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China's dominant provider of airline reservation, distribution and IT systems, used by nearly all mainland Chinese airlines.
China's dominant provider of airline reservation, distribution and IT systems, used by nearly all mainland Chinese airlines.
Is paid a fee for each booking processed and each passenger checked in through its systems, so air-travel volume drives revenue more than pricing; fees for core services have been set under regulatory guidance. It is controlled by a state-owned parent.
In one line: China's Sabre/Amadeus.
Moat: wide (regulatory licence, network effects, switching costs). Quasi-monopoly, state-backed IT infrastructure deeply embedded in China's airline and travel-agency systems.
Headquarters: Beijing, China · Founded: 2000 · Employees: 6,901
Size TravelSky Technology (0696.HK) is a Hong Kong Information Technology company (Information Technology Services) with a market value of $3.59B, the 309th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$9.63 on 6 Nov 2026.
Performance Over six months the shares fell 4.8%, against +5.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 6.9% over the last twelve months (peer median +10.2%); the operating margin is 27.8% (peer median 7.7%).
Valuation It trades at 9.8× forward earnings against a peer median of 22.5× (3rd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -17% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.6 points above its cost of capital (9.4% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$9.98B | HK$9.46B | HK$9.53B | HK$7.69B | HK$6.04B |
| Revenue growth | — | -1% | +24% | +27% | — |
| Gross profit | HK$4.93B | HK$4.51B | HK$4.43B | HK$3.73B | HK$2.13B |
| EBITDA | HK$3.67B | HK$3.42B | HK$3.53B | HK$2.50B | HK$1.52B |
| Net income | HK$2.74B | HK$2.54B | HK$2.25B | HK$1.55B | HK$729M |
| Free cash flow | HK$3.96B | HK$2.39B | HK$2.46B | -HK$308M | HK$1.35B |
| Capital expenditure | HK$734M | HK$914M | HK$383M | HK$583M | HK$343M |
| Total debt | n/a | HK$2.30B | HK$1.55B | HK$1.22B | HK$420M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TravelSky Technology 0696.HK | $3.59B | -5% | +7% | 28% | 9.8× | -16.5% |
| Sabre SABR | $680M | -18% | -3% | 14% | 23.0× | n/a |
| Amadeus IT AMS.MC | $27.4B | +18% | +4% | 27% | 17.8× | 4.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0696.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.4% | -1.6% | 7th highest of 21 |
| 6-month return | -4.8% | +5.8% | 9th lowest of 21 |
| Distance from 52-week high | -16.6% | -33.4% | 4th highest of 21 |
| Revenue growth (TTM) | +6.9% | +10.2% | 9th lowest of 21 |
| Operating margin | 27.8% | 7.7% | highest of 21 |
| Forward P/E | 9.8× | 22.5× | 3rd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -16.5% | 7.6% | least demanding of 17 |
| Growth delivered (Del g) | +9.0% | +7.9% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | -25.5 pp | +2.6 pp | least demanding of 17 |
| ROIC minus cost of capital | +8.6 pp | +3.9 pp | 6th highest of 20 |
| EV / EBITDA | 3.1× | 11.9× | cheapest of 13 |
| Net debt / EBITDA | -4.8× | 0.7× | least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TravelSky Technology 0696.HK | Hong Kong | $3.59B | -5% | +7% | 28% | 9.8× | -16.5% | +9.0% |
| Jiangsu Hoperun Software 300339.SZ | China | $3.65B | -31% | +11% | 3% | 141.9× | n/a | n/a |
| Sterlite Technologies STLTECH.NS | India | $3.91B | +101% | +63% | 17% | 28.2× | 22.6% | -0.4% |
| Workiva WK | United States | $3.96B | +42% | +20% | 3% | 23.0× | 33.1% | +20.3% |
| Xi'an Bright Laser Technologies 688333.SS | China | $3.22B | -11% | +12% | 6% | 69.2× | n/a | n/a |
| Sopra Steria SOP.PA | France | $4.29B | +50% | +2% | 9% | 11.2× | -0.6% | +5.8% |
| NS Solutions 2327.T | Japan | $4.43B | +6% | +12% | 12% | 21.3× | -5.1% | +8.6% |
| Amdocs DOX | United States | $4.53B | -34% | +4% | 17% | 7.7× | -15.8% | +1.8% |
| Softcat SCT.L | United Kingdom | $4.53B | +14% | +35% | 11% | 17.9× | -4.1% | +20.3% |
| Q2 Holdings, Inc. QTWO | United States | $4.57B | +47% | +13% | 13% | 22.5× | 26.6% | +14.6% |
| Insight Enterprises NSIT | United States | $4.64B | +89% | +3% | 6% | 11.7× | 2.9% | -0.2% |
| KBR KBR | United States | $4.69B | +14% | -3% | 9% | 9.5× | -8.7% | +6.2% |
| Bechtle BC8.DE | Germany | $4.72B | +13% | +8% | 5% | 16.8× | 6.9% | +4.9% |
| Runjian 002929.SZ | China | $2.71B | +6% | -11% | 0% | 49.7× | n/a | n/a |
| Shanghai Sunmi Technology 6810.HK | Hong Kong | $2.70B | -10% | +10% | 7% | n/a | n/a | n/a |
| Shanghai AtHub 603881.SS | China | $2.66B | -33% | -5% | 16% | 101.4× | 16.9% | +13.6% |
| Hangzhou Turbine Power 300277.SZ | China | $2.57B | -37% | +1,784% | 3% | 33.2× | 36.4% | -10.7% |
| Fastly FSLY | United States | $2.52B | -23% | +20% | -12% | 24.4× | 37.8% | +16.5% |
| Tata Elxsi TATAELXSI.NS | India | $2.52B | -10% | +10% | 20% | 32.7× | 25.3% | +15.5% |
| Parsons PSN | United States | $5.16B | -1% | -3% | 5% | 14.8× | 8.4% | +10.2% |
| LG Cns 064400.KS | South Korea | $5.29B | +14% | +4% | 9% | 15.5× | 5.6% | +7.2% |