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May 2026
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Largest Vertical Marketplaces Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Meituan, Trip.com, KE Holdings, DiDi and BOSS Zhipin.
 | Meituan is the largest food delivery platform in China, with a 60%-70% share of the market in 2024, according to Morningstar estimates. In the third quarter of 2024, the firm generated 74% of its revenue from the core local commerce segment, which includes on-demand food delivery and retail, in-store services (such as visiting beauty and entertainment stores after purchasing deals on Meituan), and hotel and travel booking. The remaining 26% of revenue came from the new initiatives segment, such as the community group purchase business Meituan Select and the overseas food delivery business. | $10 | -41% | $64B | $52B | 1.0x | (27.9x) | ||
| Trip.com is the largest online travel agent in China and is positioned to benefit from the country's rising demand for higher-margin outbound travel as passport penetration is only 12% in China. The company generated about 79% of sales from accommodation reservations and transportation ticketing in 2024. The rest of revenue comes from package tours and corporate travel. Before the pandemic in 2019, the company generated 25% of revenue from international travel, which is important to its margin expansion. Most of sales come from its domestic platform, but the company is expanding its overseas business. The competes in a crowded OTA industry in China, including Meituan, Alibaba-backed Fliggy, Tongcheng, and Qunar. The company was founded in 1999 and listed on the Nasdaq in December 2003. | $47 | -26% | $30B | $24B | 2.6x | 3.9x | ||
| KE Holdings, or Beike, is a large residential real estate sales and rental brokerage company in China. Founded in 2001, the company operates through self-owned Lianjia stores in Beijing and Shanghai and connected third-party agencies, including franchise brand Deyou in other cities, with commissions charged on existing-home and new-home transactions. Leveraging an online-offline hybrid model, Beike also attract clients through its namesake online marketplace. The company tapped into home renovation services by acquiring Shengdu Home Decoration in 2022. As of the end of 2024, Beike’s co-founders collectively control the company, while Tencent and its affiliates share 8% of voting power. | $6 | -10% | $18B | $14B | 1.0x | 16.6x | ||
| DiDi Global Inc is a mobility technology platform that provides a range of mobility services as well as other services. It is building four key components of its platform that work together to improve the consumer experience: shared mobility; energy and vehicle services; electric mobility; and autonomous driving. It is a go-to brand in China for shared mobility, providing consumers with a range of safe, affordable, and convenient mobility services, including ride-hailing, taxi-hailing, chauffeur, hitch, and other forms of shared mobility. The company operates in three segments: China Mobility, which mainly includes ride-hailing services to riders, and also acts as an agent by connecting end-users to service providers who provide taxi hailing; International; and Other Initiatives. | $4 | -22% | $16B | $10B | - | - | ||
| Kanzhun's Boss Zhipin job platform connects job seekers and employers. Boss Zhipin is China’s largest online recruitment platform based on monthly active users, or MAU, and was established in 2014. Kanzhun earns revenue by providing services to enterprise customers primarily through its mobile app, which promotes engagement between recruiters and workers and operates on a recommendation basis powered by artificial intelligence. The platform specializes in transportation, logistics, construction, and service-based industries. About 85% of the companies looking to hire are small and medium-size enterprises. Its main competitors are 58.com, 51job, and Zhilian Zhaopin. Tencent has a 9.2% stake in Kanzhun. | $14 | -25% | $6B | $3B | 2.6x | 5.4x | ||
| Tongcheng Travel is an online travel agency platform that provides booking services for hotel and ticketing in China. It generated 84% of its revenue from accommodation reservations and transportation ticketing in 2023. The rest came from advertising and in-house software sales. The platform provides both online and offline services in the form of call centers and travel kiosks. Tongcheng Travel was formed from the merger of Tongcheng Network and eLong in 2018. It is currently 21.38% owned by Tencent and 20.86% by Trip.com. Tongcheng targets lower-tier cities and as of 2021, 86.7% of its users are from non-first-tier cities in China and 61.7% of new paying users on Weixin were from Tier 3 or below cities in China. The company competes with Trip.com, Alibaba's Fliggy, and Meituan. | $2 | -33% | $4B | $3B | 1.2x | 4.9x | ||
