May 2026
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Largest Wearables Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Huaqin Technology, Goertek, Yunding Technology and Mobvoi.
 | Huaqin Technology Co Ltd is engaged in the research & development, design, manufacturing, and operation of intelligent hardware products. The company operates four businesses: smart terminal business; high-performance computing business; automotive electronics and industrial products business; and artificial intelligence & internet of things (AIoT) business. | $16 | +61% | $17B | $18B | 0.7x | 18.9x | ||
| Goertek Inc is a China-based company engaged in precision components, intelligent acoustic devices, and intelligent hardware. Its products include miniature speakers, speaker modules, wireless charging devices, antennas, micro-nano optical components, MEMS sensors, microsystem modules, precision structural parts, smart wireless earphones, smart speakers, VR, MR, and AR devices, smart wearables, gaming consoles and accessories, and other smart home products. | $4 | +24% | $13B | $13B | 0.9x | 10.6x | ||
| Yunding Technology Co Ltd is a high-tech company focusing on the intelligent industry of the energy industry. It focuses its development strategy on the field of industrial Internet services and develops in-depth in the field of mining industrial intelligence and coal gasification technology, providing customers with integrated system research and development, design, operation, and maintenance. | IoT+1 | $2 | -- | $1B | $942M | 4.2x | 41.4x | |
| Mobvoi Inc is engaged in providing AIGC solutions, AI enterprise solutions, smart devices and accessories with generative AI and voice interaction technologies at the core of business. Its business segments consist of AI Software Solutions, which comprise AIGC solutions and AI enterprise solutions; and Smart Devices and Other Accessories. Key revenue is generated from AI Software Solutions. The company geographically operates in Mainland China and Other Countries. | $0 | +15% | $84M | $56M | 1.2x | (6.7x) | ||
| Median | $3 | +24% | $7B | $7B | 1.1x | 14.7x |
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