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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

$4.7T

cumulative
enterprise value

4.2x

median EV/NTM revenue multiple

23%

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.

+80.4%

Multiples China Big Tech Index

Data as of 18 July 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 July 18, 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 July 18, 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	Quhuo	Tencent	Alibaba Group
Market Cap	$611B	$530B	$275B
EV/Revenue (NTM)	-	4.1x	1.6x
EV/Gross Profit (NTM)	-	7.1x	4.0x
EV/EBITDA (NTM)	-	9.4x	10.6x
EV/FCF (NTM)	-	14.3x	-190.5x
Revenue Growth	-	11%	11%
Gross Margin (NTM)	-	57%	40%
EBITDA Margin (NTM)	-	43%	15%
FCF Margin (NTM)	-	28%	-1%
Rule of 40	-	53%	23%
Rule of X	-	67%	35%

Data as of July 18, 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.


Quhuo	12.5%	$7	-33%	$611B	-	-	-	-	-	-	$886K
Tencent	10.9%	$59	-16%	$530B	4.1x	11%	57%	43%	28%	53%	$1M
Alibaba Group	5.7%	$14	-3%	$275B	1.6x	11%	40%	15%	-1%	23%	$1M
CATL	5.2%	$54	+39%	$251B	2.1x	32%	25%	23%	18%	68%	$474K
Foxconn Industrial Internet	3.5%	$9	+69%	$169B	0.6x	45%	6%	6%	3%	68%	$658K
Pinduoduo	2.5%	$84	-26%	$120B	0.7x	13%	55%	24%	24%	34%	$3M
BYD	2.4%	$13	-16%	$117B	0.8x	15%	19%	15%	4%	29%	$123K
Cambricon Technologies	2.3%	$176	+71%	$110B	28.6x	103%	57%	39%	-	214%	$980K
Hygon Information Technology	2.1%	$45	+123%	$105B	25.3x	49%	60%	33%	-	89%	$888K
SMIC	2.1%	$12	+52%	$104B	8.4x	21%	26%	51%	-16%	75%	$486K
Eoptolink	2.0%	$71	+159%	$99B	9.2x	80%	48%	47%	35%	160%	$704K
NetEase	1.7%	$26	-1%	$83B	3.2x	9%	68%	39%	35%	46%	$639K
NAURA Technology Group	1.5%	$100	+105%	$73B	8.3x	29%	41%	21%	5%	48%	$356K
Meituan	1.4%	$11	-31%	$66B	0.9x	13%	33%	5%	2%	11%	$495K
Luxshare Precision	1.3%	$8	+60%	$66B	1.1x	19%	12%	10%	5%	31%	$177K
Dongshan Precision	1.3%	$36	+321%	$65B	5.2x	62%	27%	24%	-	83%	$252K
TE Connectivity	1.2%	$203	-1%	$59B	3.1x	9%	38%	27%	17%	39%	$186K
Advanced Micro-Fabrication Equipment	1.0%	$52	+80%	$50B	16.6x	35%	42%	23%	4%	56%	$738K
GigaDevice Semiconductor	1.0%	$68	+289%	$48B	13.4x	56%	59%	44%	34%	159%	$652K
Shengyi Technology	1.0%	$20	+213%	$47B	6.6x	39%	29%	22%	4%	65%	$355K
MetaX Integrated Circuits	0.9%	$115	-	$46B	53.6x	104%	62%	11%	-	133%	-
East Money	0.9%	$3	-14%	$46B	5.6x	15%	97%	93%	-	112%	$427K
Hikvision	0.9%	$5	+20%	$45B	2.5x	10%	46%	21%	11%	30%	$320K
