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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 October 7, 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 October 7, 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 October 7, 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 October 7, 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 677 | +49.1% | $789227.8948846925M | 7.8x | 7.1x | 11% | 56% | 43% | 30% | 53% |
| Alibaba Group | Hong Kong | HKD 181 | +60.9% | $430349.560400952M | 2.8x | 2.6x | 8% | 42% | 18% | 9% | 25% |
| CATL | China | CNY 407 | +61.2% | $260980.2371741951M | 3.9x | 3.2x | 20% | 25% | 23% | 19% | 43% |
| China Mobile | China | CNY 79 | +15.2% | $238347.96813607408M | 1.4x | 1.3x | 2% | 34% | 33% | 15% | 35% |
| Foxconn Industrial | China | CNY 66 | +162.0% | $184106.54463834642M | 1.6x | 1.1x | 40% | 7% | 5% | 2% | 45% |
| Xiaomi | Hong Kong | HKD 54 | +140.0% | $180123.23502152288M | 2.7x | 2.1x | 28% | 23% | 11% | 7% | 38% |
| PDD Holdings | United States of America | USD 134 | -2.0% | $190701.10924M | 2.3x | 2.0x | 14% | 58% | 24% | 27% | 37% |
| BYD | China | CNY 106 | +10.2% | $135145.7264627253M | 1.0x | 0.8x | 17% | 19% | 13% | 5% | 29% |
| SMIC | Hong Kong | HKD 107 | +203.9% | $109556.43074412552M | 12.4x | 10.5x | 17% | 25% | 49% | -16% | 66% |
| Hygon Information Technology | China | CNY 253 | +144.6% | $82461.76991244467M | 44.9x | 31.4x | 43% | 63% | 36% | 20% | 80% |
| Cambricon Technologies | China | CNY 1325 | +358.2% | $77853.0964594285M | 102.1x | 48.5x | 111% | 58% | 40% | NaN% | 146% |
| NetEase | Hong Kong | HKD 233 | +57.3% | $94720.96883181938M | 4.8x | 4.4x | 8% | 64% | 36% | 32% | 44% |
| China Telecom | Hong Kong | HKD 7 | -0.1% | $82066.73321737448M | 1.0x | 1.0x | 3% | 28% | 27% | 7% | 30% |
| Luxshare Precision | China | CNY 65 | +48.8% | $65889.45551228846M | 1.6x | 1.3x | 20% | 13% | 9% | 3% | 29% |
| Meituan | Hong Kong | HKD 106 | -39.2% | $82877.35262515921M | 1.3x | 1.1x | 14% | 35% | 7% | 9% | 16% |
| Eoptolink | China | CNY 366 | +294.0% | $51062.53752600884M | 17.7x | 10.7x | 66% | 52% | 46% | 18% | 111% |
| NAURA Technology Group | China | CNY 452 | +66.9% | $46004.038027494265M | 9.0x | 7.1x | 27% | 44% | 25% | 7% | 51% |
| Kuaishou | Hong Kong | HKD 88 | +54.2% | $48712.219701095775M | 2.4x | 2.1x | 11% | 56% | 21% | 19% | 30% |
| Baidu | Hong Kong | HKD 139 | +26.1% | $49198.48734327344M | 2.5x | 2.4x | 4% | 44% | 19% | 13% | 22% |
| Trip.com Group | Hong Kong | HKD 562 | +21.4% | $47206.74558131056M | 5.0x | 4.4x | 15% | 81% | 31% | 35% | 46% |
| East Money | China | CNY 27 | +33.6% | $60197.40192965482M | 19.3x | 16.5x | 17% | 94% | 95% | 78% | 112% |
| Hangzhou Hik-Vision | China | CNY 32 | -2.4% | $40572.57742294635M | 2.8x | 2.6x | 8% | 44% | 18% | 13% | 25% |
| JD.com | Hong Kong | HKD 140 | -19.7% | $51137.764955371786M | 0.2x | 0.2x | 8% | 16% | 3% | 2% | 10% |