| ATRenew Inc is a pre-owned consumer electronics transactions and services platform in China. The majority of its revenue is derived from online product sales of phones and other consumer electronics goods through its platform. The Company’s principal operations and geographic markets are in the People’s Republic of China. | $5 | +81% | $1B | $904M | 0.3x | 10.5x | ||
| Maoyan Entertainment is a China-based company that mainly operates an Internet-empowered entertainment service platform. The company operates in three segments. The Online Entertainment Ticketing Services segment offers online ticketing services for comprehensive entertainment formats, such as movies and entertainment events. The Entertainment Content Services segment operates an integrated platform to provide entertainment content services, ranging from distribution, and promotion to production, for various entertainment formats including movies, TV series, variety shows, and entertainment events. The Advertising Services and Others segment serves advertisers in both the entertainment industry and other industries including automobile, electronics, and consumer products. | Events+2 | $1 | -22% | $792M | $442M | 0.6x | 3.3x | |
| Uxin Ltd is an investment holding company. Along with its subsidiaries, the firm operates used car e-commerce platforms through its mobile applications and websites. It facilitates used car transaction services and financing solutions offered by third-party financing partners to buyers for their used car purchases. The company generates revenue through sales of the commission of salvage car sales, and interest income from the financial lease. The Group generates its revenues in China, and assets of the company are also located in China Area. | $2 | -48% | $471M | $746M | 1.6x | (48.0x) | ||
| Quhuo Ltd is a gig economy platform focusing on local life services in China. It provide tech-enabled, end-to-end operational solutions to consumer service businesses, including on-demand delivery solutions, mobility service solutions, housekeeping and accommodation solutions, and other services. Its three operating segments, include (i) on-demand delivery solutions, (ii) mobility service solutions, and (iii) housekeeping and accommodation solutions and other services. | $4 | -97% | $352M | $363M | - | - | ||
| Everyday Network Co Ltd operates in domestic real estate home network marketing services. It markets networks of new houses, second-hand houses, and homes. Also, the company provides research and consulting businesses. Its provides platform for the use of home loans and Internet small loan companies. It generates revenue from online advertising, real estate marketing service income and second-hand housing port fees. | $2 | -31% | $323M | $282M | 17.8x | (46.5x) | ||
| AIFU Inc is an independent financial services provider in China. It offer end-to-end business solutions spanning compliance, technology, products, services, capital flow and professional training. It connects customers with insurance protection, retirement planning, health management, asset management, and family governance services. The company operated in two segments: the insurance agency segment, which derives maximum revenue, consists of providing agency services for distributing life insurance products and non-life insurance products on behalf of insurance companies, and the claims adjusting segment consisting of providing pre-underwriting survey services, claims adjusting services, disposal of residual value services, loading/unloading supervision services and consulting services. | $2 | -8% | $255M | $262M | 3.2x | (0.8x) | ||
| Token Cat Ltd is an omnichannel automotive marketplace in China. The company operates in one segment, providing auto shows, special promotion event services, virtual dealerships, online marketing services, and more. It organizes auto shows to facilitate transactions between consumers and auto dealers, which include auto dealers, automakers, and automotive service providers. It offers services through its online platform and offline events. | $9 | -39% | $245M | $251M | 288.3x | (49.5x) | ||
| So-Young International Inc is an online destination for discovering, evaluating, and reserving medical aesthetic services in China. Its business model comprises four integrated components: professional content and its distribution through social media networks and its targeted media platforms in China, a social community characterized by signature user-generated content, Online reservation services for a medical aesthetic treatment, and the research, development, production, sales and agency of laser and other optoelectronic medical beauty equipment. It generates revenue from information services fees and reservation services fees from medical aesthetic service providers. | $2 | +161% | $225M | $163M | 0.7x | (5.3x) | ||
