October 2026
Largest Consumer E-commerce Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Tencent, Alibaba Group, Pinduoduo, JD.com and Shein.
 | Tencent is the world’s largest game publisher, with top-grossing mobile hits like Honor of Kings and Peacekeeper Elite and a steady pipeline of new titles. It also operates WeChat—China’s super-app with roughly 1.3 billion users—embedded in daily life for messaging, short video, mini programs, payments, and shopping. Beyond its own platforms, Tencent is a prolific strategic investor, holding stakes in leading internet companies such as PDD, Kuaishou, and Xiaohongshu. | $52 | -35% | $471B | $485B | 4.3x | 9.5x | ||
| 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 | -37% | $266B | $258B | 1.7x | 17.4x | ||
| PDD Holdings operates commerce businesses globally. Its main operations are Pinduoduo, a social commerce platform in China, and Temu, a global e-commerce marketplace. PDD also has a community group purchase business in China. PDD has built a network of sourcing, logistics, and fulfillment capabilities that support its underlying businesses. PDD has also started its first-party brand business for global markets. | $82 | -39% | $116B | $50B | 0.8x | 3.4x | ||
| JD.com is the third-largest Chinese e-commerce platform by gross merchandise volume in 2024. it offers a wide selection of authentic products with speedy and reliable delivery. The company has built its own nationwide fulfilment infrastructure and last-mile delivery network, staffed by its own employees, which supports both its online direct sales, its online marketplace and omnichannel businesses. | $13 | -19% | $36B | $29B | 0.1x | 6.6x | ||
| Shein Global Holdings Ltd is an online fashion and lifestyle company. It operates online platforms that offer fashion products to consumers mainly in the United States and Europe. The company's portfolio of brands includes SHEIN, Dazy, Romwe, MOTF, Anewsta, Musera, Glowmode, and Aralina. The majority of the company's revenue is derived from the sale of its fashion apparel products. | $5 | -- | $20B | $6.4B | 0.2x | 2.7x | ||
| JD Health is the largest healthcare e-commerce platform in China in terms of revenue. The company offers pharmaceutical drugs and healthcare products on its platform, both as a marketplace that connects merchants to consumers and as a first-party, or 1P, direct retailer. It also offers online consultation from real life doctors and separately partners with offline pharmacies that can provide location-based 24/7 delivery as part of an omnichannel initiative to complement its core e-commerce business. Its closest competitors are Alibaba Health and Meituan for its e-commerce business. As of Dec. 31, 2024, the platform has over 200 million active annual users and over 70,000 merchants. JD Health is 67.49% owned by its parent company, JD.com. | $5 | -35% | $16B | $9.1B | 0.8x | 12.6x | ||
| Mango Excellent Media Co Ltd is a China-based company engaged in the provision of E-commerce services through Television, Internet, Catalogs, and other multimedia channels. The company operates three main business segments. The Mango Television Internet Video Business segment delivers content such as variety shows, TV dramas, films, movies, animations, and short videos. The New Media Interactive Entertainment Content Production Business segment covers the creation and operation of dramas, variety programs, and games, alongside artist management, music copyrights, and game development. The Media Retail Business segment focuses on TV shopping, media e-commerce, and overseas-related operations. The company generates maximum revenue from the Mango Television internet video business segment. | $4 | -15% | $6.6B | $6B | 2.9x | 5.8x | ||
| Alibaba Health is of one of China's leading e-commerce platform specializing in healthcare-related products, including prescription drugs, OTC drugs, traditional Chinese medicine, health foods, and so on. The company operates both a third-party B2C service, or 3P, and its own direct-to-consumer business, or 1P, with its own inventory, which can both be accessed by Alibaba’s Tmall app and Alipay. The company also provides online consultation services in a separate app called Yilu or “Dr. Deer,” although its e-commerce businesses remain its core competency in the long-term. E-commerce accounted for 93% of revenue in fiscal year 2022. We estimate that AliHealth holds about 45% of market share in the industry in terms of GMV. AliHealth is 63.74% owned by its parent company, Alibaba Group. | $0 | -48% | $6.3B | $4.8B | 0.9x | 17.3x | ||
| Vipshop is a leading Chinese online discount retailer offering branded products at attractive discounts ranging from 10%-90% off their original price through daily flash sales. It operates warehousing, retailing, product procurements, software development, and information technology support in-house while outsourcing to third-party logistics providers for distribution and shipments. Branded products on Vipshop’s platform are sourced mostly through a consignment model with global brand partners . As of March 31, 2025, Eric Ya Shen, chairman and CEO, had 64.5% voting rights. Leading Chinese social media firm and strategic shareholder Tencent also holds an 12.5% interest. | $13 | -27% | $6.2B | $3.5B | 0.2x | 2.3x | ||
| Xingyun Technology Co Ltd is engaged in modern manufacturing, communications design and construction, software services, and transportation and logistics. Its activities include software development, wholesale and retail of computer hardware, software, and related equipment, sales agency services. | $5 | +471% | $4.7B | $4.7B | 214.7x | (332.5x) | ||
