May 2026
đź“Ł VC round data is live. Check it out!
Largest Logistics & Air Freight Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
COSCO SHIPPING, SF Holding Co., Shanghai International Port Group, ZTO Express (Cayman) and JD Logistics.
 | COSCO SHIPPING Holdings Co Ltd is an investment holding company. The company's operating segments include the Container shipping business, Terminal business, and Corporate and other operations. It generates maximum revenue from the Container shipping business segment. Its geographical segments include America, Europe, Asia Pacific, Mainland China, and Other international markets. | $2 | +2% | $33B | $22B | 0.7x | 2.2x | ||
| SF Holding was the largest logistics integrated service provider in China and Asia, and the fourth largest globally in 2025 by revenue, according to Frost & Sullivan. It is the only large integrated logistics service provider in Asia that has direct control of its operations with minimal reliance on network partners. It is also independent of any e-commerce platforms. The company is equipped with full-product service capabilities in time-definite express delivery, economic express delivery, freight, cold chain and pharmaceutical, intracity on-demand delivery, international express delivery, international freight and forwarding, and supply chain. | $5 | -27% | $26B | $26B | 0.6x | 5.4x | ||
| Shanghai International Port (Group) Co Ltd is the world's largest container port in terms of throughput volume, and a major trans-shipment hub in China. It engages in handling port containers and bulk cargo along with other container-related services in the Yangtze River Delta. The gross profit in core port operation is approximately 72% in containers, 2% in bulk cargo, and 26% in port logistics and services. The Shanghai state-owned Asset Supervision and Administration Commission holds approximately a 44% stake in SIPG. | $1 | -8% | $18B | $20B | 3.4x | 5.6x | ||
| ZTO Express is China’s largest express delivery company by parcel volume, with a volume share of 19.4% in 2024. It operates a network partner model where it provides line-haul transportation and sorting services, while its local network partners provide first-mile pickup and last-mile delivery services under the ZTO brand name. Headquartered in Shanghai, the company was founded in 2002 by Meisong Lai, who remains chair, CEO, and its major shareholder with 78% voting rights as of March 31, 2025. ZTO’s strategic shareholder is leading China e-commerce company Alibaba Group with around an 8.9% interest. | $23 | +28% | $17B | $16B | 2.2x | 7.4x | ||
| JD Logistics, owned by leading China e-commerce company JD.com, is a technology-driven supply chain solutions and logistics services provider in China. It offers a full spectrum of supply chain solutions and logistics services, ranging from warehousing to distribution, spanning manufacturing to end customers, covering regular and specialized items. JDL services include formulating and executing supply chain strategies. Customers come from a wide array of industries, such as fast-moving consumer goods; apparel; home appliances; home furniture; computers, consumer electronics, and communications; automotive; and fresh produce, among others. | $2 | +3% | $11B | $10B | 0.3x | 3.1x | ||
| J&T Express provides express delivery in 13 countries, with a number one position in Southeast Asia and a leading position in China by parcel volume share in the first half of 2025 and a growing footprint in Latin America and the Middle East. As of Sept. 30, 2025, it had network coverage across Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia, Singapore, China, Saudi Arabia, the UAE, Mexico, Brazil, and Egypt. | $1 | +35% | $10B | $11B | 0.9x | 11.1x | ||
| Qingdao Port International Co Ltd is a Chinese company that acts as an operator of the Port of Qingdao. It provides a range of port-related services including basic port services such as stevedoring and storage services, ancillary and extended services such as logistics and financing-related services. The company has six operating segments; container handling and ancillary services, metal ore, coal, and other cargo handling and ancillary services, liquid bulk handling and ancillary services, logistics and port value-added services, port ancillary services, and financial services. It derives a majority of its revenue from the logistics and port value-added services segment followed by metal ore, coal, and other cargo handling segment and liquid bulk handling and ancillary services segment. | $1 | +10% | $9B | $7B | 2.5x | 6.6x | ||
| Eastern Air Logistics Co Ltd provide comprehensive ground services and comprehensive logistics solutions. | $2 | +30% | $4B | $4B | 1.0x | 4.3x | ||
| Shanghai Zhonggu Logistics Co Ltd is engaged in providing customers with customized and cost-effective door-to-door full container logistics solutions. The company has SQ boxes, coal boxes, special boxes, freezer boxes and other types of boxes, and more than 10,000 types of transport products. In addition to water transportation, the company integrates railways, highways and other resources. It provides a full range of multimodal transportation services such as sea-land transportation, river-sea transportation, water-water transfer, sea-rail transportation and cold chain transportation services. | $2 | +16% | $3B | $3B | 2.0x | 5.6x | ||
