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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 December 15, 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 December 15, 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 December 15, 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 December 15, 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 616 | +53.6% | $715768.5468765981M | 6.7x | 6.1x | 11% | 57% | 44% | 30% | 53% |
| Alibaba Group | Hong Kong | HKD 154 | +81.1% | $378085.54103501665M | 2.5x | 2.3x | 9% | 41% | 17% | 7% | 25% |
| CATL | China | CNY 394 | +43.6% | $255137.4962411905M | 3.7x | 3.0x | 24% | 26% | 24% | 21% | 48% |
| China Mobile | China | CNY 80 | +17.0% | $243933.33521976895M | 1.4x | 1.4x | 2% | 28% | 33% | 18% | 35% |
| Foxconn Industrial | China | CNY 62 | +173.6% | $173811.88501385553M | 1.4x | 0.8x | 65% | 2% | 5% | 2% | 71% |
| Xiaomi | Hong Kong | HKD 43 | +47.8% | $143399.30430961825M | 2.0x | 1.6x | 22% | 23% | 10% | 8% | 33% |
| BYD | China | CNY 94 | +6.8% | $121411.81185560419M | 0.9x | 0.8x | 14% | 17% | 14% | 6% | 26% |
| PDD Holdings | United States of America | USD 112 | +20.2% | $158943.617885M | 1.6x | 1.4x | 15% | 57% | 25% | 27% | 38% |
| SMIC | Hong Kong | HKD 83 | +89.6% | $85272.2496854644M | 9.4x | 7.9x | 19% | 23% | 50% | -19% | 69% |
| Cambricon Technologies | China | CNY 1344 | +137.3% | $80332.36975438018M | 83.7x | 39.4x | 113% | 55% | 36% | -17% | 148% |
| China Telecom | Hong Kong | HKD 7 | +10.8% | $83694.83391067685M | 1.0x | 1.0x | 2% | 29% | 27% | 13% | 29% |
| NetEase | Hong Kong | HKD 218 | +59.2% | $88875.64608051632M | 4.3x | 4.0x | 8% | 64% | 35% | 33% | 43% |
| Hygon Information Technology | China | CNY 210 | +72.7% | $69186.53426337673M | 34.1x | 22.5x | 52% | 62% | 32% | 17% | 87% |
| Meituan | Hong Kong | HKD 102 | -39.2% | $80378.31350168119M | 1.3x | 1.2x | 13% | 33% | 3% | 5% | 9% |
| Luxshare Precision | China | CNY 60 | +49.4% | $62323.657736414716M | 1.4x | 1.2x | 22% | 14% | 9% | 5% | 31% |
| Eoptolink | China | CNY 428 | +323.6% | $60300.51973904347M | 17.3x | 9.7x | 78% | 50% | 46% | 18% | 123% |
| NAURA Technology Group | China | CNY 455 | +39.0% | $46734.09051237273M | 8.5x | 6.7x | 27% | 44% | 24% | 9% | 50% |
| Baidu | Hong Kong | HKD 126 | +40.0% | $44539.98242267261M | 2.2x | 2.1x | 5% | 44% | 19% | 13% | 22% |
| Trip.com Group | Hong Kong | HKD 550 | +5.2% | $46205.898159820026M | 4.6x | 4.0x | 14% | 80% | 30% | 35% | 43% |
| Hangzhou Hik-Vision | China | CNY 30 | -0.2% | $38491.161458783325M | 2.5x | 2.3x | 9% | 44% | 19% | 13% | 26% |
| Kuaishou | Hong Kong | HKD 67 | +40.7% | $37453.967415244595M | 1.6x | 1.5x | 10% | 56% | 21% | 20% | 30% |
| TCL | China | CNY 4 | -12.6% | $13267.736503706896M | 1.2x | 1.1x | 11% | 14% | 20% | NaN% | 30% |
| JD.com | Hong Kong | HKD 118 | -21.6% | $43093.56730845529M | 0.2x | 0.2x | 6% | 16% | 3% | 2% | 8% |