| Tencent Music | Hong Kong | HKD 89 | +86.6% | $35209.88452889607M | 7.5x | 6.6x | 13% | 46% | 36% | 34% | 49% |
| TCL | China | CNY 4 | -5.9% | $12591.533306821007M | 1.3x | 1.1x | 12% | 14% | 22% | NaN% | 33% |
| China Unicom | Hong Kong | HKD 9 | +32.8% | $34722.19451381988M | 0.6x | 0.5x | 3% | NaN% | 25% | 16% | 28% |
| ZTE | China | CNY 44 | +49.7% | $29329.94953871611M | 1.6x | 1.5x | 12% | 34% | 9% | 3% | 21% |
| Hithink RoyalFlush Info | China | CNY 372 | +92.3% | $28070.723595056486M | 37.0x | 30.6x | 21% | 90% | 50% | 48% | 69% |
| DiDi | United States of America | USD 7 | +32.3% | $31663.261055M | 0.9x | 0.8x | 10% | 20% | 5% | 4% | 15% |
| Will Semiconductor | China | CNY 151 | +41.0% | $25605.705074590307M | 6.1x | 5.1x | 20% | 32% | 21% | 12% | 40% |
| Advanced Micro | China | CNY 299 | +82.3% | $26293.705805618625M | 15.5x | 11.7x | 33% | 43% | 22% | 6% | 52% |
| Sugon | China | CNY 119 | +149.9% | $24505.13444370904M | 11.8x | 10.5x | 13% | 29% | NaN% | NaN% | n/a |
| Montage Technology | China | CNY 155 | +131.5% | $24897.391275444337M | 32.3x | 23.6x | 37% | 61% | 44% | 35% | 79% |
| China United Network | China | CNY 5 | +2.8% | $24150.890350456284M | 0.4x | 0.4x | 3% | 24% | 23% | 10% | 26% |
| XPeng | Hong Kong | HKD 91 | +75.9% | $22205.143473580254M | 2.2x | 1.4x | 52% | 16% | 3% | 7% | 52% |
| NIO | Hong Kong | HKD 60 | +1.9% | $18937.65437403483M | 1.8x | 1.2x | 44% | 14% | -3% | -1% | 33% |
| Shennan Circuits | China | CNY 217 | +153.8% | $20286.899694619227M | 7.1x | 5.9x | 20% | 26% | 20% | 11% | 40% |
| Hua Hong Semiconductor | Hong Kong | HKD 99 | +250.4% | $22073.19383151816M | 8.9x | 7.4x | 20% | 13% | 32% | -49% | 48% |
| Kingsoft Office Software | China | CNY 316 | +18.8% | $20589.360425794166M | 25.1x | 21.2x | 18% | 86% | 31% | 34% | 48% |
| JD Health | Hong Kong | HKD 65 | +90.0% | $26640.558448485466M | 2.1x | 1.8x | 18% | 25% | 5% | 9% | 22% |
| iFlytek | China | CNY 56 | +26.1% | $18198.085556590853M | 5.1x | 4.3x | 17% | 43% | 10% | 6% | 28% |
| KE Holdings | Hong Kong | HKD 49 | -11.7% | $22097.98616855679M | 1.3x | 1.2x | 12% | 23% | 7% | 8% | 18% |
| GigaDevice | China | CNY 213 | +141.4% | $19961.41417425927M | 14.9x | 11.9x | 25% | 40% | 20% | 11% | 44% |
| Lenovo | Hong Kong | HKD 12 | +9.0% | $18349.05008739932M | 0.3x | 0.2x | 9% | 17% | 5% | 2% | 14% |
| Goertek | China | CNY 37 | +65.4% | $18436.909207851077M | 1.3x | 1.1x | 13% | 12% | 8% | 2% | 20% |
| TFC Optical Communication | China | CNY 168 | +133.8% | $18321.68349816191M | 24.3x | 16.2x | 50% | 52% | 46% | 29% | 96% |
| Avary Holding (Shenzhen) | China | CNY 56 | +56.8% | $18254.65175069107M | 3.1x | 2.6x | 17% | 24% | 19% | 9% | 35% |
| Horizon Robotics | Germany | EUR 1 | NaN% | $17403.7594119027M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| IEIT Systems | China | CNY 74 | +79.3% | $15387.12019343358M | 0.8x | 0.6x | 23% | 7% | 2% | 2% | 25% |
| United Imaging | China | CNY 152 | +18.5% | $17559.658255196573M | 9.8x | 8.1x | 21% | 50% | 19% | 13% | 39% |