| Suning.com Co Ltd, formerly Suning Commerce Group Co Ltd, is a retail shop offering electronic appliances such as air-conditioners, refrigerators, washing machines, color TVs, audio-video products, small home appliances, communication products, computers and digital products. | $0 | -30% | $1.6B | $4.5B | 0.6x | 5.0x | ||
| Sailvan Times Co Ltd is a technology-driven export cross-border brand e-commerce. The company sells high-quality and individuality to global consumers through third-party e-commerce platforms such as Amazon, Walmart, eBay, Wish, and vertical category self-operated websites such as SHESHOW and Retro Stage. It offers modern lifestyle products, including clothing accessories, sports and entertainment, department stores and home furnishings and others. The company also provides logistics services to third parties based on its comprehensive cross-border warehousing and logistics system. | $3 | -1% | $1.4B | $1.2B | 0.7x | 14.1x | ||
| Syoung Group Co Ltd is an e-commerce company. It owns multiple independent skincare brands such as Yunifang, Xiaomazu, Dadihui, and Huayaohua. | $3 | -2% | $1.2B | $1.3B | 1.8x | 29.4x | ||
| Tuhu Car Inc operates an integrated online and offline platform for automotive services in China. Through its flagship TUHU Automotive Service app and other online interfaces, the company streamlines diverse car service needs, delivering a digital and on-demand experience. Its offline network includes self-operated Tuhu workshops, franchised Tuhu workshops, and third-party partner stores. The company serves the majority of passenger vehicle models, offering products and services such as tires and chassis parts, auto maintenance, repair, car detailing, auto accessories, and related installation services. It also provides advertising, franchise, and SaaS solutions to participants on its platform. All operations are conducted within the People's Republic of China. | $1 | -36% | $1.1B | $504M | 0.2x | 6.0x | ||
| Bxn Holding Co Ltd is engaged in the production and sales of men's apparel products such as suits and shirts. Its business activities also include production and sales of clothing, shoes and leather products. | $1 | +2% | $820M | $621M | 0.8x | 6.2x | ||
| Fanli Digital Technology Co Ltd formerly Jiangxi Changjiu Biochemical Industry Co Ltd is a coal chemical company in Jiangxi, China. Its products include synthetic ammonia, urea, methanol, acrylamide, hydrogen peroxide, silica hydrated, liquid carbon dioxide, plastic pipes and oxygen. Geographically, the activities are carried out through China. | $1 | +64% | $600M | $559M | ||||
| Shanghai Lily & Beauty Cosmetics Co Ltd is a provider of online cosmetics marketing and retailing services in China. The company is authorized by and cooperating with the international cosmetics groups, such as Kanebo, AmorePacific, Henkel, has obtained the authorization of more than 50 renowned brands including Erno Laszlo, Whoo, Sulwhasoo, Laneige and Schwarzkopf to sell their products in China, as a reliable partner. | $1 | -4% | $523M | $357M | ||||
| Dingdong (Cayman) Ltd is the fastest growing on-demand e-commerce company in China. The company directly provides users and households with fresh produce, meat and seafood, and other daily necessities through a convenient shopping experience supported by an extensive self-operated frontline fulfillment grid. It recognizes revenues from product sales of fresh groceries and other daily necessities through Dingdong Fresh APP and mini-programs and membership services. | $2 | +16% | $466M | $230M | ||||
| Qudian Inc is a consumer-oriented technology company engaged in the operation of online platforms to provide small consumer credit products in the People’s Republic of China. It aims to empower financial institutions with its technological capabilities, help them improve marketing and operating efficiency, and enable financial institutions to efficiently connect their diversified financial products with scene traffic across the entire network It derives a majority of its revenue from the People’s Republic of China. | $2 | -- | $318M | - | ||||
| YSB Inc is a digital pharmaceutical platform serving businesses outside of hospitals in China. The Group mainly engaged in i) wholesales of pharmaceutical and healthcare products offline or online through its online platform; ii) retail of pharmaceutical and healthcare products through its retail shops; iii) operating online platform that enable the pharmaceutical distributors and vendors to sell their own pharmaceutical and healthcare products using the Group’s online platform; iv) providing SaaS solution to downstream pharmacies to streamline their inventory management; and v) providing medical testing services to primary healthcare institutions. The Group principally operates in the PRC and generates the majority of its revenues from the PRC. | $0 | -62% | $306M | $83M | ||||
| Baozun Inc is engaged to provide its customers with end-to-end e-commerce solutions including the sales of apparel, home and electronic products, online store design and setup, visual merchandising and marketing, online store operations, customer services, warehousing and order fulfillment, as well as the holistic brand management, including tactic positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics, and technology empowerment. It has two operating segments: E-Commerce (encompassing BEC and BZI) and Brand Management (representing BBM). The company generates maximum of its revenue from E-Commerce (encompassing BEC and BZI) segment. | $1 | +9% | $216M | $391M | ||||
