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companies tracked
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cumulative enterprise value
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median EV/NTM revenue multiple
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median NTM/LTM revenue growth
This chart shows the weighted market cap evolution over time, indexed to 0% at the beginning of the period
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Data as of August 23, 2025. Index data powered by FactSet and Morningstar, S&P 500 data sourced from Yahoo Finance.
This chart shows the weighted median evolution over time of key valuation metrics
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This chart shows the regression relationship between valuation metrics across companies in the index
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Data as of August 23, 2025. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.
This chart shows company rankings by selected metric within the index
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Data as of August 23, 2025. Companies with EV multiples above 50x are considered non-meaningful and excluded from calculation.
Compare key metrics between companies in the index
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Data as of August 23, 2025.
This chart shows the cumulative sum of selected metrics across all companies in the index over time
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Similar to NASDAQ 100 Index, 🇨🇳 Multiples China Tech Index employs a modified market capitalization weighting scheme.
The weight process uses company-level weightss, which are derived using company enterprise value.
Company weights are evaluated based on two rules:
No company’s weight may exceed 24%.
The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.
If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.
If no company’s initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company’s weight may exceed 20% of the Index.
If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:
If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.
| Company | HQ | Stock Price | 1Y Perf. | Market Cap | EV/Revenue (LTM) | EV/Revenue (NTM) | Revenue Growth NTM/LTM | Gross Margin (NTM) | EBITDA Margin (NTM) | FCF Margin (NTM) | Rule of 40 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Tencent | Hong Kong | HKD 600 | +51.8% | $697654.4844697475M | 7.1x | 6.4x | 11% | 56% | 43% | 29% | 53% |
| Alibaba Group | Hong Kong | HKD 118 | +49.7% | $288026.1045816435M | 1.9x | 1.7x | 8% | 40% | 21% | 13% | 28% |
| China Mobile | China | CNY 84 | +15.9% | $250590.4933048053M | 1.5x | 1.4x | 2% | 33% | 33% | 17% | 35% |
| Xiaomi | Hong Kong | HKD 53 | +215.6% | $175017.81096838997M | 2.7x | 2.1x | 28% | 23% | 11% | 6% | 39% |
| CATL | China | CNY 290 | +44.0% | $184438.88794911138M | 2.7x | 2.2x | 19% | 25% | 23% | 19% | 43% |
| PDD Holdings | United States of America | USD 127 | -12.0% | $180451.261784M | 2.3x | 2.0x | 13% | 60% | 24% | 26% | 35% |
| Foxconn Industrial | China | CNY 46 | +45.2% | $126747.2598545821M | 1.2x | 0.8x | 38% | 8% | 5% | 2% | 43% |
| BYD | China | CNY 108 | +35.2% | $137596.05924850365M | 1.0x | 0.8x | 19% | 20% | 14% | 4% | 32% |
| China Telecom | Hong Kong | HKD 8 | +26.9% | $93166.12129298571M | 1.2x | 1.1x | 3% | 30% | 27% | 9% | 30% |
| Meituan | Hong Kong | HKD 118 | +11.3% | $92532.15402688444M | 1.5x | 1.3x | 15% | 38% | 13% | 13% | 27% |