| STO Express is one of the Tongda operators, the top four national express delivery companies that adopt the network partner model. Tongdas provides line-haul transportation, sorting, and waybill services to network partners for fees, while local network partners provide first-mile pickup and last-mile delivery services under the Tongdas’ brands and collect the payments. STO was founded in 1993 by Nie Tengfei. His widow's brother, Chen Dejun, is now chair. The family held over 34% of the company as of Sept. 30, 2024. STO’s strategic shareholder is Cainiao Smart Logistics Network with a 25% stake. Alibaba can exercise its share options to purchase an additional 21% of STO from the family before Dec. 27, 2025, at CNY 16.50 per share. | $2 | +41% | $3B | $4B | 0.5x | 6.9x | ||
| Yunda is one of the “Tongdas,” which refers to the top four national express delivery companies that adopt the network partner model. In this model, Tongdas provides line-haul transportation, sorting, and waybill services to its network partners for fees, while its local network partners provide first-mile pickup and last-mile delivery services under the Tongdas’ brands and collect the customer payments. Unlike some other peers, Yunda controls 100% of its hub-level transit centers, ensuring higher quality assurance. The company was founded by a couple, Nie Tengyun and Chen Liying. Nie remains the Chairman and President, with a 54.9% stake as of Sept. 30, 2024. Yunda’s strategic shareholder is a leading Chinese e-commerce company, Alibaba Group, with around a 2% interest. | $1 | +4% | $3B | $3B | 0.4x | 5.3x | ||
| Xiamen Xiangyu Co Ltd provides supply chain and circulation services in the People's Republic of China. It supplies plastic chemicals, agricultural products, metallic ores, forest products, and mechanical and electrical products. The company also offers various integrated logistics services comprising the international purchase and distribution, international multimodal transport, domestic door-to-door logistics and financial logistics. | $1 | -- | $3B | $3B | 0.1x | 4.5x | ||
| Jiayou International Logistics Co Ltd is a logistics company covering a network of countries including Asia, Europe and North America. | $2 | +17% | $3B | $2B | 1.9x | 9.9x | ||
| Transfar Zhilian Co Ltd is engaged in the production and sale of specialty chemicals used in textile printing and dyeing, leather, building materials and water treatment. | $1 | -- | $2B | $4B | 1.0x | 14.0x | ||
| Xinhua Winshare Publishing & Media Co Ltd is engaged in integrated cultural operations specializing in the creative content production of publications, education services, cultural consumption services, supply chain services, and capital operation. Its activities are editorial and publishing of publications, sales of publications in physical stores and the internet, distribution of textbooks and supplementary materials, education information and equipment services, etc. It is through two operating segments; the Publication segment, which includes publishing books, periodicals, and audiovisual products, and the Distribution segment, which comprises the distribution of textbooks and supplementary materials. The group generates a majority of its revenue from the Distribution segment. | $2 | -11% | $2B | $833M | 0.5x | 3.0x | ||
| Shanghai Foreign Service Holding Group Co Ltd is principally engaged in providing taxi services. It is also involved in the rental of cars, automobile service, tourism and housing industry. Geographically the activities are carried out through Shanghai. | $1 | -10% | $2B | $273M | 0.1x | 1.7x | ||
| Dazhong Transportation (Group) Co Ltd is a passenger transportation and property investment company. The company operates taxis and public bus passenger transportation, and maintains, leases, and distributes automobiles. Dazhong Transportation also operates a real estate investment business, which develops, leases, and sells residential and commercial property. In addition, the company provides logistics, tourism, and catering services. The company is headquartered in the People's Republic of China, and generates revenue domestically. | $1 | -25% | $1B | $2B | 4.8x | 11.8x | ||
| BingEx Ltd provides on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety, mobile platform, Mini-Programs, website, API-connected third-party systems, and service quality. The company brands its services as FlashEx, which means delivery in a flash. The Group’s principal operations and geographic markets are in the People’s Republic of China. | $2 | -27% | $167M | $44M | 0.1x | 6.1x | ||
| Logory Logistics Technology Co Ltd is a full-link digital freight service provider in China. The company provides a series of digital freight services and solutions for all participants in the freight industry such as logistics companies and cargo owners, as well as truckers in both inter-city and intra-city road freight transportation. | $0 | -46% | $92M | $49M | 0.1x | 4.2x | ||
| Shengfeng Development Ltd is a holding company. Through its subsidiaries, it offers contract logistics services in China. The contract logistics services offered by the company include planning and designing supply chains, designing facilities, processing orders, collecting payments, managing inventories, and providing client services. | $1 | -14% | $73M | $134M | 0.2x | 4.7x | ||
| Median | $1 | +2% | $3B | $3B | 0.6x | 5.5x |
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.