| Unisplendour Corp | China | CNY 30 | +25.0% | $12123.203735339735M | 1.2x | 1.1x | 15% | 19% | 5% | 2% | 20% |
| Arashi Vision | China | CNY 291 | NaN% | $16364.404494120192M | NaNx | 10.3x | NaN% | 51% | 16% | 10% | NaN% |
| Huaqin Technology | China | CNY 105 | +89.0% | $15030.885189085348M | 0.7x | 0.6x | 25% | 11% | 4% | 1% | 28% |
| SenseTime Group | Hong Kong | HKD 3 | +68.0% | $14314.14555836801M | 21.2x | 16.6x | 28% | 38% | -9% | NaN% | -9% |
| Range Intelligent | China | CNY 53 | +66.5% | $12246.099665393951M | 16.9x | 12.6x | 34% | 49% | 65% | NaN% | 101% |
| ACM Research (Shanghai) | China | CNY 202 | +91.3% | $13601.44793868687M | 14.4x | 11.6x | 24% | 49% | 27% | 9% | 51% |
| VeriSilicon | China | CNY 183 | +408.6% | $13512.01249402538M | 33.3x | 24.0x | 39% | 42% | 10% | -7% | 43% |
| Beijing Compass Tech | China | CNY 167 | +216.3% | $14275.306817327773M | 48.7x | 40.7x | 20% | 92% | NaN% | NaN% | n/a |
| Huagong Tech | China | CNY 92 | +164.8% | $13060.237407515757M | 5.8x | 4.5x | 30% | 24% | 13% | 3% | 43% |
| SAIC Motor | China | CNY 17 | +17.0% | $27640.33017764764M | 0.1x | 0.1x | 7% | 9% | 5% | 1% | 12% |
| Rockchip | China | CNY 226 | +247.1% | $13327.995007090123M | 22.1x | 16.9x | 31% | 42% | 29% | NaN% | 59% |
| Li Auto | Hong Kong | HKD 96 | -6.2% | $25080.777853359275M | 0.7x | 0.5x | 23% | 20% | 7% | 7% | 29% |
| Beijing E-Town | China | CNY 30 | NaN% | $12357.72769643149M | NaNx | 12.4x | NaN% | NaN% | 20% | NaN% | NaN% |
| Alibaba Health | Hong Kong | HKD 7 | +24.5% | $13463.792416719114M | 2.7x | 2.3x | 15% | 25% | 8% | 8% | 22% |
| Full Truck Alliance | United States of America | USD 14 | +44.0% | $14642.5187M | 7.5x | 7.0x | 8% | 71% | 41% | 42% | 43% |
| Transsion Holdings | China | CNY 94 | -12.7% | $15087.222494842874M | 1.3x | 1.1x | 11% | 21% | 8% | 6% | 18% |
| China Satellite | China | CNY 21 | +23.3% | $12643.490607803322M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Giant Network Group Co. | China | CNY 45 | +282.6% | $12276.970871151883M | 19.7x | 13.8x | 43% | 90% | 50% | NaN% | 89% |
| Zeekr Global | United States of America | USD 30 | +36.7% | $7654.443326M | 0.7x | 0.5x | 40% | NaN% | 4% | NaN% | 39% |
| Sanan Optoelectronics | China | CNY 16 | +25.0% | $10916.98198943207M | 4.5x | 3.9x | 17% | 11% | 33% | NaN% | 48% |
| JCET Group | China | CNY 44 | +24.8% | $11080.798931142932M | 2.1x | 1.8x | 12% | 16% | 17% | 5% | 28% |
| Guoxin Micro | China | CNY 90 | +44.8% | $10776.621117243305M | 11.7x | 9.9x | 19% | 58% | 35% | NaN% | 51% |
| National Silicon Industry | China | CNY 26 | +35.9% | $9954.65890405421M | 19.1x | 15.7x | 22% | 17% | 29% | -5% | 44% |
| Ruijie Networks | China | CNY 89 | +196.3% | $9988.98748130085M | 5.1x | 4.2x | 24% | 36% | 9% | NaN% | 31% |
| Leapmotor Technology | Hong Kong | HKD 67 | +98.1% | $12324.739546546076M | 1.2x | 0.7x | 65% | 15% | 4% | 16% | 68% |
