October 2026
Largest Waste & Environmental Services Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Canmax Technologies, GEM, Weiming Group, China Everbright and Zijin Longking.
 | Canmax Technologies Co Ltd is engaged in Research and development, production and sales of new energy lithium battery materials products, anti-static ultra-clean technology products and medical equipment products. | $6 | +46% | $5.2B | $6.1B | 5.4x | 37.7x | ||
| GEM Co Ltd is engaged in Waste battery recycling and power battery material manufacturing business, cobalt, nickel, and tungsten recycling and cemented carbide manufacturing business, renewable resources business, and environmental management business. | $1 | -26% | $4.5B | $8.9B | 1.6x | 10.8x | ||
| Zhejiang Weiming Environment Protection Co Ltd is a China-based company engaged in the solid waste disposal business. It is focused on solid waste-related technological development, equipment manufacturing and sales, project investment, project construction, and operational management. The company is also engaged in waste incineration power generation projects. The company's products include waste incineration grates, boilers, and flue gas treatment systems. | $2 | -24% | $3.9B | $5B | 5.4x | 9.6x | ||
| China Everbright Environment Group (formerly China Everbright International) is a Hong Kong-listed environmental infrastructure company (HKG: 0257) headquartered in Hong Kong and part of the state-owned China Everbright Group. The listed company was incorporated in 1961, employs about 15,400 people and is led by chief executive Luan Zusheng. Its environmental energy segment builds and operates waste-to-energy and methane-to-energy plants and facilities for food and kitchen waste, leachate, sludge, fly ash, medical waste and other solid waste, and provides waste-sorting, sanitation and engineering design services. Its Greentech segment runs integrated biomass, hazardous and solid waste treatment, solar and wind power projects and environmental remediation, while its environmental water segment builds and operates wastewater, water supply and reuse plants, sponge-city and river-basin restoration projects. It also carries out environmental technology research and sells and installs related equipment. Its customers are mainly local governments, and it earns revenue from project construction, long-term operating fees and electricity sales. In June 2016 it acquired Novago, established in 1992 and Poland's largest independent solid-waste treatment company, which ran six integrated waste treatment plants in four provinces that handled 890,000 tonnes of waste in 2015. | $1 | -1% | $3.8B | $17B | 4.8x | 12.9x | ||
| Zijin Longking Co Ltd is engaged in the manufacturing, sales and installation of environmental pollution control equipment, dust removal, desulfurization and supporting high and low voltage electrical control equipment. | $2 | 0% | $3.3B | $4B | 2.2x | 14.4x | ||
| Chengdu Xingrong Environment is a Chinese listed water and environmental-services group based in Chengdu, Sichuan. Its activities include water supply, wastewater treatment and the development and operation of environmental-protection infrastructure. The company provides integrated project and operating services, combining investment, construction and operation of water-related assets. Its revenue comes from water services and related environmental and infrastructure activities delivered through its operating businesses. The group is listed on the Shenzhen Stock Exchange under code 000598 and traces its listed corporate establishment to 1996. In 2014, it agreed to establish a joint venture with United Envirotech to develop water-treatment projects in western China using membrane technologies. At that time the issuer described Xingrong as a state-owned enterprise with approximately five million cubic metres per day of water-treatment concessions. The listed company is distinct from the smaller 49:51 joint venture incorporated under a similar English name in 2015. | $1 | +7% | $3.2B | $5.2B | 3.8x | 7.5x | ||
| Shenzhen Expressway Corp Ltd is a Company engaged in the construction, operation, management, and investment of toll highways and environmental protection in China. Environmental protection mainly includes recycling and treating solid waste and clean energy power generation. The group has identified two reporting segments, namely the toll road segment and the environmental protection segment. The toll road segment takes charge of the operation and management of toll roads in Mainland China. The environmental protection segment operates and manages environmentally related infrastructure, mainly including solid waste treatment, clean energy, and other related fields. The majority of its revenue is derived from the Toll segment. | $1 | -8% | $3B | $7.7B | 5.6x | 10.6x | ||
| China Tianying Inc is an environmental protection and new energy enterprise. The company is engaged in the investment, build, operation and maintenance of MSW incineration power generation and steam manufacture, sludge treatment, food waste treatment, hazardous waste treatment, construction waste treatment, wastewater treatment and others. Its services include Research and Design, Urban Services, Disposal and Recycling, Equipment and Platforms and New Energy. | $1 | -15% | $1.7B | $3.2B | 4.0x | 12.4x | ||
| Shanghai Environment Group Ltd is a solid waste integrated service provider. It deals with the disposal and disposal of municipal solid waste, municipal sewage, hazardous waste, municipal sludge, kitchen waste and contaminated soil. Further, the group is engaged in providing high-efficiency, high-tech, high-standard one-stop services and package solutions such as including consulting, investment, construction, and operations to governments and customers. Geographically the business activities are carried out through China. | $1 | -13% | $1.4B | $3B | 3.3x | 12.0x | ||
| WF International Ltd is engaged in the provision of supply, installation, fitting-out and maintenance services for HVAC system and floor heating systems. It provides the supply, installation and fitting-out services for HVAC systems for large-scaled commercial projects consisting of offices, hotels, manufactures, airports and hospitals, such as the International Finance Square HVAC projects across China, Chengdu Vanke Charm City, Chengdu Raffles Plaza, Chengdu Yinshi Plaza, Chengdu Metro No. Ten Line, and Panzhihua Jinhai Hotel. | $3 | -90% | $10M | $9M | 0.7x | (3.1x) | ||
| Decent Holding Inc through its subsidiary specializes in the provision of wastewater treatment by cleansing the industrial wastewater, ecological river restoration and river ecosystem management by enhancing the water quality, as well as microbial products used for pollutant removal and water quality enhancement. Its main services and products include (1) wastewater treatment, (2) river water quality management, and (3) microbial products for water quality enhancement and pollutant cleansing purposes. The company's focus is on research and development (R&D) to sharpen its innovation edge. | $1 | -96% | $3M | $3M | 0.2x | (54.4x) | ||
| Median | $1 | -13% | $3.2B | $5B | 3.8x | 10.8x |
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