May 2026
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Largest Utilities Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
China National Nuclear, Datang International, Huaneng Power, Longyuan Power and China Resources Power.
 | China National Nuclear Power Co Ltd is engaged in the development, investment, construction, operation, and management of nuclear power projects in China. It also engages in technical research in the operation of nuclear power plants and the provision of related technical and consultancy services. | $1 | +1% | $28B | $94B | 7.7x | 12.4x | ||
| Datang International Power Generation Co Ltd is one of five state-controlled independent power producers in China. The power generation businesses of the Company and its subsidiaries cover provinces, municipalities, and autonomous regions across the country, whereas the coal-fired power generators of the Company are centralized in the Beijing-Tianjin-Hebei and southeast coastal regions. The majority of the hydropower projects are located in the southwest region. Wind power and photovoltaic power projects are distributed across the country in areas with abundant resources. The operating segments of the group are the Power and heat generation segment and the Other segments. | $1 | +164% | $19B | $45B | 2.5x | 9.2x | ||
| Huaneng Power International Inc is an independent power producer. It develops, constructs, and operates power plants in Chinese provinces, as well as a wholly-owned power company in Singapore. The reportable segments of the Group are the PRC power segment, the overseas segment, and all other segments. It derives the majority of its revenue from the PRC power segment. | $1 | +32% | $19B | $64B | 1.9x | 7.4x | ||
| Longyuan is China’s largest wind farm operator, with consolidated installed wind capacity of 30.4 gigawatts as of end-2024. It has wind farms spread across China, and has also expanded into other countries such as Canada and South Africa. Longyuan owns other renewable assets such as solar, geothermal, and tidal energy. The consolidated installed capacity mix is about 73.9% wind, 26.0% solar, and the remainder in other renewables. China Energy Investment, which was created through the merger of China Guodian Corporation and China Shenhua Group, is the major shareholder with a controlling stake of about 58.6%. | $2 | +17% | $17B | $36B | 8.0x | 10.4x | ||
| China Resources Power, or CR Power, is one of China’s largest independent power producers. The firm operates wind farms, photovoltaic power plants, hydroelectric power plants and thermal power (coal-fired and gas-fired) plants, which are situated mostly in eastern, central and southern China, with a total attributable operational generation capacity of about 72.4 gigawatts as of end-2024. Renewable energy accounts for about 47.2% of its capacity. China Resources Holdings, a key state-owned conglomerate, owns approximately 62.9% of CR Power’s shares outstanding. | $3 | +13% | $14B | $41B | 3.1x | 7.5x | ||
| Zhejiang Zheneng Electric Power Co Ltd is engaged in the thermal power generation business in China. It also provides thermal products, as well as invests in nuclear power. | $1 | +23% | $13B | $17B | 1.5x | 6.8x | ||
| Sichuan Chuantou Energy Co Ltd is engaged in the clean energy business. The company operates its businesses through four segments. The Electric Power Business segment focuses on generating electricity through hydropower, wind energy, and photovoltaic sources. The Investment Business segment is involved in equity participation in hydropower facilities, along with activities in asset and investment management. The Manufacturing Industry segment covers production areas such as railway telecontrol systems, construction materials, and automation control equipment for both industrial and power applications. The Service Industry segment encompasses property management offerings and tourism development initiatives. | $2 | -2% | $11B | $14B | 55.0x | 15.8x | ||
| Huadian Power International Corp Ltd is engaged in the generation of electricity and heat, sale of coal, and other relevant businesses in the PRC. | $1 | +5% | $9B | $28B | 1.5x | 6.9x | ||
| Shanghai Electric Power Co Ltd is a China-based energy company. It is engaged in the production and sale of electricity and thermal power. It is a modern energy company integrating high-parameter and large-capacity coal-fired power, gas-fired power, wind power, solar power, and distributed energy supply, and others. | $3 | +130% | $8B | $22B | 3.6x | 8.7x | ||
| Shenergy Co Ltd is engaged in the electric power and energy industry in China. Its main business includes the investment, construction, operation, and management of electric power, petroleum, and natural gas. The company has invested in and completed electric power projects, which are distributed in various fields such as thermal power, natural gas power, hydropower, and nuclear power. | $2 | +26% | $8B | $12B | 2.8x | 7.2x | ||
| ENN Energy Holdings is primarily engaged in distributing and retailing natural gas. By year-end 2024, ENN owned 261 city gas projects in China, with annual gas sales volume of 33.65 billion cubic meters. Meanwhile, the aggregate number of connected piped gas residential households reached 31.38 million, with an average gas penetration rate of 65.8%. ENN Energy also has ventured into integrated energy business, with 356 projects in operation. | $7 | -14% | $8B | $9B | 0.6x | 5.0x | ||
| Guangdong Investment Ltd is engaged in investment holding. The segments of the company include Water resources, Property investment, Department store operation, Electric power generation, Hotel operation and management, Road and bridge segment, and Others segment. The company derives its revenue from the Water resources segment that engages in water distribution, sewage treatment, and construction of water supply and sewage treatment infrastructure for customers in Mainland China and Hong Kong. | $1 | +28% | $7B | $8B | 3.3x | 6.0x | ||
| China Power International Development Ltd is an integrated energy group that owns coal-fired power, hydropower, nuclear power, and renewable energy resources in the PRC. The company has expanded its business into the areas of hydropower, wind power, photovoltaic power, natural gas power, energy storage, green power transportation, and integrated energy services through continuous development. The group recognizes revenue from sales of electricity to regional and provincial power grid companies; the provision of power generation and Energy storage revenue. Geographically, it generates the majority of its revenue from the PRC. | $0 | +26% | $6B | $36B | 5.0x | 8.7x | ||
| China Resources Gas Group is a leading gas utilities group in China engaged in city gas distribution, including piped natural gas distribution and natural gas filling stations. At the end of 2024, CRG’s portfolio comprised 276 city gas projects in China. The firm achieved annual gas sales volume of 39.9 billion cubic meters and has connected 60.1 million residential customers, or a penetration rate of 60.4%. | $2 | -10% | $5B | $7B | 0.6x | 4.9x | ||
| China Gas Holdings is involved in the wholesale and retail businesses of natural gas and liquefied petroleum gas in China. As of fiscal 2025 (ended March 31, 2025), the group had secured a total of 662 piped gas concessions and 488 compressed natural gas/liquefied natural gas refilling stations for vehicles in China. In total, CGH has connected 48.5 million residential households and achieved a penetration rate of 72.9%. | $1 | -4% | $5B | $11B | 1.1x | 8.9x | ||
| Fujian Funeng Co Ltd is engaged in the production & supply of electricity, heat, gas and water. It projects include thermal power project, wind power project & gas power project. | $2 | +20% | $5B | $6B | 3.1x | 6.5x | ||
| Hunan Energy Group Development Co Ltd is engaged in Comprehensive development and operation of hydropower generation, as well as investment, construction and operation management of medical and elderly care businesses. | $2 | -- | $1B | $1B | 24.4x | 46.5x | ||
| Beijing Energy International Holding Co Ltd is principally engaged in the development, investment, operation, and management of solar power plants and other renewable energy projects. It has three reportable segments which are the solar energy business the wind power business and the hydropower business. The majority of revenue is from the solar energy business that includes operation and management of solar power generation projects located in the PRC and overseas. The company operates in the PRC, Australia, and Vietnam, out of which the maximum revenue is from the PRC. | $0 | -- | $269M | $9B | 8.0x | 10.0x | ||
| Median | $1 | +19% | $8B | $15B | 3.1x | 8.1x |
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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