FS Development Investment Valuation Multiples

FS Development Investment is valued at $568M as of September 2026, a 3.7x revenue multiple. In the last fiscal year, FS Development Investment revenue was $152M and FS Development Investment EBITDA was ($16M).

FS Development Investment Overview

About FS Development Investment

FS Development Investment Holdings is a Chinese marketing-communications group headquartered at Oriental Plaza in Beijing and listed on the ChiNext board of the Shenzhen Stock Exchange (stock code 300071); it was formerly named Spearhead Integrated Marketing Communication Group (Huayi Jiaxin). Its services fall into three lines: digital marketing, covering content, social-media, video, live-stream and private-domain marketing and influencer placement; experiential marketing built around brand events and interactive activities; and public relations and advertising, including brand strategy, media relations and crisis management. It runs its own AIGC tools, the DS AI Chain platform and the FlinkAI full-funnel marketing platform, and its public-relations subsidiary ranked 21st in PRovoke Media's 2024 global top 250 PR agencies. Clients are brand owners that pay fees for campaigns; carmakers supplied about 45% of 2024 revenue, with brands such as Changan Mazda, Ford, Wuling, Honor and Vivo among its award-winning accounts. In 2024 the group reported revenue of 1.22 billion yuan, down 11.5%, a net loss attributable to shareholders of 130.5 million yuan, and 787 employees. The company was founded in January 2003 and listed on 21 April 2010, raising 325 million yuan at 25 yuan a share. Chen Yongliang, its actual controller with a 10.2% stake, has been chairman since November 2020.


Founded

2003

HQ

China

Employees

N/A

Financials (Last FY)

Revenue: $152M
EBITDA: ($16M)

EV

$564M

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FS Development Investment Financials

FS Development Investment reported last fiscal year revenue of $152M and negative EBITDA of ($16M).

In the same fiscal year, FS Development Investment generated $40M in gross profit, ($16M) in EBITDA losses, and had net loss of ($18M).


FS Development Investment P&L

In the most recent fiscal year, FS Development Investment reported revenue of $152M and EBITDA of ($16M).

FS Development Investment is unprofitable as of last fiscal year, with gross margin of 26%, EBITDA margin of (11%), and net margin of (12%).

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Last FY2025202620272028
Revenue$152M$152M
Gross Profit$40M$40M
Gross Margin26%26%
EBITDA($16M)($16M)
EBITDA Margin(11%)(11%)
EBIT Margin(4%)(4%)
Net Profit($18M)($18M)
Net Margin(12%)(12%)
Net Debt($4M)-

Financial data powered by Morningstar, Inc.

FS Development Investment Stock Performance

FS Development Investment has current market cap of $568M, and enterprise value of $564M.

Market Cap Evolution


FS Development Investment's stock price is $0.59.

FS Development Investment has an EPS (earnings per share) of $-0.02.

See more trading valuation data for FS Development Investment
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$564M$568M-2.7%---$-0.02

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FS Development Investment Valuation Multiples

FS Development Investment trades at 3.7x EV/Revenue multiple, and (34.2x) EV/EBITDA.

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FS Development Investment Financial Valuation Multiples

As of October 1, 2026, FS Development Investment has market cap of $568M and EV of $564M.

FS Development Investment has a P/E ratio of (31.3x).

Last FY2025202620272028
EV/Revenue3.7x3.7x
EV/EBITDA(34.2x)(34.2x)
EV/EBIT(100.5x)(100.5x)
EV/Gross Profit14.2x14.2x
P/E(31.3x)(31.3x)
EV/FCF67.7x67.7x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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FS Development Investment Margins & Growth Rates

In the most recent fiscal year, FS Development Investment reported gross margin of 26%, EBITDA margin of (11%), and net margin of (12%).

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FS Development Investment Margins

Last FY2025202720282029
Gross Margin26%26%
EBITDA Margin(11%)(11%)
EBIT Margin(4%)(4%)
Net Margin(12%)(12%)
FCF Margin5%5%

Data powered by FactSet, Inc. and Morningstar, Inc.

FS Development Investment Operational KPIs

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Last FY2025202620272028
S&M Expenses to Revenue2%2%
G&A Expenses to Revenue4%4%
R&D Expenses to Revenue0%0%
Opex to Revenue30%30%

Data powered by FactSet, Inc. and Morningstar, Inc.

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FS Development Investment Competitors

FS Development Investment competitors include Vector, Italian Exhibition Group, Maoyan Entertainment, Innocean, Fiera Milano, FILA-Fabbrica Italiana, oOh media, INTAGE HOLDINGS, Entravision and Arabian Contracting Services.

