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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 November 21, 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 November 21, 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 November 21, 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 November 21, 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 621 | +55.5% | $723380.1257537326M | 6.9x | 6.3x | 11% | 57% | 43% | 31% | 53% |
| Alibaba Group | Hong Kong | HKD 155 | +74.6% | $380006.65868413425M | 2.5x | 2.3x | 9% | 42% | 18% | 9% | 25% |
| China Mobile | China | CNY 80 | +18.2% | $243527.32866875382M | 1.4x | 1.4x | 2% | 40% | 33% | 18% | 34% |
| CATL | China | CNY 381 | +59.7% | $244517.88788529855M | 3.6x | 2.9x | 23% | 26% | 24% | 20% | 46% |
| Foxconn Industrial | China | CNY 66 | +196.9% | $183908.74261336407M | 1.5x | 0.9x | 64% | 3% | 5% | 2% | 69% |
| Xiaomi | Hong Kong | HKD 38 | +61.8% | $126263.81862972061M | 1.8x | 1.4x | 23% | 22% | 10% | 8% | 34% |
| BYD | China | CNY 91 | +4.3% | $116413.9258418573M | 0.9x | 0.8x | 14% | 17% | 13% | 5% | 27% |
| PDD Holdings | United States of America | USD 113 | +11.8% | $160320.674953M | 1.7x | 1.5x | 15% | 58% | 25% | 27% | 38% |
| SMIC | Hong Kong | HKD 87 | +105.0% | $89605.12171598108M | 10.0x | 8.4x | 19% | 23% | 50% | -21% | 69% |
| Cambricon Technologies | China | CNY 1322 | +203.1% | $78312.7063088763M | 88.2x | 40.5x | 118% | 56% | 37% | -20% | 155% |
| China Telecom | Hong Kong | HKD 7 | +7.1% | $85148.37415895329M | 1.0x | 1.0x | 2% | 29% | 27% | 8% | 29% |
| Hygon Information Technology | China | CNY 215 | +78.6% | $70130.69366980802M | 35.9x | 24.1x | 49% | 63% | 34% | 18% | 85% |
| Luxshare Precision | China | CNY 56 | +49.2% | $57018.4781478265M | 1.4x | 1.1x | 21% | 12% | 9% | 3% | 30% |
| Meituan | Hong Kong | HKD 98 | -44.1% | $77359.78676096223M | 1.2x | 1.0x | 14% | 35% | 6% | 8% | 14% |
| Eoptolink | China | CNY 328 | +270.3% | $45752.79821700443M | 13.8x | 7.8x | 78% | 50% | 46% | 17% | 123% |
| NAURA Technology Group | China | CNY 405 | +40.1% | $41203.490299542194M | 7.7x | 6.1x | 27% | 44% | 24% | 9% | 50% |
| Trip.com Group | Hong Kong | HKD 554 | +8.5% | $46567.67896925509M | 4.7x | 4.1x | 14% | 81% | 30% | 35% | 45% |
| Baidu | Hong Kong | HKD 114 | +31.8% | $40284.9956227417M | 2.0x | 1.9x | 4% | 44% | 18% | 12% | 22% |
| Hangzhou Hik-Vision | China | CNY 30 | +9.2% | $38911.541538142905M | 2.6x | 2.4x | 8% | 44% | 19% | 13% | 26% |
| China Unicom | Hong Kong | HKD 9 | +38.3% | $36911.04852635063M | 0.6x | 0.6x | 3% | NaN% | 25% | 16% | 28% |
| Kuaishou | Hong Kong | HKD 65 | +57.6% | $36112.05397710487M | 1.6x | 1.4x | 10% | 56% | 21% | 19% | 30% |
| TCL | China | CNY 4 | -18.7% | $12153.14219790448M | 1.2x | 1.1x | 12% | 14% | 20% | NaN% | 30% |
| East Money | China | CNY 24 | +10.0% | $53426.663497419926M | 14.6x | 12.5x | 17% | 97% | 94% | 85% | 110% |