Moore Threads	0.9%	$91	-	$43B	63.4x	80%	66%	5%	-	119%	-
Hua Hong Semiconductor	0.9%	$24	+308%	$42B	12.3x	22%	17%	28%	-46%	53%	$315K
JD.com	0.8%	$15	-6%	$41B	0.1x	6%	17%	3%	2%	7%	$339K
SJ Semiconductor	0.8%	$21	-	$40B	-	-	-	-	-	-	-
Baidu	0.8%	$14	+26%	$37B	1.7x	5%	41%	19%	7%	19%	$531K
Wus Printed Circuit	0.7%	$19	+131%	$36B	7.1x	49%	41%	31%	-6%	75%	$258K
Victory Giant Technology	0.7%	$35	+25%	$34B	5.0x	75%	42%	37%	-8%	109%	$206K
Suzhou TFC Optical Communication	0.7%	$31	+103%	$34B	17.6x	72%	55%	46%	28%	130%	$211K
Lenovo	0.7%	$3	+112%	$34B	0.4x	13%	16%	6%	3%	20%	$1M
Shennan Circuits	0.7%	$49	+139%	$34B	6.4x	31%	33%	25%	6%	56%	$202K
Montage Technology	0.7%	$27	+122%	$34B	22.5x	43%	69%	48%	47%	84%	$1M
BOE	0.7%	$1	+53%	$33B	1.3x	9%	15%	22%	-	29%	$305K
Avary Holding (Shenzhen)	0.7%	$14	+80%	$32B	4.0x	24%	25%	21%	-2%	38%	$134K
Sungrow Power Supply	0.6%	$15	+43%	$31B	1.6x	18%	29%	19%	10%	34%	$761K
DapuStor	0.6%	$71	-	$31B	-	-	-	-	-	-	-
Yuanjie Semiconductor	0.6%	$245	+602%	$30B	89.4x	98%	71%	59%	-6%	229%	-
Piotech	0.6%	$103	+317%	$30B	19.3x	35%	41%	23%	9%	56%	$629K
Chaozhou Three-Circle	0.6%	$15	+202%	$29B	13.8x	29%	47%	39%	20%	73%	$86K
Yangtze Optical Fibre	0.6%	$34	+539%	$28B	6.5x	47%	49%	38%	9%	118%	$219K
Trip.com	0.6%	$43	-31%	$27B	1.9x	11%	80%	27%	29%	35%	$225K
NARI Technology	0.5%	$3	+3%	$26B	2.0x	14%	25%	15%	9%	29%	$879K
Hangzhou Chang Chuan Tech	0.5%	$41	+552%	$26B	18.4x	43%	54%	29%	-	81%	$214K
Lens Technology	0.5%	$5	+50%	$26B	2.0x	17%	15%	14%	4%	21%	$81K
Longsys	0.5%	$58	+351%	$25B	3.5x	45%	50%	35%	20%	148%	$881K
Semight Instruments	0.5%	$234	-	$24B	-	-	-	-	-	-	-
HiThink	0.5%	$32	-23%	$24B	18.8x	20%	92%	61%	-	86%	$175K
Kuaishou	0.5%	$6	-44%	$24B	0.9x	6%	52%	19%	14%	22%	$853K
ZTE	0.5%	$5	+5%	$24B	1.1x	12%	28%	7%	-	18%	$289K
Inovance	0.5%	$9	-5%	$24B	2.6x	19%	28%	14%	8%	33%	$273K
Sanhua Group	0.5%	$6	+47%	$23B	3.9x	15%	27%	19%	6%	31%	$232K
ESWIN	0.5%	$6	-	$23B	-	-	-	-	-	-	-
Accelink	0.5%	$28	+271%	$23B	6.6x	52%	17%	14%	3%	65%	$403K
JCET Group	0.5%	$13	+148%	$23B	3.3x	14%	16%	16%	-2%	29%	$239K
ACM Research (Shanghai)	0.4%	$44	+144%	$21B	14.7x	26%	48%	25%	-	49%	$501K
HENGTONG Group	0.4%	$9	+273%	$21B	1.6x	21%	19%	14%	8%	40%	$610K
Will Semiconductor	0.4%	$15	-13%	$19B	3.7x	12%	30%	20%	10%	25%	$793K
KE Holdings	0.4%	$6	-6%	$19B	1.1x	0%	25%	10%	10%	3%	$120K
Sugon	0.4%	$13	+30%	$19B	6.7x	16%	31%	25%	-	40%	-
