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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

$4.3T

cumulative
enterprise value

3.7x

median EV/NTM revenue multiple

25%

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.

+96.6%

Multiples China Big Tech Index

Data as of 04 October 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 October 4, 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 October 4, 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	$555B	$483B	$265B
EV/Revenue (NTM)	7.1x	3.8x	1.4x
EV/Gross Profit (NTM)	8.3x	6.6x	3.6x
EV/EBITDA (NTM)	8.5x	8.7x	8.9x
EV/FCF (NTM)	11.4x	21.1x	-52.1x
Revenue Growth	-	10%	12%
Gross Margin (NTM)	86%	57%	40%
EBITDA Margin (NTM)	84%	43%	16%
FCF Margin (NTM)	62%	18%	-3%
Rule of 40	587%	53%	22%
Rule of X	1340%	67%	34%

Data as of October 4, 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	-	$555B	7.1x	-	86%	84%	62%	587%	-
Tencent	10.8%	$54	-34%	$483B	3.8x	10%	57%	43%	18%	53%	$1M
Alibaba Group	5.9%	$13	-37%	$265B	1.4x	12%	40%	16%	-3%	22%	$1M
CATL	4.6%	$43	-21%	$205B	1.5x	27%	25%	23%	17%	69%	$479K
Foxconn Industrial Internet	3.9%	$9	-14%	$172B	0.6x	46%	10%	5%	3%	73%	$664K
Pinduoduo	2.4%	$75	-44%	$107B	0.5x	11%	56%	24%	24%	31%	$3M
BYD	2.3%	$12	-12%	$103B	0.7x	15%	19%	15%	4%	26%	$124K
Cambricon	2.1%	$151	+16%	$95B	18.8x	127%	57%	37%	-13%	203%	$989K
SMIC	2.0%	$8	-20%	$89B	7.5x	21%	27%	54%	-10%	82%	$486K
Eoptolink	1.8%	$58	+68%	$81B	6.0x	83%	48%	47%	33%	173%	$711K
Hygon	1.8%	$34	+5%	$79B	17.6x	47%	57%	30%	26%	87%	$897K
NetEase	1.7%	$24	-15%	$76B	2.8x	8%	69%	41%	35%	47%	$646K
NAURA	1.5%	$92	+61%	$67B	7.2x	32%	42%	21%	3%	46%	$359K
Luxshare Precision	1.3%	$7	-17%	$57B	1.0x	19%	13%	10%	6%	33%	$119K
Meituan	1.2%	$9	-32%	$55B	0.7x	14%	34%	6%	4%	16%	$500K
Lenovo	1.2%	$4	+199%	$54B	0.5x	22%	18%	7%	3%	27%	$1M
Shengyi Technology	1.1%	$19	+114%	$47B	5.4x	46%	32%	24%	5%	81%	$359K
Dongshan Precision	1.0%	$25	+159%	$46B	3.1x	70%	30%	25%	-	90%	$255K
Advanced Micro-Fabrication Equipment	1.0%	$48	+80%	$46B	13.3x	41%	43%	22%	10%	60%	$745K
Hikvision	1.0%	$5	+5%	$44B	2.5x	11%	49%	23%	16%	35%	$323K
Suzhou TFC Optical Communication	1.0%	$39	+145%	$42B	19.8x	74%	56%	47%	27%	123%	$213K
East Money	0.9%	$3	-26%	$42B	3.6x	13%	96%	90%	-	114%	$431K
Z.ai	0.9%	$80	-	$39B	16.3x	218%	35%	-25%	-34%	706%	$110K
