October 2026
Largest Utilities Public Companies in Hong Kong
Benchmark revenue and EBITDA valuation multiples for public comps like
CLP Group, CK Infrastructure Holdings, Towngas, Power Assets Holdings and HK Electric.
 | CLP Holdings is the larger of the two electric utility companies in Hong Kong, serving 80% of the territory’s population. It generates, transmits, and distributes electricity to about 2.8 million customer accounts in Kowloon and the New Territories through its wholly owned network. The business is regulated by the Hong Kong government, with a permitted return on net fixed assets of 8% to December 2033. About 70% of group EBITDA is from Hong Kong, its highest-quality business. Besides Hong Kong, the company has expanded overseas, with generation and energy retail assets in Australia and generation assets in China, India, Taiwan, and Southeast Asia. | $10 | +15% | $25B | $34B | 3.0x | 10.6x | ||
| CK Infrastructure Holdings is a Hong Kong-based infrastructure investment and operating group, formerly known as Cheung Kong Infrastructure Holdings. It invests in businesses that provide essential infrastructure and related services across international markets. Its portfolio includes utilities and environmental infrastructure, with revenue and investment returns arising from the services delivered by its operating businesses. The group serves commercial, municipal and household markets through those businesses. In 2013, it led the consortium purchasing AVR Afvalverwerking in the Netherlands and acquired a 35% interest. That investment added waste-processing facilities with long-term gate-fee and energy-supply contracts. Its other environmental infrastructure interests at the time included Northumbrian Water in the United Kingdom and EnviroWaste in New Zealand. The company evaluates infrastructure investments for recurring cash flow and stable returns, while participating in the ownership and development of the underlying operating assets. | $9 | +33% | $22B | $19B | 33.3x | 151.5x | ||
| Hong Kong and China Gas Co Ltd, is the oldest public utility company in Hong Kong. The company’s core business comprises the production and distribution of town gas in Hong Kong, with a monopoly on distribution and retail. The company is also investing in water, upstream gas, and new energies. | $1 | -1% | $17B | $26B | 3.7x | 14.0x | ||
| Power Assets Holdings is a Hong Kong-based investment holding company focused on energy and utility businesses. Its portfolio includes electricity generation and distribution, gas distribution and renewable-energy operations across several international markets. The company earns returns through ownership of operating assets that provide utility services to commercial, municipal and household customers. In 2013, it participated in a consortium acquiring AVR Afvalverwerking in the Netherlands, taking a 20% interest in the energy-from-waste business. The investment extended its geographic presence into continental Europe and diversified its energy portfolio into waste processing and recovered energy. AVR’s revenue sources included contracted waste-treatment fees and sales of electricity, steam and district heating. Power Assets described its existing portfolio at the time as spanning six markets outside Hong Kong. Its investment approach therefore combines ownership of established utility infrastructure with selective expansion into related energy activities. | $8 | +21% | $16B | $11B | 12.5x | 13.2x | ||
| HK Electric Investments and HK Electric Investments Ltd is a fixed single investment trust in Hong Kong with a focus on the power industry. The company is a vertically integrated power utility and its operations comprise the generation, transmission, distribution and supply of electricity to Hong Kong Island and Lamma Island. The company have one reporting segment which is the generation and supply of electricity to Hong Kong Island and Lamma Island. | $1 | +2% | $7B | $13B | 8.7x | 12.1x | ||
| Median | $8 | +15% | $17B | $19B | 8.7x | 13.2x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.