| JD.com | Hong Kong | HKD 116 | -20.6% | $42334.12371943557M | 0.2x | 0.2x | 7% | 16% | 3% | 2% | 9% |
| ZTE | China | CNY 37 | +46.1% | $25040.95075232796M | 1.4x | 1.2x | 12% | 33% | 8% | 4% | 21% |
| Tencent Music | Hong Kong | HKD 74 | +96.7% | $29170.759452244823M | 5.9x | 5.2x | 13% | 44% | 34% | 32% | 49% |
| Advanced Micro | China | CNY 284 | +45.2% | $24935.534861418586M | 14.3x | 10.8x | 32% | 42% | 22% | 8% | 51% |
| Hithink RoyalFlush Info | China | CNY 324 | +77.2% | $24457.43626752491M | 30.4x | 25.2x | 21% | 90% | 51% | 47% | 69% |
| China United Network | China | CNY 5 | +8.6% | $24106.641060358324M | 0.4x | 0.4x | 3% | 24% | 24% | 10% | 27% |
| JD Health | Hong Kong | HKD 68 | +118.3% | $27997.518881641874M | 2.2x | 1.8x | 17% | 25% | 7% | 9% | 23% |
| Sugon | China | CNY 100 | +73.9% | $20540.87073797613M | 9.9x | 8.7x | 13% | 30% | 26% | NaN% | 38% |
| XPeng | Hong Kong | HKD 82 | +93.1% | $20063.723805872156M | 1.9x | 1.3x | 47% | 17% | 3% | 4% | 47% |
| Will Semiconductor | China | CNY 119 | +21.8% | $20136.635146976314M | 4.7x | 3.9x | 20% | 32% | 21% | 12% | 40% |
| Kingsoft Office Software | China | CNY 308 | +39.4% | $20006.852647596763M | 23.8x | 20.1x | 19% | 86% | 33% | 28% | 50% |
| Shennan Circuits | China | CNY 198 | +165.4% | $18529.889817567415M | 6.0x | 4.8x | 25% | 30% | 22% | 11% | 45% |
| Hua Hong Semiconductor | Hong Kong | HKD 89 | +235.2% | $19718.22642566888M | 7.7x | 6.2x | 25% | 18% | 32% | -38% | 54% |
| DiDi | United States of America | USD 5 | +29.3% | $23328.373218M | 0.6x | 0.5x | 10% | 20% | 4% | 4% | 14% |
| Montage Technology | China | CNY 118 | +99.2% | $18981.581711138642M | 23.1x | 17.1x | 35% | 62% | 43% | 36% | 74% |
| GigaDevice | China | CNY 199 | +144.0% | $18659.154253577162M | 13.4x | 10.6x | 27% | 41% | 22% | 12% | 46% |
| TFC Optical Communication | China | CNY 160 | +72.4% | $17478.509544587858M | 22.5x | 14.9x | 51% | 52% | 46% | 27% | 97% |
| iFlytek | China | CNY 50 | +21.0% | $16266.035348799367M | 4.5x | 3.8x | 17% | 42% | 11% | 1% | 29% |
| KE Holdings | Hong Kong | HKD 46 | -23.9% | $20640.70812283549M | 1.2x | 1.2x | 3% | 21% | 7% | 7% | 9% |
| NIO | Hong Kong | HKD 45 | +31.1% | $14305.190271771038M | 1.3x | 0.9x | 45% | 15% | -1% | 0% | 33% |
| Lenovo | Hong Kong | HKD 10 | +10.3% | $15506.422370470495M | 0.2x | 0.2x | 9% | 17% | 5% | 2% | 14% |
| IEIT Systems | China | CNY 61 | +39.4% | $12568.7973553409M | 0.7x | 0.6x | 24% | 6% | 2% | 0% | 26% |
| Arashi Vision | China | CNY 264 | NaN% | $14887.479105738303M | NaNx | 8.0x | NaN% | 50% | 11% | 9% | NaN% |
| United Imaging | China | CNY 131 | +14.5% | $15127.485208277583M | 8.1x | 6.7x | 21% | 49% | 18% | 12% | 39% |
| Goertek | China | CNY 28 | +40.1% | $14092.744702573558M | 1.0x | 0.8x | 15% | 12% | 7% | 1% | 22% |
| Unisplendour Corp | China | CNY 25 | +3.2% | $9885.614764712442M | 1.0x | 0.9x | 15% | 18% | 5% | 3% | 20% |