| SMIC | Hong Kong | HKD 71 | +142.2% | $72473.49694416896M | 8.4x | 7.2x | 17% | 24% | 49% | -20% | 66% |
| Cambricon Technologies | China | CNY 1243 | +168.7% | $72427.27211461894M | 119.4x | 64.0x | 87% | 65% | NaN% | -25% | n/a |
| NetEase | Hong Kong | HKD 205 | +39.8% | $83140.70124126143M | 4.2x | 3.8x | 9% | 64% | 35% | 32% | 44% |
| Hygon Information Technology | China | CNY 186 | +75.1% | $60224.53245245373M | 34.3x | 23.9x | 44% | 63% | 37% | 20% | 82% |
| Luxshare Precision | China | CNY 43 | -4.2% | $43122.87993619217M | 1.1x | 0.9x | 19% | 9% | 9% | 4% | 28% |
| East Money | China | CNY 28 | +108.5% | $61293.493729565744M | 20.8x | 17.6x | 18% | 94% | 94% | 68% | 112% |
| NAURA Technology Group | China | CNY 383 | +32.1% | $38527.589527106764M | 7.6x | 6.0x | 27% | 44% | 25% | 9% | 52% |
| China Unicom | Hong Kong | HKD 10 | +47.7% | $40724.238540571045M | 0.7x | 0.7x | 3% | 97% | 25% | 14% | 29% |
| Eoptolink | China | CNY 274 | +165.5% | $37890.664749614065M | 15.7x | 9.8x | 61% | 47% | 45% | NaN% | 106% |
| Trip.com Group | Hong Kong | HKD 505 | +45.6% | $42240.81560204561M | 4.6x | 4.0x | 15% | 81% | 30% | 33% | 44% |
| Hangzhou Hik-Vision | China | CNY 31 | -3.3% | $39975.50945887557M | 2.8x | 2.6x | 7% | 44% | 18% | 13% | 25% |
| Tencent Music | Hong Kong | HKD 98 | +49.1% | $38769.44008640045M | 8.5x | 7.5x | 14% | 46% | 36% | 34% | 49% |
| Kuaishou | Hong Kong | HKD 75 | +75.8% | $41283.90513442766M | 1.9x | 1.7x | 11% | 56% | 21% | 18% | 30% |
| TCL | China | CNY 5 | +12.2% | $13846.192325151567M | 1.3x | 1.2x | 12% | 16% | 20% | NaN% | 32% |
| ZTE | China | CNY 44 | +26.6% | $29596.82393856852M | 1.7x | 1.6x | 7% | NaN% | 10% | NaN% | 17% |
| JD.com | Hong Kong | HKD 124 | +15.6% | $45058.786287348514M | 0.2x | 0.2x | 9% | 16% | 3% | 2% | 11% |
| Hithink RoyalFlush | China | CNY 401 | +165.3% | $30007.49654481009M | 51.6x | 52.1x | -1% | NaN% | 48% | NaN% | 47% |
| Baidu | Hong Kong | HKD 86 | -3.5% | $30144.844881807876M | 1.4x | 1.4x | 3% | 45% | 20% | 14% | 22% |
| China United Network | China | CNY 6 | +14.0% | $25644.064828023107M | 0.4x | 0.4x | 3% | 34% | 23% | 6% | 26% |
| SAIC Motor | China | CNY 20 | +17.0% | $32577.64370989293M | 0.3x | 0.3x | 4% | 9% | 5% | 2% | 8% |
| Will Semiconductor | China | CNY 137 | +17.8% | $22980.187483184483M | 5.6x | 4.7x | 20% | 33% | 21% | 12% | 40% |
| DiDi | United States of America | USD 6 | +37.1% | $27286.280851M | 0.7x | 0.7x | 10% | 20% | 5% | 5% | 14% |
| XPeng | Hong Kong | HKD 92 | +121.3% | $22378.40341449113M | 2.4x | 1.5x | 55% | 17% | 2% | 6% | 55% |
| Kingsoft Office Software | China | CNY 329 | +48.8% | $21244.235666636487M | 26.6x | 22.5x | 18% | 86% | 30% | 33% | 47% |
| JD Health | Hong Kong | HKD 63 | +131.3% | $26005.542554378902M | 2.2x | 1.8x | 18% | 24% | 5% | 9% | 23% |
| KE Holdings | Hong Kong | HKD 48 | +31.5% | $21863.234919937295M | 1.3x | 1.2x | 13% | 24% | 8% | 9% | 21% |
| Advanced Micro | China | CNY 216 | +25.7% | $18816.883289213678M | 11.6x | 8.9x | 30% | 44% | 22% | 6% | 50% |
| iFlytek | China | CNY 52 | +22.8% | $16810.78786010354M | 4.8x | 4.1x | 18% | NaN% | 11% | NaN% | 28% |
| Lenovo | Hong Kong | HKD 11 | +0.4% | $17033.784782647213M | 0.2x | 0.2x | 10% | 16% | 5% | 3% | 15% |
| Sugon | China | CNY 83 | +57.1% | $16876.697956173004M | 8.3x | 7.3x | 14% | 29% | 28% | NaN% | 40% |
| Avary Holding (Shenzhen) | China | CNY 52 | +42.2% | $16753.728320368507M | 2.9x | 2.5x | 16% | 23% | 19% | 11% | 35% |
