May 2026
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Largest Road Infrastructure Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
China Railway Group, China Railway Construction, China Merchants Expressway Network & Technology, Shandong Hi-Speed and Jiangsu Expressway.
 | China Railway Group Ltd is a construction conglomerate company. The company's operating segment includes Infrastructure construction; Survey, design and consulting services; Engineering equipment and component manufacturing; Property development, and Other businesses. It generates maximum revenue from the Infrastructure construction segment. The Infrastructure construction segment includes the construction of railways, highways, bridges, tunnels, metropolitan railways (including subways and light railways), buildings, irrigation works, hydroelectricity projects, ports, docks, airports, and other municipal works. | $1 | -13% | $16B | $79B | 0.5x | 8.1x | ||
| China Railway Construction Corp Ltd operates as an infrastructure construction firm. It largely derives contracting revenue. It builds railways, highways and municipal works, such as subways and light rail systems. The company also engages in survey and design, manufacturing, logistics, and property development. It operates the following business segments: Construction, Planning & Design, manufacturing and Real Estate; and Other Business Operations. The firm's revenue gets dominated by the Construction segment that engages in the construction of infrastructure such as railways, highways, metropolitan railways, and real estate projects. | $1 | -18% | $12B | $89B | 0.6x | 9.0x | ||
| China Merchants Expressway Network & Technology Holdings Co Ltd is engaged in Highway-related operations, including toll road business and transportation technology business. Its operating segments include Intelligent transportation, Investment operation, Traffic ecology, and Transportation technology. It generates the majority of its revenue from the Investment operation segment, which provides highway investment and operation services. | $1 | -19% | $10B | $17B | 8.4x | 10.1x | ||
| Shandong Hi-Speed Co Ltd is a China-based company mainly engaged in the investment and operation of transportation infrastructure. It is also engaged in activities of equity investment in the upstream and downstream industries, finance, and environmental protection of the highway industry chain. It operates and maintains toll roads, bridges, tunnels, and other infrastructure facilities. The company earns majority revenue in the form of Toll, railway transportation, sales of goods, project construction, and other businesses. | $2 | +11% | $9B | $19B | 5.3x | 11.4x | ||
| Jiangsu Expressway Co Ltd is principally engaged in the investment, construction, operation and management of toll roads and bridges in Jiangsu Province and the development of service areas along expressways. It operates through the following segments: Shanghai-Nanjing Expressway, Ningchang Expressway and Zhenli Expressway, Guangjing Expressway and Xicheng Expressway, Xiyi Expressway and Wuxi Huantaihu Expressway, Zhendan Expressway, Wufengshan Bridge, Changyi Expressway, Yichang Expressway, Longtan Bridge, Xitai Expressway, Danjin Expressway, ancillary services (including petrol, food and retail in service zones along the expressways), real estate development, sales of electricity and advertising and others. The Shanghai-Nanjing Expressway is the maximum revenue driver. | $2 | -20% | $9B | $13B | 4.2x | 8.9x | ||
| Zhejiang Expressway Co Ltd is a Chinese infrastructure company which, through its subsidiaries, develops, maintains, and operates high-grade roads. The company organizes itself into three segments: toll operation, securities business, and other business. The company derives the majority of revenue and earnings from the toll road business. The securities business, the next segment, provides brokerage services, including advisory, margin lending, and asset management. The company earns the entirety of revenue domestically. | $1 | +5% | $5B | $8B | 2.8x | 3.6x | ||
| Guangdong Provincial Expressway Development Co Ltd is principally engaged in the development and operation of expressways and large bridges. It is involved in tolling and maintenance of Guangfo Expressway, Fokai Expressway, Jiujiang Bridge, Huiyan Expressway, Maozhan Expressway, Jiangzhong Expressway, Kangda Expressway and Gankang Expressway. | $2 | -3% | $4B | $4B | 6.8x | 7.1x | ||
| Anhui Expressway Co Ltd is engaged in the investment, construction, operation, and management of toll roads within Anhui province. The company acquires operating expressway assets through various means such as investment and construction, acquisition, or cooperative operation. The company provides toll service for vehicles, collects vehicles' tolls according to the charging standard, maintains repairs, and carries out safety maintenance for the operating expressways. All of the company's external revenue is derived from customers based in Mainland China. | $2 | -4% | $4B | $5B | 5.5x | 8.6x | ||
| Shenzhen Expressway Corp Ltd is a Company engaged in the construction, operation, management, and investment of toll highways and environmental protection in China. Environmental protection mainly includes recycling and treating solid waste and clean energy power generation. The group has identified two reporting segments, namely the toll road segment and the environmental protection segment. The toll road segment takes charge of the operation and management of toll roads in Mainland China. The environmental protection segment operates and manages environmentally related infrastructure, mainly including solid waste treatment, clean energy, and other related fields. The majority of its revenue is derived from the Toll segment. | $1 | -18% | $3B | $6B | 4.7x | 8.8x | ||
| Shenzhen International Holdings Ltd is a Chinese investment company which constructs and operates logistic infrastructure facilities. The company operates through two main segments: Toll roads and general-environmental protection business and Logistics business. Toll roads contributes the vast majority of revenue, develops, operates, and manages tolls roads. The logistics business constructs, operates, and manages logistics centers and integrated logistics hubs; provides third party logistic services, logistic information services, and financial services to customers; and offers port and related services. | $1 | -17% | $2B | $9B | 4.4x | 7.6x | ||
| Median | $1 | -15% | $7B | $11B | 4.6x | 8.7x |
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