Hua Hong Semiconductor	0.9%	$13	+31%	$39B	11.1x	25%	21%	35%	-26%	60%	$315K
Shennan Circuits	0.9%	$56	+85%	$38B	6.1x	37%	32%	26%	4%	65%	$204K
Montage Technology	0.8%	$30	+57%	$37B	22.0x	50%	68%	49%	38%	84%	$1M
GigaDevice Semiconductor	0.8%	$53	+71%	$37B	6.4x	53%	63%	52%	33%	267%	$658K
JD.com	0.8%	$13	-20%	$36B	0.1x	6%	17%	3%	2%	5%	$342K
Semight Instruments	0.8%	$231	-	$35B	25.1x	100%	71%	42%	-	418%	-
Chaozhou Three-Circle	0.8%	$18	+151%	$35B	12.9x	40%	-	42%	-	94%	$87K
Yangtze Optical Fibre	0.8%	$22	+385%	$34B	7.0x	40%	54%	46%	17%	129%	$221K
Wus Printed Circuit	0.7%	$17	+73%	$33B	5.7x	54%	42%	33%	2%	80%	$261K
SJ Semiconductor	0.7%	$17	-	$32B	20.8x	31%	31%	44%	0%	71%	-
BOE	0.7%	$1	+49%	$31B	1.5x	8%	16%	21%	9%	28%	$308K
Victory Giant Technology	0.7%	$31	-24%	$30B	3.6x	82%	41%	35%	-1%	100%	$209K
Yuanjie Semiconductor	0.7%	$241	+388%	$30B	62.2x	96%	76%	63%	-2%	293%	-
MetaX Integrated Circuits	0.7%	$74	-	$30B	28.8x	104%	63%	10%	4%	133%	-
Baidu	0.6%	$11	-30%	$29B	1.2x	5%	40%	18%	2%	15%	$537K
Piotech	0.6%	$96	+123%	$28B	14.3x	46%	42%	22%	6%	63%	$635K
Moore Threads	0.6%	$59	-	$28B	33.6x	71%	65%	9%	-	145%	-
Avary Holding (Shenzhen)	0.6%	$12	+61%	$28B	3.2x	30%	26%	23%	1%	40%	$135K
Unitree Robotics	0.6%	$67	-	$27B	40.8x	-	57%	29%	11%	102%	-
Enflame	0.6%	$63	-	$27B	-	-	-	-	-	-	-
NARI Technology	0.6%	$3	-1%	$27B	2.0x	13%	25%	15%	12%	29%	$888K
Sungrow Power Supply	0.6%	$12	-54%	$26B	1.4x	18%	27%	19%	12%	21%	$769K
Lens Technology	0.6%	$5	+16%	$25B	1.9x	20%	14%	14%	4%	19%	$81K
Trip.com	0.5%	$39	-45%	$24B	1.6x	9%	80%	26%	27%	32%	$227K
HKC Corp	0.5%	$3	-	$24B	-	-	-	-	-	-	-
Hangzhou Chang Chuan Tech	0.5%	$36	+204%	$23B	14.4x	46%	58%	29%	-	83%	$216K
HiThink	0.5%	$29	-19%	$22B	15.5x	18%	92%	63%	-	93%	$177K
DapuStor	0.5%	$51	-	$22B	-	-	-	-	-	-	-
Sanhua Group	0.5%	$5	-24%	$21B	3.5x	15%	27%	19%	7%	29%	$242K
ACM Research (Shanghai)	0.5%	$44	+76%	$21B	13.3x	30%	49%	25%	-	51%	$506K
Inovance	0.5%	$8	-28%	$21B	2.3x	18%	28%	14%	9%	32%	$275K
ZTE	0.5%	$5	-25%	$20B	0.9x	14%	27%	7%	-	19%	$292K
Accelink	0.5%	$25	+178%	$20B	4.6x	71%	15%	13%	4%	67%	$407K
HENGTONG Group	0.5%	$8	+160%	$20B	1.6x	17%	20%	14%	4%	37%	$616K
Longsys	0.5%	$45	+23%	$20B	2.3x	36%	46%	30%	-	185%	$889K
SAIC Motor	0.4%	$2	-31%	$19B	0.1x	5%	9%	5%	3%	8%	$522K
Sharetronic	0.4%	$37	+129%	$18B	7.9x	-	18%	16%	-	53%	$1M
KE Holdings	0.4%	$6	-3%	$18B	1.0x	1%	26%	12%	10%	3%	$118K