| China Unicom | Hong Kong | HKD 9 | +38.9% | $33822.98201298832M | 0.5x | 0.5x | 3% | NaN% | 24% | 11% | 28% |
| East Money | China | CNY 23 | -14.2% | $51567.53329072172M | 13.2x | 11.4x | 16% | 97% | 94% | NaN% | 109% |
| ZTE | China | CNY 36 | +37.7% | $24334.579367901726M | 1.3x | 1.2x | 12% | 34% | 9% | 4% | 21% |
| Tencent Music | Hong Kong | HKD 72 | +62.6% | $28501.034208797333M | 5.7x | 5.0x | 13% | 44% | 34% | 32% | 49% |
| Advanced Micro | China | CNY 280 | +20.8% | $24809.731985876388M | 13.8x | 10.4x | 32% | 42% | 21% | 9% | 50% |
| TFC Optical Communication | China | CNY 215 | +114.2% | $23709.256293051603M | 29.4x | 19.6x | 50% | 52% | 48% | 27% | 97% |
| Hithink RoyalFlush Info | China | CNY 317 | -4.3% | $24151.232323349912M | 29.0x | 24.1x | 20% | 90% | 50% | NaN% | 68% |
| Will Semiconductor | China | CNY 127 | +21.1% | $21688.703988948168M | 5.0x | 4.2x | 21% | 32% | 21% | 11% | 41% |
| China United Network | China | CNY 5 | +4.9% | $23176.8879517463M | 0.4x | 0.4x | 2% | 23% | 25% | NaN% | 28% |
| Kingsoft Office Software | China | CNY 308 | +5.6% | $20214.44427335398M | 23.5x | 19.8x | 19% | 86% | 33% | 21% | 51% |
| GigaDevice | China | CNY 210 | +136.7% | $19868.87318425547M | 13.9x | 10.7x | 29% | 42% | 23% | 12% | 49% |
| Shennan Circuits | China | CNY 192 | +157.1% | $18171.639984836944M | 5.7x | 4.5x | 26% | 30% | 22% | 11% | 46% |
| XPeng | Hong Kong | HKD 75 | +80.6% | $18484.68272292598M | 1.7x | 1.2x | 45% | 17% | 3% | 5% | 45% |
| DiDi | United States of America | USD 5 | +13.3% | $23421.500456M | 0.6x | 0.5x | 10% | 20% | 4% | 3% | 13% |
| Montage Technology | China | CNY 120 | +75.9% | $19543.0503423623M | 23.1x | 17.0x | 35% | 62% | 44% | 36% | 73% |
| Sugon | China | CNY 89 | +16.9% | $18447.079945782407M | 8.7x | 7.7x | 13% | 30% | 26% | NaN% | 38% |
| JD Health | Hong Kong | HKD 60 | +115.5% | $24587.164257889315M | 1.8x | 1.5x | 17% | 25% | 6% | 8% | 23% |
| iFlytek | China | CNY 50 | -3.5% | $16285.06326049662M | 4.4x | 3.8x | 18% | 42% | 11% | 1% | 29% |
| Hua Hong Semiconductor | Hong Kong | HKD 82 | +203.8% | $18301.835877125202M | 7.0x | 5.6x | 25% | 18% | 32% | -37% | 54% |
| KE Holdings | Hong Kong | HKD 45 | -9.5% | $20055.98877316199M | 1.2x | 1.2x | 3% | 21% | 7% | 7% | 8% |
| Avary Holding (Shenzhen) | China | CNY 50 | +34.5% | $16356.141687303332M | 2.7x | 2.3x | 17% | 23% | 19% | 4% | 35% |
| IEIT Systems | China | CNY 63 | +28.8% | $13019.591040712754M | 0.7x | 0.5x | 26% | 1% | 2% | 0% | 28% |
| Horizon Robotics | Germany | EUR 1 | +75.5% | $16080.047614674002M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Lenovo | Hong Kong | HKD 10 | +6.3% | $15465.963400631807M | 0.2x | 0.2x | 9% | 18% | 5% | 2% | 14% |
| Goertek | China | CNY 30 | +17.9% | $14851.00039197098M | 1.0x | 0.9x | 17% | 12% | 7% | 1% | 24% |
| Arashi Vision | China | CNY 253 | NaN% | $14368.929840472321M | NaNx | 7.3x | NaN% | 49% | 11% | NaN% | NaN% |