| Range Intelligent | China | CNY 59 | +121.0% | $13503.266186464407M | 18.7x | 13.9x | 35% | 47% | 67% | NaN% | 103% |
| Arashi Vision | China | CNY 265 | NaN% | $14797.7259075791M | NaNx | 10.3x | NaN% | 51% | 16% | 10% | NaN% |
| NIO | Hong Kong | HKD 46 | -1.8% | $13152.87045684621M | 1.3x | 1.0x | 34% | 11% | -5% | -6% | 22% |
| Unisplendour Corp | China | CNY 29 | +6.8% | $11351.261873272664M | 1.2x | 1.0x | 17% | 25% | 4% | NaN% | 21% |
| Montage Technology | China | CNY 99 | +42.7% | $15805.253977032697M | 21.6x | 15.5x | 39% | 62% | 42% | 31% | 79% |
| United Imaging | China | CNY 135 | +14.7% | $15537.677503268582M | 8.9x | 7.3x | 21% | 51% | 18% | NaN% | 39% |
| Shennan Circuits | China | CNY 150 | +66.9% | $13919.95153219374M | 5.1x | 4.3x | 18% | 26% | 20% | NaN% | 38% |
| Goertek | China | CNY 30 | +7.0% | $14523.39123359131M | 1.0x | 0.9x | 10% | 12% | 8% | 3% | 17% |
| IEIT Systems | China | CNY 68 | +49.7% | $13981.480774193233M | 0.7x | 0.5x | 30% | 19% | 2% | NaN% | 32% |
| Huaqin Technology | China | CNY 95 | +64.2% | $13469.08480544948M | 0.7x | 0.5x | 29% | 12% | 4% | 0% | 32% |
| TFC Optical Communication | China | CNY 123 | +47.8% | $13305.353503848688M | 20.3x | 13.9x | 46% | 51% | 45% | 31% | 91% |
| GigaDevice | China | CNY 151 | +40.9% | $13952.128946157756M | 10.6x | 8.5x | 25% | 41% | 19% | 11% | 43% |
| Hua Hong Semiconductor | Hong Kong | HKD 63 | +84.5% | $13852.499433585968M | 5.5x | 4.5x | 20% | 15% | 32% | -50% | 49% |
| China Satellite | China | CNY 22 | +14.3% | $12900.997376180432M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Zeekr Global | United States of America | USD 31 | +66.3% | $7867.066752M | 0.8x | 0.5x | 44% | NaN% | 3% | NaN% | 43% |
| Horizon Robotics | Germany | EUR 1 | NaN% | $12945.97239397404M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Beijing E-Town | China | CNY 28 | NaN% | $11610.849277423826M | NaNx | 12.2x | NaN% | NaN% | 20% | NaN% | NaN% |
| VeriSilicon | China | CNY 150 | +196.1% | $10968.313517465347M | 28.5x | 21.4x | 33% | 40% | 10% | NaN% | 40% |
| Rockchip | China | CNY 196 | +161.7% | $11484.801396414176M | 19.9x | 15.0x | 32% | 42% | 29% | NaN% | 60% |
| Beijing Compass Tech | China | CNY 141 | +218.8% | $11969.238247645804M | 51.8x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Full Truck Alliance | United States of America | USD 13 | +52.0% | $13314.233076M | 6.7x | 6.1x | 10% | 69% | 42% | 41% | 47% |
| Li Auto | Hong Kong | HKD 92 | +35.3% | $23925.127479928768M | 0.5x | 0.4x | 24% | 19% | 8% | 8% | 31% |
| Anker Innovations | China | CNY 146 | +128.2% | $10877.856737978795M | 2.6x | 2.1x | 24% | 43% | 9% | 2% | 33% |
| Sanan Optoelectronics | China | CNY 15 | +5.0% | $10206.05844366666M | 4.4x | 3.9x | 13% | NaN% | 29% | NaN% | 42% |
| Transsion Holdings | China | CNY 84 | -5.7% | $13314.068178190648M | 1.1x | 0.9x | 12% | 19% | 9% | NaN% | 20% |
| Alibaba Health | Hong Kong | HKD 6 | +47.4% | $11347.78734575705M | 2.3x | 2.1x | 10% | 25% | 7% | 8% | 16% |
| Ruijie Networks | China | CNY 90 | +186.7% | $9986.245068247086M | 5.3x | 4.4x | 23% | 39% | 7% | NaN% | 29% |
| Leapmotor Technology | Hong Kong | HKD 71 | +142.6% | $12148.015396196753M | 1.3x | 0.8x | 66% | 14% | 4% | 16% | 68% |
| JCET Group | China | CNY 39 | +5.0% | $9678.572585359047M | 1.8x | 1.6x | 13% | 15% | 16% | 7% | 28% |
| Hundsun | China | CNY 38 | +97.6% | $10132.069398581967M | 10.6x | 9.7x | 9% | 72% | 19% | NaN% | 27% |
| Guoxin Micro | China | CNY 83 | +29.0% | $9782.461677783049M | 11.2x | 9.5x | 18% | 56% | 34% | NaN% | 50% |
