May 2026
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Largest Telecom Service Providers Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
China Mobile, China Telecom, China Satellite, China United Network and Sinnet Technology.
 | China Mobile is not only the largest telecom operator in China by the number of mobile subscribers (1 billion) but also the largest in the world. It has 60% of the total wireless market in China and over 50% of the fixed-line broadband market. The firm has largely rolled out its 5G network, having launched 5G service in late 2019. It is doing some 5G network sharing with China Broadnet at 700 MHz and also resells its 3G/4G/5G network through China Broadnet. Growth is being generated through internet data centers where it has the second-largest network in China and through Cloud Services. The company issued stock on the A-share market in 2022 and completed its first buyback of H-shares. | $11 | -3% | $239B | $209B | 1.3x | 3.8x | ||
| China Telecom is the largest fixed-line operator in China, originally covering 21 southern provinces but now operating nationally. It has 200 million broadband customers, and 437 million wireless subscribers, having overtaken China Unicom to become the second-largest wireless operator in China behind China Mobile. The firm is increasing its cross-selling of products and seeing strong growth from industrial digitization services, such as internet data centers and cloud computing. Its internet data center business is already the largest in China and it is expanding overseas. | $1 | -22% | $80B | $70B | 0.9x | 3.2x | ||
| China Satellite Communications Co Ltd is engaged in the development and management of communication and broadcasting satellite systems; the design and development of satellite ground application systems and related equipment. It also offers technical consulting, engineering design, engineering contracting services related to the satellite business. | $5 | +73% | $21B | $20B | 51.5x | 70.8x | ||
| China United Network Communications Ltd is a Chinese telecom operator. It operates fixed and mobile communications services, as well as domestic and international communications facilities, a satellite IPLC service, a data communications service, a network access service, value-added telecom services, and system integration services related to information and communications services. The company provides its products to personal & residential customers, small & medium businesses, VIP customers, and international customers. | $1 | -16% | $21B | $19B | 0.3x | 1.3x | ||
| Beijing Sinnet Technology Co Ltd is a professional data center and cloud computing service provider in China. The company's main business is Internet data center services (IDC and its value-added services), cloud computing services, Internet broadband access services (ISP) and other Internet integrated services. | $2 | +23% | $4B | $5B | 4.5x | 29.6x | ||
| Jiangsu Broadcasting Cable Information Network Corp Ltd is a China-based company engaged in the construction and operation of broadcasting and television networks, the development and operation of radio and television program transmission, data broadband services and digital TV value-added services. | $1 | +16% | $3B | $2B | 2.1x | 8.7x | ||
| Fujian Star-Net Communication Co Ltd is a China-based company operates in the terminals and video application systems. It serves in the fields of network communication, switches, cloud computing, payment terminals, desktop clouds, wireless and broadband access, and video information applications. The company serves approximately 100 countries worldwide. Its product portfolio includes smart network, smart cloud, and smart finance. | $4 | +26% | $3B | $3B | 0.9x | 13.2x | ||
| Wasu Media Holding Co Ltd is a China-based company, engages in the Internet, media, and cable television industry services. It offers interactive TV, mobile TV, Internet TV and Internet audio-visual content, technical services, and operations. It also offers cable television, digital television network, digital communications, advertising, and media information services. The company operates throughout China. | $1 | -3% | $2B | $1B | 0.8x | 4.9x | ||
| CITIC Guoan Information Industry Co Ltd is the provider of cable TV network. The company has invested in 17 cable television projects, covering the major part of China. The company also engages in cathode materials for lithium-ion batteries, real estate development, value-added telecom services and other information industries. | $0 | +19% | $2B | $2B | 4.2x | 39.3x | ||
| Guizhou Broadcasting & TV Information Network Co Ltd provides radio and television program ratings services, digital TV value-added business development & management, data services and cable TV-related transmission services. | $1 | +16% | $2B | $3B | 14.8x | (45.1x) | ||
