November 2026
Largest Cloud Infrastructure Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Alibaba Group, Baidu, Wangsu, GDS Holdings and Digital China.
 | Alibaba Group is a Chinese technology company headquartered in Hangzhou, Zhejiang, founded on 28 June 1999 by Jack Ma and 17 friends and students as the business-to-business marketplace Alibaba.com. It operates China's largest consumer marketplaces, Taobao (consumer-to-consumer) and Tmall (business-to-consumer), the global B2B site Alibaba.com and domestic wholesale platform 1688, alongside international e-commerce, Alibaba Cloud, the Cainiao logistics network, local consumer services and digital media and entertainment businesses, reorganised in 2023 into six business groups. It earns revenue mainly from merchant advertising and commissions on its marketplaces, plus cloud computing, logistics and direct sales. Early backers included Goldman Sachs, SoftBank and Investor AB, which invested $25 million in October 1999. Its September 2014 New York Stock Exchange IPO raised $25 billion, then the largest in history, giving it a market value of $231 billion, and in January 2018 it became the second Asian company to pass a $500 billion valuation. Joseph Tsai became chairman and Eddie Wu chief executive in 2023. | $13 | -31% | $266B | $258B | 1.7x | 17.4x | ||
| Most of Baidu's revenue comes from Baidu core, with the rest coming from video-streaming subsidiary iQiyi. The firm’s main businesses include online marketing services from its search engine, AI cloud infrastructure, AI applications, AI marketing, and autonomous driving. | $10 | -32% | $27B | $23B | 1.2x | 6.8x | ||
| 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. | $2 | +63% | $6B | $5B | 7.1x | 36.0x | ||
| 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 expanding into Southeast Asia via the now 23% owned DayOne. GDS listed on the Nasdaq in 2016 and completed a secondary listing in Hong Kong in 2020. | $3 | -37% | $4.3B | $9.7B | 5.6x | 10.9x | ||
| 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. | $3 | -21% | $3.2B | $6B | 0.3x | 29.1x | ||
| 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. | $2 | -17% | $2.7B | $3.4B | 3.1x | 46.4x | ||
| 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 | -32% | $2.5B | $2.8B | 2.0x | 6.8x | ||
| 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. | $4 | +32% | $2.1B | $2.1B | 8.2x | 67.2x | ||
| 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 | -24% | $1.3B | $1.2B | 4.2x | 22.6x | ||
| Net263 Ltd provides value-added data and voice communication services in China. | $1 | -25% | $939M | $891M | 7.4x | (30.4x) | ||
| 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. | $7 | +2% | $939M | $920M | 23.6x | (257.7x) | ||
| 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% | $909M | $989M | 2.5x | (57.1x) | ||
| 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 June 2026, it had 50,081 retail cabinets, with the majority in Beijing, Shanghai, and the Greater Bay Area. It also had 1.007 megawatts of wholesale capacity in service, with a further 585 MW under construction and a further 1.050 MW held for future development. | $3 | -65% | $901M | $5.3B | 3.5x | 11.4x | ||
| 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. | $12 | -49% | $787M | $757M | 12.0x | 342.6x | ||
| 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 | -44% | $669M | $602M | 3.5x | (19.3x) | ||
| Beijing ZZNode is a publicly listed Chinese provider of operations support software and computing services (stock code 003007), incorporated as Beijing ZZNode Technologies Co., Ltd. Founded in November 2008 and headquartered in Beijing's Chaoyang district, the company develops software, provides technical services and system integration, and sells third-party software and hardware in information and communication technology operations management. Its core operations support system (OSS) products, in network management support and service operation support, manage the equipment, networks, services, customers and IT infrastructure of telecom operators and large enterprises, with services spanning consulting, planning, design, development, testing, maintenance and operation. Customers include the group headquarters, provincial companies and specialised units of China Mobile, China Telecom and China Unicom, and the company says more than 100 of its systems run across 31 provincial-level regions. ZZNode has extended into management support systems (MSS) built on its own enterprise management products, and runs a computing business offering heterogeneous computing scheduling, computing-power network operation, an AI computing service platform, bare-metal high-performance computing for large-model training and container-based on-demand compute, alongside cloud and network monitoring and high-speed file transfer software. | $5 | -- | $618M | $695M | ||||
| QingCloud Technologies Corp provides cloud computing products and services to enterprise customers. Its activities include technology development, consulting, transfer, promotion, and related technical services, as well as the sale of computers, software, and auxiliary equipment. The company also engages in application and basic software services, software development, computer system services, and telecommunications-related operations. | $7 | -- | $352M | $365M | ||||
| 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. | $3 | -21% | $252M | $216M | ||||
| 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 | -78% | $242M | $248M | ||||
| 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% | $75M | $64M | ||||
| Median | $3 | -31% | $939M | $1.1B | 3.9x | 8.9x |
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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