Centec Communications	0.4%	$43	+148%	$17B	30.4x	112%	47%	14%	-	80%	-
Sugon	0.4%	$12	-21%	$17B	5.6x	21%	32%	26%	-	43%	-
JCET Group	0.4%	$10	+70%	$17B	2.5x	16%	19%	17%	-1%	30%	$241K
Hwatsing Technology	0.4%	$34	+146%	$17B	14.2x	34%	43%	28%	16%	57%	$362K
Ruijie Networks	0.4%	$15	+101%	$17B	4.0x	51%	31%	11%	-	57%	-
Shein	0.4%	$4	-	$17B	-	-	-	-	-	-	-
DiDi	0.4%	$4	-43%	$16B	0.3x	11%	20%	3%	2%	11%	$2M
ESWIN	0.4%	$4	-1%	$16B	26.4x	-	11%	-	-10%	-	-
Kuaishou	0.4%	$4	-60%	$16B	0.7x	3%	51%	14%	9%	9%	$862K
EVE Energy Co.	0.4%	$7	-36%	$16B	1.0x	38%	13%	11%	2%	80%	$306K
Jiangsu Zhongtian Tech Co.	0.4%	$5	+95%	$16B	1.3x	19%	23%	16%	15%	40%	$519K
Kinwong	0.4%	$15	+48%	$16B	4.4x	35%	30%	24%	6%	48%	-
Huaqin Technology	0.4%	$11	+9%	$16B	0.4x	24%	8%	4%	0%	26%	$439K
TCL	0.4%	$1	+18%	$16B	1.3x	10%	13%	19%	-	26%	$387K
Range Intelligent	0.4%	$10	+34%	$16B	11.4x	36%	46%	74%	-	124%	$593K
Will Semiconductor	0.3%	$12	-33%	$15B	2.9x	14%	31%	20%	9%	23%	$801K
JLCPCB	0.3%	$28	-	$15B	-	-	-	-	-	-	-
Zhejiang Century Huatong	0.3%	$2	-17%	$15B	1.8x	13%	72%	27%	-	48%	-
Kingsoft Office Software	0.3%	$33	-35%	$15B	12.0x	21%	86%	32%	40%	55%	$171K
IEIT Systems	0.3%	$10	+7%	$14B	0.4x	30%	9%	3%	-	30%	$4M
China Satellite	0.3%	$3	+11%	$14B	-	-	-	-	-	-	-
JD Health	0.3%	$4	-43%	$14B	0.5x	16%	26%	7%	8%	23%	$3M
RoboTechnik	0.3%	$80	+152%	$14B	16.4x	260%	-	31%	-	113%	$185K
Shengyi Electronics	0.3%	$16	+5%	$14B	5.2x	38%	32%	23%	11%	75%	$185K
HGTECH	0.3%	$14	+23%	$14B	4.4x	25%	23%	15%	-	40%	$243K
BIWIN Storage	0.3%	$29	+56%	$14B	2.8x	43%	30%	39%	7%	234%	-
HEC Group	0.3%	$5	+50%	$14B	4.7x	49%	45%	16%	-	50%	$396K
Rockchip	0.3%	$32	+26%	$14B	11.3x	33%	45%	33%	-	80%	$695K
TongFu Microelectronics	0.3%	$8	+42%	$14B	2.8x	19%	16%	17%	4%	42%	$208K
LY iTECH	0.3%	$2	-19%	$14B	1.3x	20%	15%	12%	2%	32%	$90K
VeriSilicon	0.3%	$26	+14%	$13B	10.2x	70%	43%	1%	13%	80%	-
iFlytek	0.3%	$6	-29%	$13B	2.8x	16%	43%	10%	0%	19%	$260K
Unisplendour	0.3%	$5	+22%	$13B	0.8x	26%	13%	5%	2%	32%	$837K
United Imaging	0.3%	$16	-19%	$13B	4.3x	20%	48%	18%	7%	38%	$252K
Huaqin Co	0.3%	$8	-	$13B	0.4x	24%	8%	4%	0%	26%	$365K
Nova	0.3%	$396	+15%	$13B	9.6x	25%	59%	38%	25%	59%	$546K
Anhui Tongguan Copper	0.3%	$15	+192%	$12B	8.5x	16%	9%	14%	10%	44%	-
Shenzhen Techwinsemi	0.3%	$53	+67%	$12B	2.7x	235%	36%	-	-11%	-	-
Goertek	0.3%	$3	-26%	$12B	0.7x	14%	7%	7%	2%	11%	$176K