Centec Communications	0.4%	$46	+360%	$19B	61.5x	38%	50%	10%	-	62%	-
VeriSilicon	0.4%	$34	+137%	$18B	15.4x	67%	34%	12%	13%	104%	-
Shenzhen Techwinsemi	0.4%	$79	+538%	$18B	3.5x	63%	36%	-	-11%	-	-
Hwatsing Technology	0.4%	$36	+122%	$18B	16.5x	31%	43%	27%	19%	55%	$358K
SAIC Motor	0.4%	$2	-39%	$18B	0.0x	5%	10%	5%	2%	8%	$516K
BIWIN Storage	0.4%	$37	+304%	$18B	4.2x	56%	43%	-	8%	-	-
HGTECH	0.4%	$17	+137%	$17B	5.3x	28%	22%	14%	-	53%	$240K
Iluvatar CoreX	0.3%	$63	-	$17B	23.8x	141%	56%	12%	24%	164%	$223K
Jiangsu Zhongtian Tech Co.	0.3%	$5	+147%	$17B	1.4x	20%	22%	17%	20%	39%	$513K
IEIT Systems	0.3%	$11	+41%	$17B	0.5x	24%	11%	2%	-1%	24%	$3M
EVE Energy Co.	0.3%	$8	+19%	$17B	1.1x	41%	15%	11%	3%	74%	$303K
China Satellite	0.3%	$4	+30%	$16B	-	-	-	-	-	-	-
DiDi	0.3%	$4	-30%	$16B	-	-	-	-	-	-	$2M
Ruijie Networks	0.3%	$14	+54%	$16B	4.8x	34%	41%	11%	-	45%	-
Anhui Tongguan Copper	0.3%	$19	+404%	$16B	10.2x	27%	-	23%	-	60%	-
Range Intelligent	0.3%	$10	+31%	$16B	12.3x	36%	47%	70%	-	115%	$587K
Sharetronic	0.3%	$31	+180%	$15B	-	-	-	-	-	-	$1M
TCL	0.3%	$1	+16%	$15B	1.0x	12%	13%	20%	-	32%	$383K
TongFu Microelectronics	0.3%	$10	+147%	$15B	3.4x	16%	15%	22%	2%	38%	$206K
Kingsoft Office Software	0.3%	$33	-28%	$15B	12.9x	20%	87%	34%	37%	55%	$169K
JD Health	0.3%	$5	-26%	$15B	0.6x	17%	26%	7%	9%	24%	$3M
Huaqin Technology	0.3%	$10	-17%	$15B	0.5x	23%	11%	4%	0%	26%	$435K
Unisplendour	0.3%	$5	+44%	$15B	1.0x	20%	13%	4%	2%	26%	$829K
iFlytek	0.3%	$6	-14%	$15B	3.0x	18%	44%	11%	6%	29%	$258K
HEC Group	0.3%	$5	+125%	$15B	6.6x	7%	25%	22%	-	27%	$392K
Zhejiang Century Huatong	0.3%	$2	+3%	$14B	1.8x	15%	71%	27%	-	49%	-
Nexchip Semiconductor	0.3%	$6	+101%	$14B	7.4x	25%	35%	46%	-	72%	$301K
Shengyi Electronics	0.3%	$17	+117%	$14B	5.6x	41%	32%	24%	10%	76%	-
Nova	0.3%	$438	+67%	$14B	11.4x	21%	59%	37%	25%	57%	$546K
United Imaging	0.3%	$16	-16%	$13B	4.5x	21%	48%	18%	14%	39%	$249K
National Silicon Industry	0.3%	$4	+46%	$13B	16.1x	29%	23%	23%	4%	48%	$180K
LY iTECH	0.3%	$2	+22%	$13B	1.4x	23%	22%	12%	1%	34%	$89K
Beijing YanDong	0.3%	$9	+214%	$13B	-	-	-	-	-	-	-
Rockchip	0.3%	$30	+27%	$13B	12.6x	28%	43%	29%	-	60%	$688K
XPENG	0.3%	$7	-28%	$13B	0.9x	26%	18%	2%	6%	22%	$738K
Li Auto	0.3%	$6	-53%	$12B	0.1x	19%	14%	4%	4%	11%	$515K
China Resources Microelectronics	0.2%	$9	+35%	$12B	5.1x	18%	28%	20%	4%	36%	-
Beijing E-Town	0.2%	$4	+34%	$12B	10.9x	30%	43%	21%	-	41%	-
NIO	0.2%	$5	+9%	$12B	0.5x	32%	19%	6%	3%	62%	$283K