Road King Expressway International Valuation, Funding & Investors

Road King Expressway International is valued at $1B as of August 2018.

Last Road King Expressway International valuation

$1B

Undisclosed stage · Aug 2018

Last Road King Expressway International funding round

$255M

Undisclosed stage · Aug 2018

Cumulative funding Road King Expressway International raised

$255M

across 1 funding round

Key investors in Road King Expressway International

Road King Expressway International Overview

About Road King Expressway International

Road King Expressway International Holdings is a Hong Kong-listed operator of toll roads in China since 1996. The company manages a 340-kilometer portfolio across Hebei, Hunan, Shanxi, and Anhui provinces including the Taiqian Expressway and Jishou East Link. Road King collects tolls under concessions extending to 2038 and invests in expansions aligned with Belt and Road Initiative projects.


Founded

1994

HQ

ChinaShenzhen

Status

Privately held

Customer focus

B2C

Revenue model

Usage-based

Valuation

$1B (Aug 2018)

Road King Expressway International Valuation

Road King Expressway International is currently valued at $1B, based on its undisclosed-stage round in August 2018.

The $255M round included CVC Capital Partners.

Road King Expressway International valuation by funding round

Road King Expressway International valuation by funding round
DateStageValuation
Aug 2018Undisclosed stage$1B

Road King Expressway International Funding History

Road King Expressway International has raised a total of $255M across 1 funding round.

Road King Expressway International funding rounds

Road King Expressway International funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2018Undisclosed stageCVC Capital Partners$255M$1BRoad King Expressway International Holdings (RKE) is the toll road operating subsidiary of Hong Kong-listed Road King Infrastructure Ltd (SEHK:1098), focusing on expressway investments and operations initially in Mainland China and later expanding to Southeast Asia. In August 2018, CVC Capital Partners' Asia Fund IV invested the USD equivalent of HKD 2 billion (approximately $255-257 million) for exactly 25% of RKE's enlarged share capital, implying a post-money enterprise valuation of around $1.02 billion. The investment proceeds were designated for future M&A in toll road projects in Mainland China and Southeast Asian countries, as well as day-to-day business development. At the time, RKE's portfolio comprised five expressways spanning 340 km across four provinces in China, with an average remaining concession period of about 15 years and strong traffic visibility. In 2018, RKE's toll road business generated toll revenue of RMB 3,079 million, supported by an average daily traffic volume of 259,000 vehicles, demonstrating visible recurring cash flow generation. The subscription consideration was negotiated based on RKE's unaudited consolidated net asset value and net profit for the year ended December 31, 2017, alongside market valuations and P/E multiples of comparable Hong Kong-listed toll road operators. This strategic partnership with CVC, a global private equity firm managing over $110 billion in commitments, aimed to accelerate RKE's growth under Chairman William Zen's vision. Subsequently, RKE shifted focus to Indonesia, building a portfolio of four expressways totaling approximately 335 km in Central Java, East Java, and North Sumatra. By 2022, CVC initiated a sale of its 25% stake, targeting up to $300 million for the stake or $1-3 billion for the full unit amid rising global interest in infrastructure assets with stable cash flows. In November 2023, RKE divested its original Chinese expressway assets to Cornerstone Holdings for 4.4 billion yuan ($607 million), streamlining its operations. Road King Infrastructure, RKE's parent, maintains a controlling stake while pursuing further regional expansion opportunities.

Who has invested in Road King Expressway International?

1 investor has backed Road King Expressway International across its funding rounds, including CVC Capital Partners.


Road King Expressway International Investors

Investors in Road King Expressway International by funding rounds participated
InvestorHQRoundsRoleFirst check

This data is available for Pro users. Sign up to see all 1 Road King Expressway International investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Road King Expressway International Competitors

Road King Expressway International competitors include listed companies like Indian Energy Exchange and Sdiptech, and private ones like Ample, FLASH, Span and Electric Vehicle Infrastructure Company.

Public and private companies comparable to Road King Expressway International
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AmpleUnited StatesSan Francisco, CAPrivate--$1B-
FLASHUnited StatesAustin, TXPrivate--$1B-
SpanUnited StatesSan Francisco, CAPrivate--$1B-
Indian Energy ExchangeIndiaIndiaPublicly listed$64M$63M$1.1B13.3x
Electric Vehicle Infrastructure CompanySaudi ArabiaJeddahPrivate--$1.1B-
SdiptechSwedenSwedenPublicly listed$530M$104M$955M2.3x

Road King Expressway International Public Comps

Road King Expressway International is still privately-owned, but its public comps include Indian Energy Exchange, Sdiptech, Changgao Electric Group, JANAF, EcoRodovias, Excelerate Energy, ARKO Petroleum, Jasa Marga (Persero), Sinopec Kantons Holdings and Quality Power Electrical.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Indian Energy Exchange$64M$63M14.1x13.3x14.3x15.7x
Sdiptech$530M$104M2.3x2.3x11.9x9.7x
Changgao Electric Group$248M$69M3.5x3.0x12.6x7.7x
JANAF$137M$74M6.3x-11.6x-
EcoRodovias$2.2B$998M2.6x4.0x5.9x5.4x
Excelerate Energy$1.2B$416M3.1x2.6x9.0x7.8x
ARKO Petroleum$5.6B$139M0.3x0.3x11.9x10.8x
Jasa Marga (Persero)$1.7B$721M3.9x5.6x9.2x8.6x

This data is available for Pro users. Sign up to see all Road King Expressway International competitors and their valuation data.

Start Free Trial

Common questions about Road King Expressway International

When was Road King Expressway International founded?Road King Expressway International was founded in 1994.
Where is Road King Expressway International headquartered?Road King Expressway International is headquartered in Shenzhen, China.
Is Road King Expressway International publicly listed?No, Road King Expressway International is a private, VC-backed company.
What is Road King Expressway International's valuation?Road King Expressway International was last valued at $1B in its undisclosed-stage round in August 2018.
How much funding has Road King Expressway International raised?Road King Expressway International has raised $255M across 1 funding round.
What was Road King Expressway International's last funding round?Road King Expressway International's last funding round was a $255M undisclosed-stage round in August 2018.
Who are Road King Expressway International's investors?Road King Expressway International's investors include CVC Capital Partners.
Which companies are comparable to Road King Expressway International?Companies comparable to Road King Expressway International include Ample, FLASH, Span, Indian Energy Exchange, Electric Vehicle Infrastructure Company and Sdiptech.

See companies similar to Road King Expressway International

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial