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Multiples China Big Tech Index

Curated by Multiples, this index tracks China's largest technology companies with market caps above $10 billion.

Explore the Multiples China Big Tech Index

100

public companies
tracked

$4.5T

cumulative
enterprise value

4.1x

median EV/NTM revenue multiple

27%

median NTM/LTM revenue growth

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Index Performance

This chart shows the weighted market cap evolution over time for the Multiples China Big Tech Index constituents, indexed to 0% at the beginning of the period.

+93.2%

Multiples China Big Tech Index

Data as of 12 September 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples China Big Tech Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples China Big Tech Index.

x-axis:

y-axis:

Data as of September 12, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the Multiples China Big Tech Index.

Metric:

Data as of September 12, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the Multiples China Big Tech Index.

Metric	CXMT	Tencent	Alibaba Group
Market Cap	$574B	$492B	$272B
EV/Revenue (NTM)	7.5x	3.9x	1.5x
EV/Gross Profit (NTM)	8.7x	6.8x	3.8x
EV/EBITDA (NTM)	9.0x	8.9x	9.4x
EV/FCF (NTM)	13.8x	21.7x	-34.1x
Revenue Growth	-	10%	11%
Gross Margin (NTM)	86%	57%	40%
EBITDA Margin (NTM)	83%	43%	16%
FCF Margin (NTM)	54%	18%	-4%
Rule of 40	594%	53%	22%
Rule of X	1360%	68%	34%

Data as of September 12, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples China Big Tech Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples China Big Tech Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

Company weights are evaluated based on two rules:

Rule 1

No company's weight may exceed 24%.

Rule 2

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.

Rule 1 adjustment

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.

Rule 2 adjustment

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:

The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

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.

Companies Included in the Multiples China Big Tech Index

This index tracks major Chinese tech companies valued above $10B across internet, software, hardware, and fintech.


CXMT	12.4%	$8	-	$574B	7.5x	-	86%	83%	54%	594%	-
Tencent	10.6%	$55	-36%	$492B	3.9x	10%	57%	43%	18%	53%	$1M
Alibaba Group	5.9%	$14	-40%	$272B	1.5x	11%	40%	16%	-4%	22%	$1M
CATL	5.0%	$49	-13%	$233B	1.8x	28%	25%	23%	17%	70%	$479K
Foxconn Industrial Internet	4.1%	$10	+3%	$190B	0.7x	47%	9%	5%	3%	71%	$664K
Pinduoduo	2.4%	$78	-41%	$111B	0.6x	11%	56%	24%	24%	31%	$3M
BYD	2.3%	$13	-18%	$106B	0.7x	15%	19%	15%	4%	27%	$124K
Cambricon	2.1%	$155	+24%	$98B	19.8x	132%	59%	36%	-	205%	$989K
SMIC	2.0%	$8	-21%	$93B	7.9x	22%	27%	54%	-11%	82%	$486K
Eoptolink	1.9%	$63	+72%	$88B	6.9x	82%	49%	48%	34%	173%	$711K
Hygon	1.7%	$34	-3%	$80B	18.2x	48%	57%	30%	38%	86%	$896K
NetEase	1.6%	$23	-24%	$74B	2.7x	8%	69%	41%	35%	47%	$645K
NAURA	1.5%	$95	+49%	$69B	7.5x	32%	42%	20%	2%	47%	$359K
Luxshare Precision	1.4%	$8	-9%	$64B	1.1x	20%	13%	10%	6%	33%	$178K
Meituan	1.3%	$10	-29%	$59B	0.7x	14%	34%	6%	4%	16%	$500K
Shengyi Technology	1.2%	$22	+192%	$54B	6.2x	47%	32%	23%	4%	80%	$359K
Dongshan Precision	1.1%	$29	+189%	$53B	3.7x	70%	30%	25%	-	90%	$254K
Lenovo	1.1%	$4	+169%	$49B	0.4x	23%	18%	6%	3%	33%	$1M
Advanced Micro-Fabrication Equipment	1.0%	$50	+76%	$48B	14.2x	40%	41%	23%	10%	60%	$745K
Z.ai	1.0%	$101	-	$47B	21.0x	222%	35%	-25%	-41%	709%	$99K
Hikvision	1.0%	$5	+12%	$45B	2.5x	11%	49%	23%	16%	35%	$323K
East Money	0.9%	$3	-28%	$43B	4.0x	13%	96%	93%	-	115%	$431K
Suzhou TFC Optical Communication	0.9%	$39	+132%	$43B	19.4x	81%	54%	47%	28%	128%	$213K
Hua Hong Semiconductor	0.9%	$14	+39%	$41B	11.9x	25%	21%	34%	-27%	60%	$315K
Shennan Circuits	0.9%	$59	+94%	$40B	6.7x	37%	32%	26%	7%	65%	$204K
GigaDevice Semiconductor	0.8%	$55	+85%	$39B	6.9x	58%	65%	54%	33%	268%	$658K
Yangtze Optical Fibre	0.8%	$23	+285%	$38B	7.9x	43%	50%	43%	12%	129%	$221K
Semight Instruments	0.8%	$367	-	$38B	27.9x	106%	71%	42%	-	418%	-
JD.com	0.8%	$14	-24%	$37B	0.1x	6%	17%	3%	2%	5%	$342K
Chaozhou Three-Circle	0.8%	$19	+185%	$37B	13.9x	41%	-	42%	-	94%	$87K
Wus Printed Circuit	0.8%	$19	+85%	$37B	6.4x	55%	42%	32%	1%	80%	$261K
SJ Semiconductor	0.8%	$20	-	$37B	23.2x	34%	32%	44%	0%	73%	-
Montage Technology	0.8%	$29	+32%	$35B	21.2x	49%	67%	49%	38%	84%	$1M
Victory Giant Technology	0.7%	$34	-15%	$33B	4.1x	81%	41%	35%	-3%	101%	$208K
Avary Holding (Shenzhen)	0.7%	$14	+75%	$32B	3.7x	30%	26%	23%	-5%	40%	$135K
Yuanjie Semiconductor	0.7%	$254	+510%	$32B	70.3x	95%	75%	66%	-3%	289%	-
Baidu	0.7%	$11	-34%	$31B	1.3x	4%	40%	18%	2%	15%	$536K
BOE	0.6%	$1	+36%	$29B	1.5x	8%	16%	21%	9%	28%	$308K
MetaX Integrated Circuits	0.6%	$73	-	$29B	29.9x	103%	62%	10%	1%	131%	-
Unitree Robotics	0.6%	$71	-	$29B	42.6x	-	57%	28%	24%	105%	-
Piotech	0.6%	$93	+153%	$27B	14.1x	46%	41%	22%	6%	63%	$635K
NARI Technology	0.6%	$3	+3%	$27B	2.0x	14%	25%	15%	12%	30%	$887K
Sungrow Power Supply	0.6%	$13	-45%	$26B	1.4x	17%	27%	19%	12%	22%	$769K
Lens Technology	0.5%	$5	+5%	$26B	1.9x	19%	14%	14%	3%	19%	$81K
Moore Threads	0.5%	$53	-	$25B	32.1x	70%	64%	9%	-	144%	-
Hangzhou Chang Chuan Tech	0.5%	$38	+175%	$25B	16.5x	45%	55%	30%	-	78%	$216K
Trip.com	0.5%	$39	-49%	$25B	1.6x	11%	80%	26%	29%	33%	$227K
DapuStor	0.5%	$56	-	$24B	-	-	-	-	-	-	-