| Uxin is a Chinese used-car commerce business that operates transaction platforms and associated services for vehicle buyers and dealers. The group developed a business-to-business auction operation beginning in 2011 and expanded into consumer-facing used-car services in 2015. Its platforms connect sellers and purchasers, provide vehicle information and support the process of completing used-car transactions. The business earns transaction commissions and service fees and has also facilitated vehicle financing through third-party funding partners. Its operations and principal customer base are in China, while its listed holding company is incorporated in the Cayman Islands. Alongside its main used-car businesses, Uxin developed salvage-car auctions through Fairlubo, serving insurers, repair businesses and dealers. Those auctions use separate facilities and an online platform. The group acquired equity in Fairlubo in April 2015 through its subsidiary Perfect Harmony Group. KKR participated in Uxin’s 2015 financing before that acquisition. | $1 | -63% | $206M | $524M | ||||
| Fangzhou Inc is a online chronic disease management platform in China. It has focus on chronic disease management to address the needs of patients with chronic diseases, such as hypertension, cardiovascular and respiratory chronic diseases. The company provide comprehensive medical services and online retail pharmacy services through Jianke Platform. The principal segment of the group are online retail pharmacy services, comprehensive medical services, Wholesale and customized content and marketing solutions. Key revenue is generated from Online retail pharmacy services. | $0 | -76% | $153M | $95M | ||||
| Autostreets Development Ltd is engaged in used vehicle transaction service provider. The company connects used vehicle buyers and sellers through its transaction platform in two auction formats, namely online-offline integrated auction and online auction. The company generates all of its revenues from PRC China. | $0 | -77% | $96M | $114M | ||||
| Autozi Internet Technology (Global) Ltd provides high-quality, affordable, and professional one-stop automotive products and services through online and offline channels in China. Leveraging its online supply chain cloud platform, SaaS platforms, and the network of MBS stores, it has established an ecosystem of lifecycle automotive services by connecting automotive manufacturers, auto parts manufacturers, and insurance companies with MBS stores and various automotive owners. Its business segments include new car sales, auto parts and auto accessories sales, and automotive insurance-related services. The majority of revenue is from the auto parts & auto accessories sales. | $1 | -97% | $69M | $102M | ||||
| LightInTheBox Holding Co Ltd is an online retail company delivering products directly to consumers across the world. It provides apparel products including customized, special occasion and fast fashion apparel products; and other general merchandise products, such as accessories and gadgets, home and garden products, electronics and communication devices, and other products. The company operates in two segments: Product sales which consisted of online retailing of consumer products and sales to third-party sellers, and Services which consisted of provision of logistic services to companies and to individual customers. It derives maximum revenue from Product Sales. Geographically, it operates in Europe which is the key revenue driver, North America, and other countries. | $3 | -25% | $55M | $43M | ||||
| SunCar Technology Group Inc operates digital automotive aftersales market service platform and vehicle insurance technology platform. It develops and operates online platforms that connect drivers in China with a range of aftermarket automotive services and insurance coverage options from a nationwide network of service providers. These comprehensive digital systems are built on SunCar’s multi-tenant, cloud-based platform. | $0 | -83% | $32M | $141M | ||||
| MOGU Inc is an online service provider in China, operating a KOL-driven online fashion and lifestyle platform, Mogujie, and providing customized online branding solutions to businesses. The company, on its platform, provides content related to fashion and lifestyle guides in various multimedia formats, which include Live Video Broadcasts, Short-form Videos, Photography, and an Online Review Community. The company derives revenues from within China. It also provides online marketing, commission, financing, technology, and other relevant services to merchants and users, as well as technology services to brand owners. | $2 | -33% | $16M | - | ||||
| Pomdoctor Ltd is an online medical services platform for chronic diseases in China. With a focus on chronic disease management and pharmaceutical services, its business model forms a one-stop platform for medical services, which organically connects patients to doctors and pharmaceutical products. Its experience in tackling chronic diseases can be traced back to the launch of its platform on mobile devices. The company operates in two segments: Internet hospital, and Pharmaceutical supply chain. The majority of revenue is derived from the Pharmaceutical supply chain segment. | $0 | -- | $641K | $60M | ||||
| Median | $2 | -31% | $820M | $621M | 0.8x | 6.0x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.