May 2026
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Largest IoT Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
BOE, Sharetronic, Shenzhen Sunway, CIG Shanghai and Shenzhen Huaqiang.
 | BOE Technology Group Co Ltd is an investment holding company. Along with its subsidiaries, the company operates in the following business segments: Display business, Internet of Things (IoT) innovation business, Sensor business, MLED business, Smart medicine and engineering business, and Others. A majority of its revenue is generated from the Display business segment, which integrates design and manufacturing of display devices and offers TFT-LCD, AMOLED, Microdisplay, and other intelligent interface devices. This business focuses on providing high-quality smartphones, tablet PCs, laptops, monitors, TVs, vehicles, VR/AR, and other display devices for customers. Geographically, the group generates maximum revenue from Mainland China, followed by other regions. | $1 | +40% | $30B | $40B | 1.3x | 5.3x | ||
| Sharetronic Data Technology Co Ltd is engaged in production and sales of products such as Internet of Things intelligent terminals and data storage devices in the field of consumer electronics. The company provides wireless network and smart terminal. Its production lines mainly focus on Internet of Things, Smart Home, and Car Networking. Its products consist of virtual reality, laptops, wifi IP camera, and NAS storage. | $35 | +179% | $17B | $19B | 10.7x | 59.0x | ||
| Shenzhen Sunway Communication Co Ltd is operating in the communication industry. The company is primarily focusing on the research and development, manufacturing, sales and marketing of the mobile terminal antennas and related modules, acoustic modules and connectors with high electromagnetic compatibility. Its products offering include mobile antenna, precision metal parts, MIM metal parts, acoustics and new materials products. Its products mainly apply to consumer electronic fields like smartphone/tablet PC, smart wearable devices, smart home/IoT and smart automobiles, and primarily expand the supporting capability towards industry, automobile, and military fields. | $14 | +318% | $13B | $13B | 10.2x | 57.7x | ||
| CIG Shanghai Co Ltd is an original development manufacturer of the carrier and enterprise-grade customer premise equipment. Its product offerings include wireless network equipment, smart home gateway products, telecom broadband terminals, and other products. | $26 | +274% | $9B | $9B | 12.4x | 110.3x | ||
| Shenzhen Huaqiang Industry Co Ltd is a China-based company operating in the electronic information industry. Focusing on the electronic information industry, the company continuously innovates service models, expands service content, upgrades service quality, and integrates innovation in many aspects such as electronic component distribution, application solution research and development, technical support guarantee, and industrial Internet, establishing a comprehensive and three-dimensional competitive advantage, and It has built the largest comprehensive electronic components trading service platform in China. | $5 | -- | $5B | $6B | 1.6x | 37.0x | ||
| Thunder Software Technology Co Ltd is a China-based smart device operating system and platform technology provider. It provides smart device operating system solutions to consumers as well as enterprises. The company offers solutions for smartphones, tablets, smart TVs, camera solutions, mobile device management systems, application development platforms, and mobile security solutions. In addition, it also offers services such as carrier certification, Android OS upgrade, application development and maintenance, OS customization, and others. | IoT+1 | $9 | +13% | $4B | $4B | 3.5x | 25.3x | |
| Shenzhen Goodix Technology Co Ltd is a China-based company mainly engaged in the research and development of chips. The company develops capacitive touch controllers and fingerprint recognition chips, serving applications in smart devices, IoT, and automotive electronics. It is also engaged in software development. The company's products and solutions are used by various mobile brands Huawei, OPPO, Vivo, Xiaomi, Amazon, Samsung, Dell, Nokia, LG, ASUS, and others. | IoT+1 | $8 | -20% | $4B | $3B | 4.3x | 18.0x | |
| Hangzhou EZVIZ Network Co Ltd is engaged in providing smart life solutions based on visual interaction. It also provides open cloud platform services for managing IoT devices. | $4 | -11% | $3B | $3B | 3.0x | 21.3x | ||
| Fibocom Wireless Inc is a Chinese wireless communication module and solutions provider. It is focused on the development of the Internet of Things (IoT) and consumer electronics. The company brand products cover LTE, NB-IoT/eMTC, HSPA, GSM/GPRS wireless communication modules and solutions. Through IoT, the company offers solutions such as wireless payment, car networking, security monitoring, mobile internet, and smart grid. | $3 | -19% | $3B | $3B | 2.7x | 34.7x | ||
| Shenzhen SED Industry Co Ltd operates in a smart industry which includes smart transportation, smart lighting, new energy and smart business, rail transit communication signal industry, and logistics industry which includes industrial logistics. The company operates in four reporting segments namely: high-tech industry engineering services, digital and information services, data Heating and new energy services, and other industrial services. The majority of its revenue is generated from the high-tech industry engineering services segment. | $2 | -19% | $3B | $3B | 0.4x | 10.5x | ||
| Hanshow Technology Co Ltd is engaged in Wireless communication technology for the Internet of Things. The company provides digital technology to help stores and facilities reduce operational costs, increase sales, and deliver an improved experience for the customers. | $7 | -22% | $3B | $2B | 4.0x | 30.6x | ||
| Willfar Information Technology Co Ltd is engaged in production and sales of software and hardware products at all levels of the Internet of Things, such as electric monitoring terminals, water and gas heat sensing terminals, communication gateways, communication modules, and smart utility management system software. | $5 | -2% | $3B | $2B | 5.5x | 19.1x | ||