| Empyrean Technology | China | CNY 125 | +39.8% | $9480.631713240626M | 46.0x | 35.3x | 30% | 94% | 18% | 10% | 45% |
| BOSS Zhipin | Hong Kong | HKD 92 | +38.1% | $10835.524374622317M | 7.8x | 6.9x | 13% | 85% | 44% | 42% | 59% |
| ACM Research (Shanghai) | China | CNY 142 | +37.6% | $8739.297278492368M | 9.5x | 7.6x | 24% | 49% | 26% | 6% | 50% |
| Yonyou Hong Kong | China | CNY 17 | +65.3% | $8170.263545696174M | 6.3x | 5.6x | 11% | 56% | 12% | NaN% | 19% |
| iSoftstone | China | CNY 61 | +59.5% | $8146.758601197306M | 1.9x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| National Silicon Industry | China | CNY 21 | +21.0% | $7976.527219664095M | 16.3x | 13.5x | 20% | NaN% | 15% | NaN% | 35% |
| Huagong Tech | China | CNY 59 | +74.5% | $8209.642759850314M | 3.9x | 2.9x | 33% | 22% | 13% | 3% | 46% |
| SenseTime Group | Hong Kong | HKD 2 | +32.2% | $9106.760930274591M | 13.4x | 10.5x | 28% | 37% | -18% | NaN% | -18% |
| China Resources Microelectronics | China | CNY 51 | +17.3% | $9385.824550794958M | 5.4x | 4.8x | 12% | 27% | 23% | 7% | 34% |
| Baosight | China | CNY 21 | -22.3% | $8550.001362714005M | 4.9x | 4.9x | 0% | NaN% | 21% | NaN% | 17% |
| Qihoo 360 | China | CNY 12 | +51.1% | $11277.818189493502M | 7.3x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Bilibili | Hong Kong | HKD 185 | +47.0% | $9756.914971776754M | 2.0x | 1.8x | 11% | 37% | 14% | 5% | 23% |
| Giant Network Group Co. | China | CNY 30 | +154.4% | $8177.203557531154M | 15.4x | 11.8x | 31% | 89% | 49% | NaN% | 77% |
| Loongson Technology | China | CNY 144 | +29.8% | $8032.9554768302705M | 87.0x | 59.4x | 46% | 43% | 11% | -48% | 47% |
| Guide Infrared | China | CNY 13 | +85.5% | $7642.351094064724M | 15.8x | 12.3x | 28% | 39% | 13% | NaN% | 38% |
| Wingtech | China | CNY 41 | +23.9% | $7031.510940358271M | 1.1x | 2.0x | -44% | 22% | 25% | 7% | -26% |
| Kunlun | China | CNY 44 | +19.1% | $7758.462248204529M | 8.8x | 7.8x | 12% | 74% | 6% | -1% | 11% |
| HopeRun | China | CNY 65 | +156.9% | $7191.198723738265M | 15.4x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Unisound Ai Technology Co | Hong Kong | HKD 798 | NaN% | $7269.989660372304M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Centec Communications | China | CNY 130 | +52.6% | $7422.467933660001M | 41.3x | 31.9x | 29% | 41% | NaN% | NaN% | n/a |
| Piotech | China | CNY 182 | +33.2% | $7096.360262848122M | 9.9x | 7.4x | 35% | 43% | 18% | 16% | 52% |
| China National Software | China | CNY 55 | +53.2% | $7152.06479763987M | 9.3x | 8.6x | 8% | 40% | NaN% | NaN% | n/a |
| Nova | United States of America | USD 253 | +27.2% | $7432.343257M | 8.8x | 7.8x | 14% | 58% | 34% | 25% | 48% |
| Changhong | China | CNY 12 | +118.1% | $7669.20491196291M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Roborock | China | CNY 212 | +8.0% | $7662.992096857938M | 3.1x | 2.4x | 30% | 47% | 12% | 9% | 41% |
| Kingdee | Hong Kong | HKD 16 | +191.9% | $7290.20412172093M | 7.3x | 6.4x | 14% | 68% | 10% | 10% | 22% |
| NetEase Cloud Music | Hong Kong | HKD 287 | +167.5% | $7696.007582888293M | 5.6x | 5.3x | 7% | 38% | 23% | 28% | 28% |
| Vipshop | United States of America | USD 17 | +10.6% | $8509.179999M | 0.4x | 0.4x | 1% | 23% | 10% | 7% | 11% |
Stock prices as of August 23, 2025. Rule of 40 and revenue per FTE data is based on the last fiscal year. Financial data powered by Morningstar and FactSet.
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