Most FS Development Investment public comparables operate across Advertising & Marketing and Events.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Vector$406M$67M1.3x1.2x7.8x7.3x
Italian Exhibition Group$302M$78M2.4x2.2x9.2x8.0x
Maoyan Entertainment$691M$124M0.1x0.1x0.7x1.0x
Innocean$1.6B$135M0.1x0.1x1.3x1.0x
Fiera Milano$431M$148M1.9x1.8x5.4x6.1x
FILA-Fabbrica Italiana$650M$84M1.4x1.2x10.7x6.8x
oOh media$483M$208M2.9x2.8x6.7x14.4x
INTAGE HOLDINGS$427M$30M0.9x0.9x13.4x-

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Acquisitions by FS Development Investment

FS Development Investment has acquired 3 companies to date.

Last acquisition by FS Development Investment was on June 8th 2016. FS Development Investment acquired Smaato for $148M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by FS Development Investment

Smaato
Allyes
D&S Consulting
Description
Smaato is a global omnichannel ad server headquartered in San Francisco with operations in Europe and Asia. The platform enables publishers to monetize inventory using first-party data across devices, connecting them with premium advertisers through real-time bidding. Smaato supports header bidding and direct deals for mobile, desktop, and connected TV formats.
Allyes is a Chinese interactive marketing company based in Shanghai. Established in 1998, it grew into one of China's largest online media service providers, offering online advertising agency services, advertising networks, performance marketing, advertising technology and online market research. Its clients included international brands such as Sony, Pepsi and Chrysler and Chinese companies such as China Merchants Bank and Taobao. Allyes earned revenue from advertising agency commissions, media placement on its networks and technology and research services. The company was the Internet subsidiary of Focus Media Holding from 2007 until July 2010, when Focus Media sold a 62 percent indirect stake to Silver Lake. Silver Lake records the investment as fully realised in 2014.
D&S Consulting is a Beijing-headquartered professional services group offering communication, public relations, and digital marketing strategies for multinational corporations in China. It manages media relations, crisis communications, and event planning for clients in technology and consumer goods sectors.
HQ CountryUnited StatesChinaChina
HQ City
New York City, NY
Shanghai
Beijing
Deal Date8 Jun 201612 Oct 201527 Jun 2014
Valuation$148M$74M$74M
EV/Revenue
EV/EBITDA

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Investments by FS Development Investment

FS Development Investment has invested in 2 companies to date.

Latest investment by FS Development Investment was on October 27th 2015. FS Development Investment invested in new7.com in their $4M Seed round (EV/Revenue multiple available to Pro users).

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Latest Investments by FS Development Investment

new7.com
Tripvivid
Description
Xinqitian E-commerce Group is a digital retail service provider operating under new7.com. The company delivers omni-channel operations, supply chain management, global marketing strategies, and data intelligence tools for brands. Xinqitian supports cross-border sales platforms, inventory synchronization across online and offline stores, and AI-driven product recommendations for consumer goods retailers in China.
Tripvivid is a Beijing-based firm delivering cultural tourism marketing and operations services across China. It conducts research and big data analysis for sites like the Great Wall and Huangshan, providing product development, media campaigns, and investment advisory for destinations.
HQ CountryChinaChina
HQ City
Beijing
Beijing
Deal Date27 Oct 201513 Mar 2015
RoundSeedAngel
Raised$4M$500K
InvestorsFS Development InvestmentFS Development Investment
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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About FS Development Investment

When was FS Development Investment founded?FS Development Investment was founded in 2003.
Where is FS Development Investment headquartered?FS Development Investment is headquartered in China.
Is FS Development Investment publicly listed?Yes, FS Development Investment is a public company listed on Shenzhen Stock Exchange.
What is the stock symbol of FS Development Investment?FS Development Investment trades under 300071 ticker.
When did FS Development Investment go public?FS Development Investment went public in 2010.
Who are competitors of FS Development Investment?FS Development Investment main competitors include Vector, Italian Exhibition Group, Maoyan Entertainment, Innocean, Fiera Milano, FILA-Fabbrica Italiana, oOh media, INTAGE HOLDINGS, Entravision, Arabian Contracting Services.
What is the current market cap of FS Development Investment?FS Development Investment's current market cap is $568M.
What is the current revenue of FS Development Investment?FS Development Investment's last fiscal year revenue is $152M.
What is the current EV/Revenue multiple of FS Development Investment?Current revenue multiple of FS Development Investment is 3.7x.
Is FS Development Investment profitable?No, FS Development Investment is not profitable.
How many companies FS Development Investment has acquired to date?As of October 2026, FS Development Investment has acquired 3 companies.
What was the largest acquisition by FS Development Investment?$148M acquisition of Smaato on 8th June 2016 was the largest M&A FS Development Investment has done to date.
What companies FS Development Investment acquired?FS Development Investment acquired Smaato, D&S Consulting, and Allyes.
In how many companies FS Development Investment has invested to date?As of October 2026, FS Development Investment has invested in 2 companies.
What was the last FS Development Investment investment?On 27th October 2015 FS Development Investment invested in new7.com, participating in a $4M Seed round.
In what companies FS Development Investment invested in?FS Development Investment invested in new7.com and Tripvivid.

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