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Operator of internet data centers in China, notably running Alibaba Cloud's data centers under a partnership.
Operator of internet data centers in China, notably running Alibaba Cloud's data centers under a partnership.
Operates Amazon Web Services' Beijing region, because foreign cloud providers must work with local partners in China, and also serves Alibaba Cloud. Leases racks and runs the infrastructure on multi-year contracts, so revenue depends on a few large cloud customers.
In one line: A China-focused Equinix/Digital Realty.
Moat: narrow (installed base, switching costs, regulatory licence). Data-center leases and cloud-partner integration create high switching costs once customers are hosted.
Headquarters: Beijing, China · Employees: 1,266
Size Beijing Sinnet Technology (300383.SZ) is a China Information Technology company (Data Processing Services) with a market value of $2.70B, the 952nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.03 on 6 Nov 2026.
Performance Over six months the shares fell 36.9%, against -29.5% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 19 in its peer set.
Growth Revenue fell 2.3% over the last twelve months (peer median +11.2%); the operating margin is -10.6% (peer median -1.2%).
Valuation It trades at 149.7× forward earnings against a peer median of 28.0× (2nd most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 47% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +47 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.2 points below its cost of capital (8.1% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.78B | CN¥7.18B | CN¥7.28B | CN¥7.85B | CN¥7.19B |
| Revenue growth | — | -1% | -7% | +9% | — |
| Gross profit | CN¥1.65B | CN¥862M | CN¥983M | CN¥1.14B | CN¥982M |
| EBITDA | n/a | CN¥1.38B | CN¥1.37B | CN¥1.34B | CN¥1.33B |
| Net income | -CN¥842M | -CN¥759M | CN¥381M | CN¥388M | -CN¥880M |
| Free cash flow | CN¥165M | -CN¥800M | -CN¥1.05B | CN¥431M | -CN¥215M |
| Capital expenditure | CN¥1.42B | CN¥2.44B | CN¥2.37B | CN¥1.25B | CN¥1.71B |
| Total debt | CN¥5.93B | CN¥5.95B | CN¥4.16B | CN¥3.43B | CN¥4.74B |
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 |
|---|---|---|---|---|---|---|
| Beijing Sinnet Technology 300383.SZ | $2.70B | -37% | -2% | -11% | 149.7× | 46.5% |
| Capitalonline Data Service 300846.SZ | $1.28B | -37% | 0% | -7% | n/a | n/a |
| GDS Holdings Ltd. Sponsored ADR GDS | $4.46B | -49% | +12% | 17% | n/a | n/a |
| VNET Group, Inc. Sponsored ADR VNET | $1.00B | -64% | +23% | 7% | 89.6× | n/a |
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 | 300383.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.3% | -10.9% | 10th highest of 21 |
| 6-month return | -36.9% | -29.5% | 8th lowest of 19 |
| Distance from 52-week high | -47.6% | -39.6% | 9th lowest of 21 |
| Revenue growth (TTM) | -2.3% | +11.2% | 6th lowest of 21 |
| Operating margin | -10.6% | -1.2% | 6th lowest of 21 |
| Forward P/E | 149.7× | 28.0× | 2nd most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 46.5% | 5.5% | most demanding of 8 |
| Growth delivered (Del g) | -0.7% | +8.7% | 3rd lowest of 8 |
| Hurdle (Req g minus delivered) | +47.2 pp | +0.2 pp | most demanding of 8 |
| ROIC minus cost of capital | -7.2 pp | -8.0 pp | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Beijing Sinnet Technology 300383.SZ | China | $2.70B | -37% | -2% | -11% | 149.7× | 46.5% | -0.7% |
| Tgs TGS.OL | Norway | $2.73B | -13% | -30% | 12% | 16.3× | 5.5% | +36.2% |
| Ionic Digital IOND | United States | $2.68B | n/a | -8% | -44% | 28.0× | n/a | n/a |
| Megaport MP1.AX | Australia | $2.80B | +86% | +37% | -10% | 99.5× | n/a | n/a |
| Kingsoft Cloud 3896.HK | Hong Kong | $2.54B | -47% | +35% | -3% | n/a | n/a | n/a |
| Sunevision 1686.HK | Hong Kong | $2.46B | -29% | +6% | 52% | 14.3× | 10.9% | +10.7% |
| Cipher Digital CIFR | United States | $2.99B | -68% | -29% | -172% | n/a | n/a | n/a |
| Csquare CSQR | United States | $2.39B | n/a | +9% | 10% | n/a | n/a | n/a |
| DXC Technology DXC | United States | $2.31B | +58% | -3% | 1% | 5.8× | 3.2% | -6.5% |
| Kyndryl Holdings Incorporation KD | United States | $3.55B | +33% | -1% | 4% | 5.9× | 1.6% | -4.9% |
| Dentsu Soken 4812.T | Japan | $3.56B | +31% | +10% | 14% | 30.4× | 0.3% | +8.7% |
| Shenzhen Xunce Technology 3317.HK | Hong Kong | $1.93B | -79% | +287% | -3% | 200.1× | n/a | n/a |
| JOYY, Inc. Sponsored ADR JOYY | United States | $3.98B | +37% | +8% | 2% | 12.9× | 19.8% | +2.1% |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 36.8× | n/a | n/a |
| Bitdeer Technologies BTDR | United States | $1.63B | -55% | +128% | -30% | n/a | n/a | n/a |
| ChronoScale CHRN | United States | $1.57B | -31% | +190% | -68% | n/a | n/a | n/a |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | n/a | n/a | n/a |
| JMDC 4483.T | Japan | $1.52B | +10% | +19% | 20% | 31.9× | 19.7% | +24.6% |
| Suncorporation 6736.T | Japan | $1.49B | +22% | -11% | 1% | n/a | n/a | n/a |
| HawkEye 360 HAWK | United States | $1.45B | -55% | +88% | -8% | n/a | n/a | n/a |
| Nextdc NXT.AX | Australia | $5.47B | -30% | +16% | -7% | n/a | n/a | n/a |