HENGTONG Group	0.5%	$10	+202%	$24B	1.8x	20%	20%	13%	4%	38%	$615K
HiThink	0.5%	$31	-17%	$23B	16.5x	19%	92%	63%	-	93%	$177K
Longsys	0.5%	$51	+102%	$23B	2.5x	39%	47%	28%	-	204%	$889K
Accelink	0.5%	$26	+183%	$22B	5.1x	70%	15%	13%	4%	67%	$406K
Inovance	0.5%	$8	-32%	$22B	2.3x	18%	27%	15%	9%	32%	$275K
Shein	0.5%	$5	-	$22B	-	-	-	-	-	-	-
ZTE	0.5%	$5	-25%	$22B	1.0x	13%	27%	7%	-	18%	$292K
HKC Corp	0.5%	$3	-	$21B	-	-	-	-	-	-	-
Sanhua Group	0.4%	$5	-24%	$21B	3.4x	14%	27%	19%	7%	29%	$242K
SAIC Motor	0.4%	$2	-27%	$20B	0.1x	5%	8%	5%	3%	7%	$521K
ACM Research (Shanghai)	0.4%	$41	+44%	$20B	12.6x	29%	50%	24%	-	49%	$505K
Sharetronic	0.4%	$39	+113%	$19B	8.2x	-	18%	16%	-	53%	$1M
KE Holdings	0.4%	$6	-16%	$19B	1.1x	1%	26%	12%	10%	3%	$121K
Centec Communications	0.4%	$45	+153%	$18B	33.5x	110%	42%	13%	-	75%	-
JCET Group	0.4%	$10	+63%	$18B	2.7x	15%	18%	17%	-1%	30%	$241K
Sugon	0.4%	$12	-27%	$18B	5.9x	19%	33%	25%	-	43%	-
Ruijie Networks	0.4%	$16	+78%	$18B	4.4x	50%	30%	11%	-	56%	-
Jiangsu Zhongtian Tech Co.	0.4%	$5	+94%	$18B	1.4x	20%	23%	16%	15%	41%	$518K
Hwatsing Technology	0.4%	$35	+113%	$18B	15.1x	34%	43%	28%	16%	57%	$362K
Kuaishou	0.4%	$4	-63%	$17B	0.7x	3%	51%	14%	9%	9%	$861K
Zhejiang Century Huatong	0.4%	$2	-20%	$17B	2.1x	14%	72%	27%	-	48%	-
Kinwong	0.4%	$17	+88%	$17B	5.1x	29%	28%	16%	-	38%	-
Huaqin Technology	0.4%	$11	+8%	$16B	0.5x	25%	9%	4%	0%	26%	$439K
DiDi	0.3%	$4	-43%	$16B	0.3x	11%	20%	3%	2%	11%	$2M
Kingsoft Office Software	0.3%	$34	-23%	$16B	12.8x	21%	86%	31%	41%	52%	$170K
EVE Energy Co.	0.3%	$7	-43%	$16B	1.0x	40%	13%	11%	2%	79%	$306K
RoboTechnik	0.3%	$94	+155%	$16B	19.6x	252%	-	31%	-	113%	$185K
Shengyi Electronics	0.3%	$19	+69%	$16B	6.0x	39%	32%	23%	11%	75%	$185K
ESWIN	0.3%	$4	-	$16B	25.7x	-	11%	-	-11%	-	-
HGTECH	0.3%	$15	+19%	$16B	5.0x	25%	23%	15%	-	40%	$243K
IEIT Systems	0.3%	$11	+1%	$15B	0.4x	29%	8%	3%	-	28%	$4M
China Satellite	0.3%	$4	+20%	$15B	-	-	-	-	-	-	-
TCL	0.3%	$1	+14%	$15B	1.3x	11%	13%	18%	-	27%	$387K
BIWIN Storage	0.3%	$32	+117%	$15B	3.1x	48%	31%	41%	7%	235%	-
JLCPCB	0.3%	$27	-	$15B	-	-	-	-	-	-	-
LY iTECH	0.3%	$2	-15%	$15B	1.5x	20%	15%	12%	1%	32%	$90K
Range Intelligent	0.3%	$9	+21%	$15B	11.5x	37%	46%	75%	-	119%	$592K
VeriSilicon	0.3%	$28	+7%	$15B	11.3x	71%	41%	1%	13%	80%	-
Will Semiconductor	0.3%	$11	-46%	$14B	2.8x	13%	31%	19%	9%	22%	$800K
JD Health	0.3%	$4	-48%	$14B	0.5x	17%	26%	7%	8%	23%	$3M
HEC Group	0.3%	$5	+43%	$14B	5.2x	38%	37%	19%	-	45%	$396K
iFlytek	0.3%	$6	-26%	$14B	3.0x	16%	42%	10%	0%	18%	$260K
Unisplendour	0.3%	$5	+16%	$14B	0.8x	28%	12%	5%	2%	33%	$837K
Huaqin Co	0.3%	$9	-	$14B	0.4x	24%	9%	4%	0%	26%	$365K
Shenzhen Techwinsemi	0.3%	$60	+109%	$14B	3.0x	232%	36%	-	-11%	-	-
Anhui Tongguan Copper	0.3%	$16	+253%	$13B	9.3x	17%	9%	14%	9%	44%	-
TongFu Microelectronics	0.3%	$9	+53%	$13B	2.8x	18%	14%	19%	4%	42%	$208K
United Imaging	0.3%	$15	-28%	$13B	4.1x	20%	48%	18%	7%	38%	$252K
Raytron	0.3%	$26	+112%	$12B	7.9x	66%	52%	-	-	-	-
MiniMax Group	0.3%	$34	-	$12B	-	-	-	-	-	-	$205K
Delton Technology	0.3%	$26	+134%	$12B	5.3x	74%	41%	32%	1%	109%	$164K
Nova	0.3%	$372	+16%	$12B	9.1x	25%	59%	38%	25%	59%	$546K