| Huaqin Technology | China | CNY 96 | +40.3% | $13749.459798082862M | 0.6x | 0.5x | 18% | 9% | 4% | 1% | 22% |
| United Imaging | China | CNY 129 | +1.5% | $15026.42693432385M | 7.9x | 6.5x | 22% | 49% | 18% | 9% | 39% |
| Range Intelligent | China | CNY 53 | +43.8% | $12372.826400301099M | 16.8x | 12.1x | 39% | 48% | 66% | NaN% | 138% |
| Unisplendour Corp | China | CNY 25 | -1.7% | $10155.209193527724M | 1.0x | 0.8x | 16% | 18% | 5% | 2% | 21% |
| NIO | Hong Kong | HKD 40 | +27.3% | $13029.769869989488M | 1.1x | 0.8x | 47% | 15% | -1% | -1% | 35% |
| Piotech | China | CNY 343 | +52.2% | $13679.591636478428M | 15.1x | 11.2x | 35% | 41% | 20% | 1% | 53% |
| China Satellite | China | CNY 23 | -10.4% | $13753.952223456025M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| ACM Research (Shanghai) | China | CNY 178 | +36.1% | $12087.493486412062M | 11.4x | 9.1x | 26% | 49% | 27% | 12% | 52% |
| Huagong Tech | China | CNY 78 | +103.9% | $11142.480744439925M | 4.8x | 3.7x | 30% | 23% | 12% | NaN% | 43% |
| VeriSilicon | China | CNY 149 | +200.6% | $11108.988947691918M | 23.5x | 15.7x | 50% | 38% | 11% | 14% | 50% |
| Giant Network Group Co. | China | CNY 41 | +208.9% | $11347.977363908507M | 15.0x | 9.9x | 51% | 90% | 51% | NaN% | 97% |
| Rockchip | China | CNY 186 | +117.1% | $11067.675420821539M | 17.3x | 13.4x | 29% | 43% | 28% | NaN% | 56% |
| Beijing E-Town | China | CNY 26 | NaN% | $10800.047741805674M | NaNx | 10.7x | NaN% | 44% | 19% | NaN% | NaN% |
| SenseTime Group | Hong Kong | HKD 2 | +42.3% | $10985.812853319916M | 15.3x | 11.8x | 30% | 46% | -2% | -16% | 8% |
| Zeekr Global | United States of America | USD 27 | +14.0% | $6847.499M | 0.6x | 0.4x | 42% | NaN% | 5% | NaN% | 40% |
| Sanan Optoelectronics | China | CNY 14 | +2.1% | $9666.886749043852M | 3.9x | 3.5x | 11% | 8% | 23% | NaN% | 36% |
| Full Truck Alliance | United States of America | USD 12 | +13.4% | $12299.715708M | 5.8x | 5.4x | 8% | 66% | 40% | 39% | 43% |
| National Silicon Industry | China | CNY 21 | -1.8% | $9545.259094301447M | 19.2x | 14.2x | 35% | 28% | 38% | NaN% | 58% |
| Alibaba Health | Hong Kong | HKD 5 | +52.6% | $11046.851121586005M | 2.0x | 1.8x | 13% | 25% | 7% | 9% | 20% |
| JCET Group | China | CNY 37 | -7.9% | $9338.943229333021M | 1.7x | 1.5x | 13% | 17% | 16% | 5% | 28% |
| Beijing Compass Tech | China | CNY 127 | +78.3% | $10939.253270258921M | 34.4x | 27.7x | 24% | NaN% | NaN% | NaN% | n/a |
| Ruijie Networks | China | CNY 84 | +111.4% | $9418.046514398231M | 4.5x | 3.6x | 24% | 36% | 9% | 7% | 32% |
| Nova | United States of America | USD 316 | +70.2% | $9365.434229M | 10.5x | 9.5x | 11% | 58% | 36% | 28% | 46% |
| Guoxin Micro | China | CNY 77 | +15.3% | $9275.413601677676M | 9.7x | 8.4x | 15% | 56% | 34% | NaN% | 47% |
| China Resources Microelectronics | China | CNY 55 | -7.8% | $10386.906135610725M | 5.8x | 5.2x | 13% | 27% | 21% | 7% | 33% |
| SAIC Motor | China | CNY 16 | -14.8% | $25613.85718011776M | 0.1x | 0.1x | 7% | 11% | 5% | 2% | 12% |
