May 2026
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Largest Telecom Service Providers Public Companies in Hong Kong
Benchmark revenue and EBITDA valuation multiples for public comps like
China Unicom, HKT Trust and HKT, PCCW, Vtech and HKBN.
 | China Unicom is the incumbent fixed-line operator in 10 northern Chinese provinces, as well as the third-largest wireless operator nationwide. As of June 2025, it had around 355 million billing wireless customers and over 125 million fixed-line subscribers. China Unicom also has a growing ICT business. We estimate it has the third largest internet data center business in China with 420,000 cabinets and its Cloud Service revenue is also showing strong growth. It has its own 4G network and shares the radio access function with China Telecom for its 5G network. | $1 | -16% | $31B | $26B | 0.4x | 1.6x | ||
| HKT Trust and HKT Ltd is a triple-play telecommunications provider that operates through three segments, telecommunications services, mobile, and Other businesses. Telecommunication services are the larger business segment and generates revenue by providing technology and telecommunications and related services including enterprise solutions, total home solutions, healthtech services, and media entertainment. The Mobile segment represents mobile telecommunications businesses in Hong Kong, and the other segment comprises other new businesses such as The Club’s loyalty platform and HKT Financial Services, and corporate support functions. The company's key revenue is generated from Hong Kong. | $2 | +4% | $12B | $17B | 3.7x | 9.6x | ||
| PCCW Ltd is a Hong Kong-based company engaged in the businesses of telecommunications, media, information technology solutions, property development and investment, and others. The operating segments of the company are HKT Limited (HKT), Media Business, and other businesses. The entity derives key revenue from the HKT segment, which includes the provision of telecommunications and related services such as local telephony, local data and broadband, international telecommunications, mobile, and other telecommunications businesses such as customer premises equipment sales, outsourcing, consulting, and contact centers. The company operates in Hong Kong, Mainland and other parts of China, Singapore, and other countries, of which the maximum revenue is derived from the operations in Hong Kong. | $1 | +12% | $6B | $13B | 2.6x | 7.7x | ||
| VTech Holdings Ltd is engaged in the designing, manufacturing, and distribution of consumer electronic products. It also provides contract manufacturing services. The company's diverse collection of products includes Telephone Products, Business Phones, Electronic Learning Toys, Baby Monitors, and Hospitality Products. In addition, it offers turnkey services to customers in several product categories. The company operates through four reportable segments: North America, including the United States and Canada, Europe, Asia Pacific, and Others, which covers sales of electronic products to the rest of the world. It generates maximum revenue from Europe. | $7 | -8% | $2B | $2B | 0.7x | 6.4x | ||
| HKBN Ltd is a telecommunications company. The company derives revenue from broadband Internet services and voice services to both residential and enterprise customers. The principal activities of the Group are: provision of fixed telecommunications network services, international telecommunications services, and mobile services to residential and enterprise customers in Hong Kong; system integration services; product sales; and marketing and distribution of computer hardware and software, telecommunication products, office automation products and the provision of related services. The company has two segments Telecom and technology solutions (Hong Kong) and Telecom and technology solutions (Hong Kong) and the majority of the company's revenue is generated from Hong Kong. | $1 | +34% | $1B | $3B | 1.8x | 8.4x | ||
| SmarTone Telecommunications Holdings Ltd provides mobile and broadband services for household and corporate customers. The majority of overall company revenue comes from selling handsets and associated accessories. The group's customers are post-paid. It operates in one reportable segment, which is mobile telecommunications business. | $1 | +15% | $715M | $506M | 0.6x | 1.6x | ||
| Hutchison Telecommunications Hong Kong Holdings Ltd is an investment holding company. It operates in a single segment of the mobile telecommunications business in Hong Kong and Macau. The company offers a wide range of mobile telecommunications services and products with an increasing focus on data-centric services that converge with Internet and PC services. It provides mobile communications services such as local voice, SMS, MMS, IDD, and international roaming, as well as data services and applications including direct carrier billing offerings, mobile device security management, eBooks, music downloads, movies-on-demand, mobile social networking applications, and FinTech. | $0 | +12% | $701M | $274M | 0.4x | 1.3x | ||
| Comba Telecom Systems Holdings Ltd is an investment holding company. The company operates in two segments: Wireless telecommunications network system equipment & services, and Operator telecommunication services. Its solutions include Antenna Site, In-Vehicle Broadband, Indoor Coverage Enhancement, Large Venue Coverage, LTE Upgrade, Railway/Tunnel Coverage, Wireless Backhaul, and Small Cell. It serves various industries such as airports, Education, Government and Public, Hospitality, stadiums, Transportation, and others. The company generates maximum revenue from the Wireless telecommunications network system equipment & services segment. Its geographical segments are Mainland China, Other countries/areas in the Asia Pacific, Americas, European Union, Middle East, and Other countries. | $0 | -23% | $536M | $396M | 0.7x | 6.3x | ||
| Moon Inc is principally engaged in wholesale and retail sales of Pre-paid Products such as SIM Cards and Top-up Vouchers. The Group currently has one operating segment, which is revenue from the sale of the Pre-paid Products i.e., SIM Cards and top-up vouchers. Geographically, it operates only in Hong Kong. | $0 | -- | $57M | $54M | 2.2x | 49.2x | ||
| Median | $1 | +8% | $1B | $2B | 0.7x | 6.4x |
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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