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May 2026
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Largest Consumer Marketplaces Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Alibaba Group, Pinduoduo, Meituan, Trip.com and Kuaishou.
 | 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. | $16 | +12% | $301B | $296B | 2.0x | 10.7x | ||
| PDD Holdings operates commerce businesses in over 80 countries 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. | $87 | -17% | $124B | $60B | 0.9x | 3.3x | ||
| Meituan is the largest food delivery platform in China, with a 60%-70% share of the market in 2024, according to Morningstar estimates. In the third quarter of 2024, the firm generated 74% of its revenue from the core local commerce segment, which includes on-demand food delivery and retail, in-store services (such as visiting beauty and entertainment stores after purchasing deals on Meituan), and hotel and travel booking. The remaining 26% of revenue came from the new initiatives segment, such as the community group purchase business Meituan Select and the overseas food delivery business. | $10 | -38% | $62B | $52B | 1.0x | (27.4x) | ||
| Trip.com is the largest online travel agent in China and is positioned to benefit from the country's rising demand for higher-margin outbound travel as passport penetration is only 12% in China. The company generated about 79% of sales from accommodation reservations and transportation ticketing in 2024. The rest of revenue comes from package tours and corporate travel. Before the pandemic in 2019, the company generated 25% of revenue from international travel, which is important to its margin expansion. Most of sales come from its domestic platform, but the company is expanding its overseas business. The competes in a crowded OTA industry in China, including Meituan, Alibaba-backed Fliggy, Tongcheng, and Qunar. The company was founded in 1999 and listed on the Nasdaq in December 2003. | $48 | -17% | $30B | $24B | 2.6x | 4.0x | ||
| Kuaishou Technology is a social media platform where users create, watch, and share short-form videos. Approximately half of the company’s revenue comes from advertising. Additionally, Kuaishou generates revenue through livestreaming, where fans purchase virtual gifts to tip hosts. The platform also features livestreaming e-commerce, enabling users to buy products showcased in videos, with Kuaishou earning a commission on each transaction. Kuaishou’s primary competitors are ByteDance’s Douyin and Tencent’s Video Accounts. Notably, Tencent owns a 16% stake in Kuaishou. | $6 | -26% | $26B | $21B | 1.0x | 5.1x | ||
| KE Holdings, or Beike, is a large residential real estate sales and rental brokerage company in China. Founded in 2001, the company operates through self-owned Lianjia stores in Beijing and Shanghai and connected third-party agencies, including franchise brand Deyou in other cities, with commissions charged on existing-home and new-home transactions. Leveraging an online-offline hybrid model, Beike also attract clients through its namesake online marketplace. The company tapped into home renovation services by acquiring Shengdu Home Decoration in 2022. As of the end of 2024, Beike’s co-founders collectively control the company, while Tencent and its affiliates share 8% of voting power. | $6 | -7% | $19B | $15B | 1.0x | 17.1x | ||
| DiDi Global Inc is a mobility technology platform that provides a range of mobility services as well as other services. It is building four key components of its platform that work together to improve the consumer experience: shared mobility; energy and vehicle services; electric mobility; and autonomous driving. It is a go-to brand in China for shared mobility, providing consumers with a range of safe, affordable, and convenient mobility services, including ride-hailing, taxi-hailing, chauffeur, hitch, and other forms of shared mobility. The company operates in three segments: China Mobility, which mainly includes ride-hailing services to riders, and also acts as an agent by connecting end-users to service providers who provide taxi hailing; International; and Other Initiatives. | $4 | -27% | $16B | $10B | - | - | ||
| Kanzhun's Boss Zhipin job platform connects job seekers and employers. Boss Zhipin is China’s largest online recruitment platform based on monthly active users, or MAU, and was established in 2014. Kanzhun earns revenue by providing services to enterprise customers primarily through its mobile app, which promotes engagement between recruiters and workers and operates on a recommendation basis powered by artificial intelligence. The platform specializes in transportation, logistics, construction, and service-based industries. About 85% of the companies looking to hire are small and medium-size enterprises. Its main competitors are 58.com, 51job, and Zhilian Zhaopin. Tencent has a 9.2% stake in Kanzhun. | $14 | -24% | $6B | $3B | 2.6x | 5.5x | ||
| Beijing Zhidemai Technology Co Ltd is a shopping portal that integrates shopping guide, media, tools and community attributes. It introduces high-quality and consumer-oriented content to users with high-quality, good-quality products and services, providing users with high efficiency, precision and neutrality. | $7 | +56% | $1B | $1B | 7.0x | 66.7x | ||
| ATRenew Inc is a pre-owned consumer electronics transactions and services platform in China. The majority of its revenue is derived from online product sales of phones and other consumer electronics goods through its platform. The Company’s principal operations and geographic markets are in the People’s Republic of China. | $5 | +40% | $1B | $895M | 0.3x | 10.4x | ||
