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Chinese financial-technology software vendor providing trading and back-office systems for securities brokers and financial institutions.
Chinese financial-technology software vendor providing trading and back-office systems for securities brokers and financial institutions.
Earns project and licence fees for building and customising trading and back-office systems for brokers, then yearly maintenance and upgrade fees, so its income follows the IT budgets of securities firms, which swell and shrink with market turnover.
In one line: A Chinese Broadridge/FIS for brokers.
Moat: narrow (switching costs, customer qualification, regulatory licence). Mission-critical trading/back-office systems are costly and risky for brokers to replace.
Headquarters: Shenzhen, China · Employees: 6,503
Size Shenzhen Kingdom Sci-tech (600446.SS) is a China Information Technology company (Packaged Software) with a market value of $1.41B, the 1726th 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 26.7%, against -21.9% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 19 in its peer set.
Growth Revenue fell 22.2% over the last twelve months (peer median +10.7%); the operating margin is -6.0% (peer median -1.3%).
Valuation It trades at 177.0× forward earnings against a peer median of 14.6× (most expensive of 15).
Capital Return on invested capital runs 12.9 points below its cost of capital (10.3% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.32B | CN¥2.41B | CN¥4.68B | CN¥6.20B | CN¥6.46B |
| Revenue growth | — | -49% | -25% | -4% | — |
| Gross profit | CN¥983M | CN¥906M | CN¥1.04B | CN¥1.42B | CN¥1.38B |
| EBITDA | n/a | -CN¥122M | -CN¥71.2M | CN¥351M | CN¥304M |
| Net income | -CN¥124M | -CN¥168M | -CN¥202M | CN¥369M | CN¥269M |
| Free cash flow | -CN¥895M | CN¥357M | CN¥831M | CN¥178M | CN¥232M |
| Capital expenditure | CN¥12.9M | CN¥15.7M | CN¥9.78M | CN¥29.3M | CN¥18.3M |
| Total debt | CN¥1.63B | CN¥698M | CN¥846M | CN¥1.44B | CN¥1.27B |
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 |
|---|---|---|---|---|---|---|
| Shenzhen Kingdom Sci-tech 600446.SS | $1.41B | -27% | -22% | -6% | 177.0× | n/a |
| Hundsun Technologies 600570.SS | $6.05B | -20% | -5% | 9% | 30.1× | 34.8% |
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 | 600446.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.2% | -1.9% | 11th highest of 21 |
| 6-month return | -26.7% | -21.9% | 8th lowest of 19 |
| Distance from 52-week high | -45.1% | -42.1% | 10th lowest of 21 |
| Revenue growth (TTM) | -22.2% | +10.7% | 3rd lowest of 21 |
| Operating margin | -6.0% | -1.3% | 8th lowest of 21 |
| Forward P/E | 177.0× | 14.6× | most expensive of 15 |
| ROIC minus cost of capital | -12.9 pp | -9.2 pp | 9th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Kingdom Sci-tech 600446.SS | China | $1.41B | -27% | -22% | -6% | 177.0× | n/a | n/a |
| Longshine Technology 300682.SZ | China | $1.39B | -35% | +7% | -9% | 25.9× | 49.4% | +6.0% |
| Playtech PTEC.L | United Kingdom | $1.39B | +7% | -54% | 0% | 11.4× | -6.0% | -7.4% |
| Wondershare Technology 300624.SZ | China | $1.38B | -25% | -8% | -12% | n/a | n/a | n/a |
| Alkami Technology ALKT | United States | $1.44B | -25% | +24% | -5% | 13.1× | 12.6% | +31.7% |
| Lightspeed Commerce LSPD.TO | Canada | $1.38B | +9% | +11% | -9% | 14.4× | 13.5% | +42.0% |
| Zensar Technologies ZENSARTECH.NS | India | $1.37B | +9% | +9% | 14% | 16.9× | 13.4% | +8.5% |
| EverCommerce EVCM | United States | $1.45B | -31% | -7% | 13% | 11.7× | 11.6% | +11.8% |
| Ibotta IBTA | United States | $1.37B | +19% | +2% | -3% | n/a | -1.1% | +17.6% |
| NextNav NN | United States | $1.45B | -56% | -36% | -1,900% | n/a | n/a | n/a |
| GO Inc. 581A.T | Japan | $1.45B | n/a | +32% | 17% | 21.9× | 34.7% | +31.9% |
| Systex 6214.TW | Taiwan | $1.46B | +54% | +34% | 3% | 16.6× | -12.4% | +13.1% |
| Transwarp Technology Shanghai 688031.SS | China | $1.35B | -45% | +27% | -49% | n/a | n/a | n/a |
| PearlAbyss 263750.KS | South Korea | $1.47B | -44% | +114% | 40% | 7.1× | n/a | n/a |
| Exzeo XZO | United States | $1.47B | +21% | +329% | 49% | 14.8× | -8.4% | +59.0% |
| Hangzhou DPTech Technology 300768.SZ | China | $1.35B | -19% | -3% | 5% | 42.3× | 34.9% | +6.5% |
| Pagaya Technologies PGY | United States | $1.47B | +15% | +11% | 22% | 7.8× | 4.1% | +68.9% |
| NCR Voyix VYX | United States | $1.35B | +17% | -5% | 7% | 9.9× | n/a | n/a |
| Phancy 6682.HK | Hong Kong | $1.48B | -45% | +42% | -5% | 88.0× | n/a | n/a |
| Mech-Mind Robotics Technologies 9615.HK | Hong Kong | $1.34B | n/a | +45% | -41% | n/a | n/a | n/a |
| WeRide 0800.HK | Hong Kong | $1.33B | -47% | +109% | -221% | n/a | n/a | n/a |