| Piotech | China | CNY 260 | +80.7% | $10221.899146044314M | 13.6x | 10.2x | 34% | 45% | 20% | NaN% | 53% |
| Bilibili | Hong Kong | HKD 221 | +15.9% | $11717.664080532844M | 2.4x | 2.2x | 10% | 37% | 15% | 11% | 24% |
| Nova | United States of America | USD 331 | +53.4% | $9814.372534M | 11.5x | 10.3x | 11% | 58% | 34% | 25% | 47% |
| Empyrean Technology | China | CNY 126 | +35.8% | $9675.389029339574M | 45.1x | 34.2x | 32% | 94% | 21% | NaN% | 47% |
| China Resources Microelectronics | China | CNY 56 | +17.8% | $10357.339614721925M | 5.9x | 5.3x | 12% | 25% | 20% | 7% | 32% |
| Anker Innovations | China | CNY 122 | +45.2% | $9166.63837850502M | 2.1x | 1.7x | 24% | 43% | 9% | 4% | 33% |
| Wingtech | China | CNY 46 | +42.0% | $8124.7560222014645M | 1.5x | 2.9x | -49% | 32% | 26% | 17% | -38% |
| Hundsun | China | CNY 35 | +50.9% | $9171.883891145384M | 9.8x | 9.1x | 7% | 72% | 22% | 9% | 29% |
| Loongson Technology | China | CNY 158 | +31.9% | $8887.331460531961M | 114.1x | 89.8x | 27% | 50% | NaN% | -48% | n/a |
| BOSS Zhipin | Hong Kong | HKD 90 | +28.7% | $10685.104886765697M | 7.5x | 6.6x | 13% | 85% | 44% | 39% | 59% |
| Kunlun | China | CNY 49 | +29.4% | $8567.105947334836M | 8.1x | 6.6x | 22% | 72% | 2% | NaN% | 17% |
| Qihoo 360 | China | CNY 11 | +28.4% | $11118.67972046817M | 6.8x | 6.2x | 10% | NaN% | -4% | NaN% | 2% |
| Yonyou Hong Kong | China | CNY 16 | +35.8% | $7496.2780234755655M | 5.7x | 5.2x | 10% | 54% | 10% | 1% | 15% |
| Guide Infrared | China | CNY 12 | +68.3% | $7407.807715190464M | 12.2x | 9.5x | 29% | 41% | 11% | NaN% | 36% |
| Kingdee | Hong Kong | HKD 17 | +94.7% | $7933.280249163336M | 7.8x | 6.8x | 14% | 68% | 10% | 10% | 23% |
| iSoftstone | China | CNY 55 | +7.0% | $7381.278919966168M | 1.5x | 1.4x | 13% | 11% | NaN% | NaN% | n/a |
| Baosight | China | CNY 19 | -30.1% | $7816.707982318752M | 4.6x | 4.5x | 2% | 33% | 20% | NaN% | 21% |
| Vipshop | United States of America | USD 20 | +24.9% | $10057.2M | 0.5x | 0.5x | 2% | 23% | 10% | 8% | 12% |
| Centec Communications | China | CNY 127 | +174.9% | $7285.561797636239M | 39.7x | 30.6x | 30% | 43% | 3% | NaN% | 31% |
| Roborock | China | CNY 210 | +5.7% | $7634.176106478976M | 2.9x | 2.3x | 28% | 47% | 12% | 9% | 39% |
| HopeRun | China | CNY 61 | +62.2% | $6778.4405847230055M | 13.2x | 11.6x | 13% | 25% | NaN% | NaN% | n/a |
| China National Software | China | CNY 50 | +18.7% | $6524.702605794481M | 7.4x | 6.6x | 13% | 43% | NaN% | NaN% | n/a |
| Changhong | China | CNY 10 | +77.2% | $6788.2130622509385M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Unisound Ai Technology Co | Hong Kong | HKD 587 | NaN% | $5374.840754434405M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| NetEase Cloud Music | Hong Kong | HKD 251 | +95.3% | $6825.10494529837M | 4.8x | 4.4x | 8% | 38% | 24% | 27% | 30% |
Stock prices as of October 7, 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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