are located predominantly in and around the Tier 1 cities in China and it has also started an expanding into Southeast Asia via the now 38% owned DayOne. GDS listed on the Nasdaq in 2016 and completed a secondary listing in Hong Kong in 2020. | $6 | +87% | $9B | $14B | 8.3x | 15.7x | ||
| Wangsu Science & Technology Co Ltd is a China-based company engaged in the provision of telecommunication value-added services. It is mainly engaged in the provision of a content delivery network (CDN) services, Internet data center (IDC) services, and cloud service integrated solutions. The company operates its business in domestic and overseas markets. | $3 | +67% | $6B | $5B | 7.6x | 33.7x | ||
| Kingsoft Cloud Holdings Ltd is an independent cloud service provider in China. It provides integrated cloud-based services including cloud computing, storage, and delivery. Its products and services are Security, Database, Data Analysis, Networking, and others. Its solutions are medical, government affairs, finance, media, education, gaming, Vehicle solutions, and others. | $1 | +31% | $5B | $5B | 3.7x | 17.6x | ||
| Beijing Sinnet Technology Co Ltd is a professional data center and cloud computing service provider in China. The company's main business is Internet data center services (IDC and its value-added services), cloud computing services, Internet broadband access services (ISP) and other Internet integrated services. | $3 | +34% | $5B | $5B | 4.9x | 32.0x | ||
| Digital China Group Co Ltd is a China-based integrated IT service provider. It is engaged in the business activity of providing services which include product marketing, capital logistics, localized technical support, large data services and cloud computing infrastructure. | $6 | +7% | $4B | $7B | 0.3x | 31.5x | ||
| Ucloud Technology Co Ltd is a neutral and secure cloud computing service platform. The company independently researches and develops a series of cloud computing products such as IaaS, PaaS, big data circulation platform, and AI service platform. It provides public cloud, private cloud, hybrid cloud, and private cloud. Comprehensive industry solutions. | $7 | +160% | $3B | $3B | 13.4x | 107.3x | ||
| VNET started as AsiaCloud in 1999 and moved into the data center business, opening its first self-developed data center in 2010. The firm listed (as 21Vianet) on the Nasdaq in April 2011, subsequently changing its name to VNET Group in 2021. It originally focused on providing data center services such as colocation and cloud services to retail clients in China, but added hyperscale customers in 2019 and now counts large Chinese hyperscalers such as Alibaba Cloud, Tencent Cloud, and Huawei Cloud as customers. At the end of September 2025, it had 52,288 retail cabinets, with the majority in Beijing, Shanghai, and the Greater Bay area. It also had 783 MW of wholesale capacity in service, with a further 306 MW under construction and a further 705 MW held for future development. | $8 | +59% | $2B | $6B | 3.9x | 12.3x | ||
| Richinfo Technology Co Ltd is a Chinese based company operates in software development and business operations in the Internet field. The product portfolio of the group includes mail system, enterprise network disk, message push system and others. | $3 | -6% | $2B | $1B | 4.9x | 25.2x | ||
| Beijing Topnew Info & Tech Co Ltd is a software company providing internet data center services, cloud services, internet access services, internet data center and cloud platform information system integration services, and application software development services. The company provides high-end IT technical services for multinational companies, and provides customers with customized comprehensive solutions such as design, procurement, configuration, testing, installation, inventory management, and transportation services, and delivers IT services all over the world. | $10 | +73% | $1B | $1B | 37.3x | (425.0x) | ||
| Montnets Cloud Technology Group Co Ltd is a cloud communication service provider in China. The company has constructed four-in-one enterprise cloud communication service ecosystem, namely IM cloud, MVaaS, Terminal cloud, IoT cloud to provide comprehensive cloud communication services for enterprises. | $1 | -32% | $1B | $1B | 3.1x | (74.8x) | ||
| Ucap Cloud Information Technology Co Ltd is a domestic Internet content service platform and big data service provider. The company develops technologies related to digital content management and big data. It provides the construction, operation and maintenance of Internet content service platform and big data services. | $16 | +87% | $1B | $1B | 16.4x | 444.5x | ||
| Inspur software Co Ltd is a China-based cloud computing, big data service provider. It offers computing platforms, IT application solutions, server solutions, high-performance computing solutions, tax cloud terminals, financial terminals, and is also a manufacturer of servers, sales data controller, and FCR products. The company sells its products in China and other international countries. | $2 | +3% | $851M | $778M | 4.6x | (26.2x) | ||
| Inspur Digital Enterprise Technology Ltd formerly, Inspur International Ltd is an investment holding company. The company's segments are Cloud services, Management software, and the Internet of Things. The Cloud services segment includes the provision of cloud services. The management software segment involves the provision of software development and other software services whereas the Internet of Things segment is engaged in the sales of IT peripherals and software. Geographically, the firm generates a majority of its revenue from Mainland China, and also has its presence in United States and Other countries. | $0 | -75% | $349M | $216M | 0.2x | 4.6x | ||
| Beijing Baolande Software Corp is a software company specializing in the development and promotion of basic software. The Baorande product line covers middleware, container PaaS platform, intelligent operation and maintenance and big data in the basic software field. | $4 | +15% | $335M | $302M | 9.0x | (34.1x) | ||
| Qiniu Ltd provides audiovisual cloud services and PaaS services in China. Audiovisual cloud services refer to the producing, storing, processing, distributing, analyzing, auditing, retrieving, and recommending unstructured audiovisual content in multi-media formats. PaaS is a computing service model by which cloud service providers offer a suite of hardware and software resources to their users via a platform, enabling the users to focus on writing codes, configuring the service metrics and monitoring of applications without the need to divert time and resources to the development and maintenance of the infrastructure underlying the platform, including maintenance of hardware, updates of operating system, data backup and recovery, internet security, disaster recovery, etc. | $0 | -51% | $119M | $94M | 0.4x | 277.1x | ||
| Median | $4 | +31% | $2B | $3B | 4.6x | 15.7x |
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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