| Maoyan Entertainment is a China-based company that mainly operates an Internet-empowered entertainment service platform. The company operates in three segments. The Online Entertainment Ticketing Services segment offers online ticketing services for comprehensive entertainment formats, such as movies and entertainment events. The Entertainment Content Services segment operates an integrated platform to provide entertainment content services, ranging from distribution, and promotion to production, for various entertainment formats including movies, TV series, variety shows, and entertainment events. The Advertising Services and Others segment serves advertisers in both the entertainment industry and other industries including automobile, electronics, and consumer products. | Events+2 | $1 | -23% | $803M | $451M | 0.7x | 3.4x | |
| Uxin Ltd is an investment holding company. Along with its subsidiaries, the firm operates used car e-commerce platforms through its mobile applications and websites. It facilitates used car transaction services and financing solutions offered by third-party financing partners to buyers for their used car purchases. The company generates revenue through sales of the commission of salvage car sales, and interest income from the financial lease. The Group generates its revenues in China, and assets of the company are also located in China Area. | $2 | -35% | $506M | $783M | 1.6x | (50.1x) | ||
| Quhuo Ltd is a gig economy platform focusing on local life services in China. It provide tech-enabled, end-to-end operational solutions to consumer service businesses, including on-demand delivery solutions, mobility service solutions, housekeeping and accommodation solutions, and other services. Its three operating segments, include (i) on-demand delivery solutions, (ii) mobility service solutions, and (iii) housekeeping and accommodation solutions and other services. | $4 | -97% | $352M | $363M | - | - | ||
| Everyday Network Co Ltd operates in domestic real estate home network marketing services. It markets networks of new houses, second-hand houses, and homes. Also, the company provides research and consulting businesses. Its provides platform for the use of home loans and Internet small loan companies. It generates revenue from online advertising, real estate marketing service income and second-hand housing port fees. | $2 | -26% | $330M | $289M | 18.1x | (47.3x) | ||
| Token Cat Ltd is an omnichannel automotive marketplace in China. The company operates in one segment, providing auto shows, special promotion event services, virtual dealerships, online marketing services, and more. It organizes auto shows to facilitate transactions between consumers and auto dealers, which include auto dealers, automakers, and automotive service providers. It offers services through its online platform and offline events. | $9 | -44% | $233M | $239M | 272.9x | (46.9x) | ||
| Jiayin Group Inc is China's technology service group. It is an enterprise engaged in technological innovation services. It is committed to using big data, cloud computing, artificial intelligence and other technologies to connect consumers and financial institutions in consumption scenarios so that every user can enjoy efficient and convenient technology services. The company has engraved technological innovation into the company's development genes since its establishment, adheres to the dual drive of digital plus technology, and focuses on building a cloud service platform and intelligent risk control system with big data drive as the core concept. | $4 | -73% | $228M | $322M | 0.4x | 1.2x | ||
| 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 | -63% | $164M | $68M | 1.7x | 7.9x | ||
| Tongdao Liepin Group is a China-based company engaged in the provision of talent acquisition services to individuals, businesses, and headhunters. The company provides a platform for job seekers to seek career opportunities by connecting them to companies hiring. The firm delivers talent services to individual users mainly through its website, mobile application, and WeChat official account. | $0 | -- | $147M | ($126M) | (0.4x) | (3.5x) | ||
| Dida Inc is a technology-driven platform in China offering carpooling marketplace and smart taxi services, aiming to create more transit capacity with less environmental impact. The company operates under 3 segments: Provision of carpooling marketplace services, Provision of smart taxi services and Provision of advertising and other services. Key revenue is generated from Provision of carpooling marketplace services. | $0 | +0% | $144M | ($75M) | (1.0x) | (3.8x) | ||
| 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. | $1 | -62% | $98M | $148M | 0.3x | 13.5x | ||
| Cheche Group Inc is engaged in the operation of providing insurance transaction services, Software-as-a-Service (SaaS) services and other services in China.. It is China’s independent technology-empowered platform for auto insurance transaction services by digital auto insurance transaction premiums and insurance technology companies. The company has reshaped the traditional auto insurance distribution and services value chain to create a digital platform by improving operational efficiencies, reducing transaction costs, and expanding distribution channels. Its business scope ranges from digital insurance transactions, SaaS platforms for insurance intermediaries, AI-driven insurance pricing and underwriting services, auto insurance services for new energy vehicle (NEV) manufacturers, etc. | $1 | -27% | $47M | $40M | 0.1x | (34.9x) | ||
| - | $0 | -- | $743K | $6M | - | - | ||
| Median | $4 | -26% | $655M | $617M | 1.0x | 3.4x |
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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