September 2026
Largest Pure-Play AI Software Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Z.ai, MiniMax Group, Haizhi, Wenge AI and TRS Information Technology.
 | Z.ai is an advanced artificial intelligence platform known for its GLM model series, multimodal creation tools, and cost-efficient agentic coding environments like ZCode. It provides high-performance reasoning, real-time web search capabilities, and versatile utilities for building full-stack applications and data dashboards. | $150 | -- | $70B | $70B | 646.4x | (106.1x) | ||
| MiniMax Group Inc is a AI foundation model company. It is committed to driving AI innovation towards performing the full range of human intellectual tasks, from learning and reasoning to planning and generalizing knowledge across diverse domains. Its proprietary foundation model suite, led by MiniMax-M2, Hailuo-02, and Speech-02, has long context processing capacity and can understand, generate, and integrate a wide range of modalities, including text, video, and audio. These models power its AI-native products - including MiniMax, Hailuo AI, MiniMax Audio, Talkie/Xingye, and its enterprise and developer-facing Open Platform, delivering intelligent and dynamic experiences to users globally. | $43 | -- | $15B | $14B | 178.1x | (7.5x) | ||
| Beijing Haizhi Technology Group Co Ltd focuses on developing intelligent agent technologies and artificial intelligence solutions based on graph computing and model integration technologies. Its products are used in finance, energy, manufacturing, transportation, healthcare, and public services. The company operates as a high-technology enterprise principally engaged in provision of: (i) Atlas graph solutions, which include a data management and computing platform, a knowledge graph platform, and a graph database based on graph computing and data analysis technologies; and (ii) Atlas AI agent solutions developed using graph and large language model integration technology. The majority of the revenue is derived from the Atlas Graph Solutions. | $7 | -- | $2.9B | $2.9B | 31.2x | (97.5x) | ||
| Beijing Zhongke WengeAI Science and Technology Co Ltd is an AI technology and service provider in China, specializing in complex data analytics and AI-assisted decision-making. The company develops critical AI capabilities, offering a portfolio of full-stack AI services. Its services include data governance, domain knowledge management, large language and multimodal model development, decision automation, evaluation solutions, and low-code AI application development. The company provides AI-based solutions to organizations across sectors including public services, media and communications, and commercial enterprises. The majority of the company's revenue is derived from the provision of AI services to its clients in the Chinese Mainland. | $11 | -- | $1.8B | $1.8B | 29.9x | (89.8x) | ||
| TRS Information Technology Co Ltd is a provider of artificial intelligence and big data technology and data services in China. The core business of a company includes software product development, industry application solutions and data analysis and mining cloud services, covering big data management, information security, Internet marketing and artificial intelligence. | $2 | -34% | $1.8B | $1.6B | 21.4x | (81.5x) | ||
| Pci Technology Group Co Ltd provides artificial intelligence technology and products in China. It also offers face recognition, video structuring, knowledge mapping, big data technology and service to its clients. | $1 | -30% | $1.5B | $1.4B | 0.9x | 26.5x | ||
| Beijing CTJ Information Technology Co Ltd engages in providing government departments with information management system solutions, mainly including financial integrated management solutions, financial treasury centralized payment electronic solutions, government financial comprehensive management solutions, financial non-tax electronic solutions, large Government IT service solutions such as data application solutions. | $3 | -14% | $973M | $723M | 5.9x | 56.9x | ||
| Reconova Technologies Co Ltd is an AI company that provides visual AI technologies and products for enterprise clients. It is engaged in the research and development, design and sale of Visual Intelligents, commercial robots and intelligent passage devices. The company's product offerings include visual perception, visual cognition, and visual reasoning solutions applied across sectors including civil aviation, commercial spaces, and driving safety. The majority of the company's revenue is derived from the sale of Intelligent Civil Aviation, which covers the entire passenger journey including check-in, security screening, boarding, and customer service. Geographically, the maximum revenue is generated from the Chinese Mainland. | $3 | -- | $767M | $789M | 12.0x | (98.5x) | ||
| Beijing Hanyi Innovation Technology Co Ltd is a company specializing in font design, font library product development, Chinese character information technology research, and Chinese character application solutions, with core independent intellectual property rights. | $5 | -8% | $484M | $433M | 15.3x | 88.1x | ||
| Ropeok Technology Group Co Ltd is the leader in video image information processing and security and protection products. | $2 | +8% | $426M | $452M | 19.9x | (16.4x) | ||
| AInnovation Technology Group Co Ltd mainly conducts research and development of artificial intelligence technologies and provides artificial intelligence-based software and hardware technology solutions services. The revenue of the Group is principally derived from artificial intelligence products and services. Geographically, the company generates all of its revenue in the PRC. The company also generates a small amount of revenue from the Services of data solutions. | $1 | -52% | $262M | $190M | 0.8x | (6.4x) | ||
| XIAO-I Corp is an AI industrialization company focusing on the AI Cognitive Intelligence platform. The platform combines six core technologies including Natural Language Processing, Speech Processing, Computer Vision, Machine Learning, Affective Computing, Data Intelligence, and Hyper- automation. Based on the platform, The company developed products and solutions in the fields of Al+ Contact Center, Al+ Finance, Al+ City Public Service, Al+ Architecture, Al+ Metaverse, Al+ Manufacturing, and Al+ Healthcare. It generates revenue from the sale of software products and services, M&S services, and the sale of cloud platform products. | $0 | -61% | $442K | $41M | 3.3x | (0.4x) | ||
| Median | $3 | -30% | $1.3B | $1.1B | 17.6x | (11.9x) |
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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