| Jishi Media Co Ltd operates in the broadcasting and television network industry. The company provides radio and television transmission basic services such as live channels, digital broadcasting, consulting and program guide services; digital television value-added services including paid channels, high definition broadcast channels, and interactive on-demand services. It also provides broadband two-way interactive services. | $0 | +73% | $2B | $2B | 7.8x | 30.9x | ||
| Merit Interactive Co Ltd is a provider of integrated mobile Internet services based on big data. | $4 | -20% | $2B | $2B | 20.1x | 249.2x | ||
| Beijing Gehua CATV Network Co Ltd is engaged in the development and maintenance of radio and television networks. It is involved in the transfer and transmission of radio and television programs, video on demand, network information service business, internet access services based on cable television networks, internet data transmission value-added services, domestic IP telephony services, and cable television advertising design, production, and distribution services. The service scope covers cities, districts, streets, communities and other levels, covering education, finance, medical care, environmental protection, transportation, commerce, safety supervision and other fields. | $1 | +7% | $2B | $444M | 1.4x | 4.9x | ||
| Citic Telecom International Holdings Ltd is a telecommunications company that generates revenue from mobile phones, Internet services, international telecommunications, enterprise solutions, fixed-line services, and the sale of equipment and mobile handsets. Enterprise services involve delivering information and communication technologies to businesses. This division plays a important role in the overall revenue of the company. The company operates in Hong Kong, Macau, Singapore, and other regions. It earns the majority of its revenue in Macau and owns telecommunications infrastructure. | $0 | +23% | $1B | $2B | 1.2x | 6.1x | ||
| Guangdong South New Media Co Ltd media service operator in China. It offers service related to telecommunications, radio and television and satellite transmission. | $5 | -11% | $1B | $862M | 3.6x | 7.5x | ||
| Shenzhen Topway Video Communication Co Ltd is engaged in the construction, operation, and maintenance of cable TV networks which include providing cable TV viewing services, and TV value-added services. The firm offers different family packages, broadband transfers, new installations, and new account opening services. Its reportable segments are; Cable TV networks and related which generates maximum revenue, and TV shopping income segment. | $1 | -18% | $817M | $765M | 4.0x | 74.1x | ||
| Shaanxi Broadcast & TV Network Intermediary (Group) Co Ltd is engaged in the provision of planning, construction, and operation and management of radio and television network in Shaanxi Province. The company provides digital and cable television services, high-definition interactive services, including basic channel broadcast services, channel broadcast subscription and information services, and video-on-demand services; and data services. | $1 | +50% | $461M | $1B | 8.0x | (12.9x) | ||
| APT Satellite Holdings Ltd is an investment holding company. Through its subsidiaries, the company is principally engaged in the maintenance, operation, and provision of satellite transponder capacity and related services; satellite-based broadcasting and telecommunications services; and other services. From a regional perspective, the company's revenue is derived from customers in Hong Kong, Greater China, Southeast Asia, and other regions. | $0 | +64% | $384M | $46M | 0.5x | 0.6x | ||
| FingerMotion Inc is engaged in the provision of mobile payment and recharge services in the Chinese market. The company's business line includes Telecommunications Products and Services, Value Added Products and Services, Short Message Services (SMS) and Multimedia Messaging Services (MMS); a Rich Communication Services (RCS) platform; Data Insights; and a Video Games Division (inactive). It principally earns revenue by providing mobile payment and recharge services to customers of telecommunications companies in China. | $1 | -74% | $48M | $48M | 1.4x | (8.5x) | ||
| UTStarcom Holdings Corp is providing telecommunication network products, solutions and services. It focus on delivering carrier-class packet optical, network synchronization and broadband access (both wireless and fixed line) products and solutions, coupled with Software Defined Networking (SDN) platform, optimized for mobile backhaul, metro aggregation, broadband access and value added services. The business activity of the firm is operated through the Equipment and Service segment. The Equipment segment is focused on equipment sales, including network infrastructure and application products, and the Service segment is engaged in providing services and support of equipment products and also the new operational support. Key revenue is generated from Equipment segment. | $3 | 0% | $25M | ($9M) | (1.0x) | 1.0x | ||
| Median | $1 | +12% | $2B | $2B | 1.7x | 5.5x |
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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