| Shenzhen Topband Co Ltd is engaged in the manufacturing of intelligent controller solutions, high-efficient motors, and lithium batteries for the household appliance, power tools industry, and technology-related markets. | $2 | -24% | $2B | $2B | 1.2x | 11.9x | ||
| Nexwise Intelligence China Ltd is a high-tech company in computing, intelligent system and security services. It is committed to security systems and intelligent systems, providing excellent services to military, government, police, energy and infrastructure and other partners. | $11 | +206% | $2B | $2B | 15.5x | 152.1x | ||
| Fengzhushou Co Ltd is an Internet digital virtual commodity comprehensive service provider, mainly providing mobile Internet digital virtual commodity aggregate operation, fusion operation, distribution operation and other comprehensive operation services for customers in mobile Internet-related scenarios, and providing Internet of Things traffic access, Comprehensive solutions such as hardware solutions, scene applications, and cloud terminal solutions, and provide customized operational support services and technical services according to customer needs. It is an innovative software technology enterprise that has grown up with the development of the mobile Internet. | IoT+1 | $6 | +34% | $2B | $2B | 6.1x | 59.9x | |
| Gosuncn Technology Group Co Ltd is engaged in the research and development and application of core technologies, products and solutions based on the Internet of Things and artificial intelligence and provides smart city Internet of Things products and services. | IoT+2 | $1 | +5% | $1B | $1B | 4.5x | 177.8x | |
| Tuya Inc is an AI cloud platform service provider dedicated to bringing AI into everyday life. The group leverages its TuyaOpen open-source framework and universal AI Agent engines, including the AI Agent development platform, to integrate multimodal AI capabilities and reduce barriers to AI development. It drives the adoption of AI-powered lifestyles and speeds up the integration of AI with the physical world. It offers innovative physical AI solutions for smart devices, commercial use, and industry developers using cloud computing and spatial intelligence. It also provides a complete, open, and neutral global AIoT ecosystem. It builds a developer community that collaborates to create smart solutions grounded in sustainability, security, efficiency, agility, and openness. | $2 | -9% | $1B | $396M | 1.2x | 18.3x | ||
| Queclink Wireless Solutions Co Ltd is a China based company engaged in supplying machine-to-machine (M2M) devices and solutions. The products offered by the company are asset trackers, personal trackers, vehicle tracker, and other accessories. It also offers solutions such as asset tracking, lone workers, telecare, monitoring, and fleet management. | IoT+1 | $2 | +15% | $1B | $854M | 6.5x | 59.9x | |
| Yunding Technology Co Ltd is a high-tech company focusing on the intelligent industry of the energy industry. It focuses its development strategy on the field of industrial Internet services and develops in-depth in the field of mining industrial intelligence and coal gasification technology, providing customers with integrated system research and development, design, operation, and maintenance. | IoT+1 | $1 | -- | $968M | $861M | 3.8x | 37.7x | |
| Beijing Saimo Technology Co Ltd provides testing, validation, and evaluation of the functionality, compatibility, safety, reliability, and comfortability of ICVs in the PRC. The company generates the majority of its revenue from ICV simulation testing software and platforms. Geographically, the company generates all of its revenue from the PRC. | $2 | +1% | $224M | $176M | 4.5x | 8.3x | ||
| Arbe Robotics Ltd is a provider of 4D Imaging Radar solutions enabling driver-assist systems while paving the way for fully autonomous driving. It is a research and development company in the field of chips for Advanced radar systems, which are mainly intended to be used as Advanced Driver Assistance Systems (ADAS) adapted for autonomous vehicles as well as for non-automotive uses. Its geographical segments include Sweden, China, Germany, Hong Kong, USA, Israel, Switzerland, Italy, and others. | $1 | -37% | $139M | $111M | 108.1x | (3.0x) | ||
| Viomi Technology Co Ltd, along with its subsidiaries, specializes in the development and sale of Internet-of-Things-enabled smart home products, particularly focusing on home water solutions. The company markets its products in China and generates the majority of its revenue through the sale of smart water purification systems and other connected home devices designed to improve convenience and automation in residential settings. Its product offerings include water purification products, water heaters, smart water kettles, electric kettles, water filters, range hoods, gas stoves, and other small appliances. | $1 | -30% | $64M | ($88M) | (0.2x) | (3.5x) | ||
| MicroCloud Hologram Inc, through its subsidiaries, is mainly engaged in holographic Technology. It includes Holographic solutions and Holographic technology services. The company also provides holographic digital twin technology services for customers and has built a holographic digital twin technology resource library. Geographically company is operating in single segment, China. | $2 | -57% | $49M | ($349M) | (5.9x) | (550.7x) | ||
| ICZOOM Group Inc. operates an e-commerce platform selling electronic components to SMEs in China across consumer electronics, IoT, automotive, and industrial control sectors. It offers two main product categories: semiconductor products, including integrated circuits and optoelectronics, and electronic equipment and tools such as electromechanical and MRO supplies. The company also provides services like customs clearance, temporary warehousing, and logistics, earning additional commission fees. The majority of its revenue comes from electronic component sales. | $0 | -84% | $5M | $19M | 0.1x | 7.1x | ||
| Median | $3 | -5% | $2B | $2B | 3.9x | 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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