| Avary Holding (Shenzhen) | China | CNY 44 | +40.0% | $14262.975940165737M | 2.4x | 2.0x | 17% | 23% | 19% | 8% | 35% |
| Huaqin Technology | China | CNY 87 | +81.3% | $12436.840175409503M | 0.6x | 0.5x | 21% | 11% | 4% | 1% | 25% |
| Horizon Robotics | Germany | EUR 1 | +73.2% | $13342.694517024001M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Range Intelligent | China | CNY 46 | +57.5% | $10662.105722001928M | 14.9x | 10.8x | 38% | 48% | 67% | NaN% | 136% |
| Piotech | China | CNY 308 | +89.4% | $12156.615192805608M | 14.0x | 10.4x | 35% | 42% | 20% | 1% | 54% |
| China Satellite | China | CNY 21 | +27.6% | $12293.263538450117M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| VeriSilicon | China | CNY 152 | +281.3% | $11258.52658269623M | 24.4x | 16.3x | 50% | 36% | 10% | 14% | 51% |
| Alibaba Health | Hong Kong | HKD 6 | +47.6% | $12065.964831154992M | 2.3x | 2.0x | 14% | 24% | 8% | 9% | 21% |
| Zeekr Global | United States of America | USD 27 | +13.6% | $6908.980472M | 0.6x | 0.4x | 36% | NaN% | 4% | NaN% | 36% |
| Huagong Tech | China | CNY 71 | +102.7% | $10073.244487715996M | 4.5x | 3.4x | 32% | 23% | 12% | 3% | 45% |
| ACM Research (Shanghai) | China | CNY 161 | +66.5% | $10850.762564568224M | 10.4x | 8.3x | 25% | 49% | 27% | 11% | 52% |
| SenseTime Group | Hong Kong | HKD 2 | +51.9% | $10593.991659472622M | 14.9x | 11.7x | 27% | 40% | -9% | -33% | -14% |
| Qihoo 360 | China | CNY 13 | +23.8% | $12789.742839072105M | 8.4x | 7.8x | 8% | NaN% | -2% | NaN% | 2% |
| Beijing E-Town | China | CNY 24 | NaN% | $10099.405175061145M | NaNx | 9.5x | NaN% | NaN% | 21% | NaN% | NaN% |
| Sanan Optoelectronics | China | CNY 13 | +0.9% | $9228.153624538758M | 3.8x | 3.4x | 13% | 9% | 29% | NaN% | 42% |
| Rockchip | China | CNY 169 | +105.3% | $9971.266716776227M | 15.9x | 12.2x | 30% | 43% | 29% | NaN% | 58% |
| JCET Group | China | CNY 36 | +0.3% | $9077.632934407222M | 1.7x | 1.5x | 12% | 16% | 16% | 5% | 27% |
| Giant Network Group Co. | China | CNY 36 | +181.6% | $9687.203728807935M | 13.2x | 8.8x | 50% | 90% | 51% | NaN% | 96% |
| Beijing Compass Tech | China | CNY 121 | +104.0% | $10293.385824174136M | 33.0x | 27.2x | 22% | 92% | NaN% | NaN% | n/a |
| National Silicon Industry | China | CNY 21 | +1.7% | $8276.14087278385M | 16.6x | 13.2x | 26% | 20% | 30% | -3% | 46% |
| Guoxin Micro | China | CNY 75 | +22.0% | $8907.8010107291M | 9.5x | 8.0x | 19% | 57% | 35% | NaN% | 51% |
| Bilibili | Hong Kong | HKD 197 | +36.2% | $10459.266015466788M | 2.0x | 1.9x | 10% | 37% | 15% | 12% | 23% |
| Full Truck Alliance | United States of America | USD 10 | +45.3% | $10678.579709M | 5.0x | 4.6x | 8% | 67% | 41% | 38% | 43% |
| Empyrean Technology | China | CNY 107 | +21.4% | $8196.770276458312M | 39.1x | 30.1x | 30% | 93% | 22% | NaN% | 45% |
| Nova | United States of America | USD 276 | +86.0% | $8177.556521M | 9.3x | 8.4x | 11% | 58% | 35% | 28% | 46% |