| Qihoo 360 | China | CNY 12 | +1.6% | $11498.919324823843M | 7.3x | 7.0x | 5% | NaN% | 0% | NaN% | 1% |
| Bilibili | Hong Kong | HKD 196 | +38.5% | $10227.797764840716M | 2.0x | 1.8x | 9% | 38% | 15% | 12% | 23% |
| Centec Communications | China | CNY 146 | +91.3% | $8467.3281381228M | 44.1x | 33.0x | 34% | 43% | 4% | NaN% | 35% |
| Loongson Technology | China | CNY 145 | -19.9% | $8264.40822311976M | 92.8x | 64.2x | 44% | 51% | NaN% | -38% | n/a |
| Anker Innovations | China | CNY 111 | +34.8% | $8412.848602035909M | 1.8x | 1.5x | 22% | 44% | 9% | 4% | 31% |
| Empyrean Technology | China | CNY 106 | -16.9% | $8219.060541464562M | 39.1x | 29.8x | 31% | 94% | 19% | NaN% | 45% |
| Transsion Holdings | China | CNY 69 | -32.3% | $11260.55924439763M | 0.8x | 0.7x | 11% | 22% | 8% | 6% | 18% |
| Guide Infrared | China | CNY 13 | +54.5% | $7585.021041240252M | 9.7x | 7.9x | 22% | 43% | 26% | NaN% | 46% |
| Hundsun | China | CNY 29 | -4.4% | $7879.906751729759M | 8.3x | 7.5x | 10% | 72% | 21% | NaN% | 30% |
| Wingtech | China | CNY 39 | +0.6% | $6901.565217828932M | 1.3x | 2.7x | -50% | 34% | 31% | 13% | -40% |
| Leapmotor Technology | Hong Kong | HKD 50 | +87.3% | $9133.95840134787M | 0.7x | 0.5x | 58% | 13% | 4% | 6% | 60% |
| Kunlun | China | CNY 41 | -5.7% | $7234.984226839456M | 6.1x | 5.1x | 19% | 73% | 0% | NaN% | 11% |
| Vipshop | United States of America | USD 20 | +42.2% | $9889.579999M | 0.4x | 0.4x | 2% | 23% | 10% | 8% | 12% |
| iSoftstone | China | CNY 47 | -25.4% | $6332.22996283644M | 1.3x | 1.2x | 14% | 10% | NaN% | NaN% | n/a |
| BOSS Zhipin | Hong Kong | HKD 78 | +73.2% | $9271.959160377315M | 5.7x | 5.0x | 13% | 85% | 46% | 46% | 59% |
| Yonyou Hong Kong | China | CNY 13 | +7.9% | $6243.103701298216M | 4.8x | 4.4x | 10% | 54% | 11% | 2% | 13% |
| Baosight | China | CNY 17 | -26.1% | $6817.947864725776M | 3.9x | 3.5x | 9% | 26% | 18% | NaN% | 27% |
| Li Auto | Hong Kong | HKD 68 | -21.0% | $17595.720268992234M | 0.4x | 0.3x | 22% | 18% | 6% | 4% | 25% |
| HopeRun | China | CNY 50 | -15.2% | $5645.42964814153M | 11.9x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Kingdee | Hong Kong | HKD 13 | +61.2% | $5997.37801527314M | 5.7x | 4.9x | 14% | 69% | 12% | 7% | 23% |
| China National Software | China | CNY 44 | -18.4% | $5784.0501388908815M | 6.5x | 5.8x | 12% | 43% | 6% | NaN% | 16% |
| Roborock | China | CNY 158 | -0.7% | $5788.48400707055M | 2.0x | 1.6x | 24% | 45% | 10% | 2% | 32% |
| Changhong | China | CNY 9 | -12.5% | $5836.555417429455M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Unisound Ai Technology Co | Hong Kong | HKD 430 | NaN% | $3934.5327759770794M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| NetEase Cloud Music | Hong Kong | HKD 195 | +63.7% | $5302.898137091455M | 3.3x | 3.0x | 10% | 39% | 23% | 26% | 31% |
Stock prices as of December 15, 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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