| Jiayin Group Inc is China's technology service group. It is an enterprise engaged in technological innovation services. It is committed to using big data, cloud computing, artificial intelligence and other technologies to connect consumers and financial institutions in consumption scenarios so that every user can enjoy efficient and convenient technology services. The company has engraved technological innovation into the company's development genes since its establishment, adheres to the dual drive of digital plus technology, and focuses on building a cloud service platform and intelligent risk control system with big data drive as the core concept. | $4 | -74% | $208M | $302M | 0.3x | 1.1x | ||
| Autostreets Development Ltd is engaged in used vehicle transaction service provider. The company connects used vehicle buyers and sellers through its transaction platform in two auction formats, namely online-offline integrated auction and online auction. The company generates all of its revenues from PRC China. | $0 | -57% | $175M | $80M | 2.0x | 9.4x | ||
| Dida Inc is a technology-driven platform in China offering carpooling marketplace and smart taxi services, aiming to create more transit capacity with less environmental impact. The company operates under 3 segments: Provision of carpooling marketplace services, Provision of smart taxi services and Provision of advertising and other services. Key revenue is generated from Provision of carpooling marketplace services. | $0 | +7% | $156M | ($62M) | (0.8x) | (3.1x) | ||
| Tongdao Liepin Group is a China-based company engaged in the provision of talent acquisition services to individuals, businesses, and headhunters. The company provides a platform for job seekers to seek career opportunities by connecting them to companies hiring. The firm delivers talent services to individual users mainly through its website, mobile application, and WeChat official account. | $0 | -- | $144M | ($127M) | (0.4x) | (3.5x) | ||
| Tuniu Corp is an online leisure travel company. The company is engaged in the provision of travel-related services in the People's Republic of China. It offers a large selection of packaged tours, including organized tours and self-guided tours, as well as travel-related services for leisure travelers. The company's organized tours provide pre-arranged itineraries, transportation, accommodations, entertainment, meals, and tour guide services. Its self-guided tours consist of combinations of flights and hotel bookings and other optional add-ons. The company derives almost all of its revenue from PRC. | $6 | +581% | $67M | ($72M) | (0.8x) | (6.3x) | ||
| SunCar Technology Group Inc operates digital automotive aftersales market service platform and vehicle insurance technology platform. It develops and operates online platforms that connect drivers in China with a range of aftermarket automotive services and insurance coverage options from a nationwide network of service providers. These comprehensive digital systems are built on SunCar’s multi-tenant, cloud-based platform. | $1 | -81% | $53M | $90M | 0.2x | 8.2x | ||
| Cheche Group Inc is engaged in the operation of providing insurance transaction services, Software-as-a-Service (SaaS) services and other services in China.. It is China’s independent technology-empowered platform for auto insurance transaction services by digital auto insurance transaction premiums and insurance technology companies. The company has reshaped the traditional auto insurance distribution and services value chain to create a digital platform by improving operational efficiencies, reducing transaction costs, and expanding distribution channels. Its business scope ranges from digital insurance transactions, SaaS platforms for insurance intermediaries, AI-driven insurance pricing and underwriting services, auto insurance services for new energy vehicle (NEV) manufacturers, etc. | $1 | -35% | $44M | $37M | 0.1x | (32.6x) | ||
| - | $0 | -- | $743K | $6M | - | - | ||
| Missfresh Ltd an online-and-offline integrated on-demand retail business offering fresh produce and fast-moving consumer goods. Through its "Missfresh" mobile application and Mini Program embedded in third-party social platforms, which feature substantially similar user interface and functions, consumers can purchase grocery at their fingertips and receive products delivered by its delivery riders to their doorstep. The Group’s assets are located in the PRC and its revenues are derived from within the PRC. | -- | -- | $1K | ($9M) | - | - | ||
| Median | $2 | -28% | $255M | $282M | 1.0x | (0.8x) |
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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