| Wingtech | China | CNY 43 | +2.8% | $7455.475409807233M | 1.4x | 2.8x | -49% | 34% | 29% | 14% | -37% |
| Ruijie Networks | China | CNY 68 | +102.4% | $7639.384527904229M | 3.8x | 3.0x | 24% | 35% | 8% | 8% | 32% |
| SAIC Motor | China | CNY 15 | +29.2% | $24249.528528907278M | 0.1x | 0.1x | 7% | 10% | 5% | 2% | 12% |
| Anker Innovations | China | CNY 104 | +45.8% | $7795.260636638463M | 1.7x | 1.4x | 23% | 44% | 9% | 4% | 32% |
| China Resources Microelectronics | China | CNY 47 | +0.7% | $8746.28222197735M | 4.8x | 4.3x | 12% | 27% | 21% | 6% | 32% |
| Guide Infrared | China | CNY 12 | +56.7% | $7455.688798242751M | 9.9x | 7.9x | 25% | 43% | 26% | NaN% | 49% |
| Hundsun | China | CNY 29 | +17.3% | $7709.430158851758M | 8.2x | 7.6x | 8% | 72% | 21% | 9% | 29% |
| Yonyou Hong Kong | China | CNY 14 | +36.8% | $6901.086042623655M | 5.3x | 4.8x | 10% | 55% | 10% | 1% | 13% |
| Baosight | China | CNY 19 | -15.9% | $7533.7509644902975M | 4.3x | 4.0x | 8% | 26% | 18% | NaN% | 25% |
| Loongson Technology | China | CNY 128 | +0.2% | $7208.8875143168M | 82.7x | 57.7x | 43% | 51% | NaN% | -42% | n/a |
| iSoftstone | China | CNY 51 | -21.7% | $6811.024632828336M | 1.4x | 1.3x | 13% | 11% | NaN% | NaN% | n/a |
| BOSS Zhipin | Hong Kong | HKD 81 | +49.2% | $9629.226747800543M | 6.1x | 5.4x | 13% | 85% | 45% | 44% | 60% |
| Leapmotor Technology | Hong Kong | HKD 49 | +89.9% | $8956.156191775955M | 0.8x | 0.5x | 61% | 15% | 4% | 14% | 63% |
| Kunlun | China | CNY 41 | +13.1% | $7151.202652176454M | 6.2x | 5.2x | 20% | 73% | 0% | NaN% | 12% |
| Centec Communications | China | CNY 120 | +110.9% | $6921.531999699199M | 36.6x | 27.5x | 33% | 43% | 4% | NaN% | 35% |
| Transsion Holdings | China | CNY 61 | -20.1% | $9919.12639179025M | 0.7x | 0.6x | 11% | 22% | 8% | 5% | 17% |
| HopeRun | China | CNY 58 | -14.5% | $6521.081448515555M | 12.5x | 11.0x | 13% | 25% | NaN% | NaN% | n/a |
| Kingdee | Hong Kong | HKD 14 | +80.3% | $6418.292099435542M | 6.2x | 5.4x | 14% | 68% | 10% | 11% | 23% |
| Vipshop | United States of America | USD 18 | +21.1% | $8918.369999M | 0.4x | 0.4x | 2% | 24% | 10% | 8% | 12% |
| China National Software | China | CNY 47 | +14.9% | $6139.035967060738M | 7.1x | 6.3x | 12% | 43% | 6% | NaN% | 16% |
| Li Auto | Hong Kong | HKD 70 | -25.7% | $18257.02187314719M | 0.3x | 0.2x | 27% | 20% | 7% | 7% | 33% |
| Changhong | China | CNY 10 | -38.2% | $6444.4976275157005M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Unisound Ai Technology Co | Hong Kong | HKD 574 | NaN% | $5259.625780412563M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Roborock | China | CNY 161 | -2.9% | $5849.098540813151M | 2.1x | 1.7x | 25% | 46% | 10% | 8% | 34% |
| NetEase Cloud Music | Hong Kong | HKD 193 | +92.6% | $5240.62844473686M | 3.3x | 3.1x | 9% | 38% | 24% | 26% | 31% |
Stock prices as of November 21, 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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