Ruihe Data Technology Holdings Limited's (HKG:3680) 25% Dip Still Leaving Some Shareholders Feeling Restless Over Its P/SRatio
Dec 04
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Hong Kong (HSI) IT Industry Analysis
UpdatedDec 20, 2025
DataAggregated Company Financials
Companies35
- 7D-2.8%
- 3M-14.0%
- 1Y9.0%
- YTD9.8%
Over the last 7 days, the IT industry has dropped 2.4%, driven by SUNeVision Holdings declining 5.8%. Meanwhile, Mindtell Technology actually outperformed within the industry, gaining 19% in the last week. This takes the industry's 12 month performance to a gain of 8.5%. As for the next few years, earnings are expected to grow by 33% per annum.
Industry Valuation and Performance
Has the Hong Kong IT Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 20 Dec 2025 | HK$74.2b | HK$63.7b | HK$1.8b | 20.3x | 41.6x | 1.2x |
| Mon, 17 Nov 2025 | HK$78.5b | HK$63.6b | HK$1.9b | 21.3x | 41.6x | 1.2x |
| Wed, 15 Oct 2025 | HK$83.0b | HK$63.4b | HK$1.9b | 25.2x | 44.2x | 1.3x |
| Fri, 12 Sep 2025 | HK$84.6b | HK$63.5b | HK$1.9b | 25.5x | 45.4x | 1.3x |
| Sun, 10 Aug 2025 | HK$83.3b | HK$60.9b | HK$247.3m | 25.4x | 336.7x | 1.4x |
| Tue, 08 Jul 2025 | HK$82.2b | HK$61.0b | HK$277.6m | 19.7x | 296.1x | 1.3x |
| Thu, 05 Jun 2025 | HK$83.7b | HK$61.3b | HK$344.5m | 13x | 242.8x | 1.4x |
| Sat, 03 May 2025 | HK$84.2b | HK$60.1b | HK$360.3m | 12.8x | 233.6x | 1.4x |
| Mon, 31 Mar 2025 | HK$85.4b | HK$60.1b | HK$305.0m | 14x | 280.1x | 1.4x |
| Wed, 26 Feb 2025 | HK$88.0b | HK$59.9b | -HK$1,020,573,881.36 | 17.8x | -86.3x | 1.5x |
| Fri, 24 Jan 2025 | HK$56.6b | HK$59.8b | -HK$1,021,762,026.38 | 14x | -55.4x | 0.9x |
| Sun, 22 Dec 2024 | HK$57.4b | HK$59.6b | -HK$1,016,732,430.81 | 15.1x | -56.4x | 1x |
| Tue, 19 Nov 2024 | HK$55.6b | HK$60.4b | -HK$756,021,333.29 | 17.4x | -73.5x | 0.9x |
| Thu, 17 Oct 2024 | HK$55.5b | HK$62.7b | -HK$1,179,470,816.21 | 16.8x | -47x | 0.9x |
| Sat, 14 Sep 2024 | HK$46.5b | HK$60.8b | -HK$788,354,002.54 | 13.7x | -58.9x | 0.8x |
| Mon, 12 Aug 2024 | HK$47.3b | HK$60.2b | -HK$1,303,850,328.35 | 12.7x | -36.3x | 0.8x |
| Wed, 10 Jul 2024 | HK$49.4b | HK$59.6b | -HK$1,280,274,045.49 | 13.8x | -38.6x | 0.8x |
| Fri, 07 Jun 2024 | HK$46.5b | HK$58.6b | -HK$1,305,835,443.56 | 13.7x | -35.6x | 0.8x |
| Sun, 05 May 2024 | HK$45.5b | HK$58.4b | -HK$1,330,601,452.28 | 13.2x | -34.2x | 0.8x |
| Tue, 02 Apr 2024 | HK$44.1b | HK$58.5b | -HK$1,288,037,811.54 | 10.6x | -34.2x | 0.8x |
| Thu, 29 Feb 2024 | HK$45.3b | HK$58.7b | HK$1.2b | 9.5x | 38.4x | 0.8x |
| Sat, 27 Jan 2024 | HK$46.3b | HK$59.9b | HK$1.1b | 10.5x | 42.6x | 0.8x |
| Mon, 25 Dec 2023 | HK$53.6b | HK$60.5b | HK$1.1b | 11x | 48.4x | 0.9x |
| Wed, 22 Nov 2023 | HK$57.1b | HK$60.2b | HK$1.1b | 13.7x | 51.7x | 0.9x |
| Fri, 20 Oct 2023 | HK$55.1b | HK$59.2b | HK$1.1b | 11.3x | 50.5x | 0.9x |
| Sun, 17 Sep 2023 | HK$59.1b | HK$59.0b | HK$969.1m | 11.8x | 61x | 1x |
| Tue, 15 Aug 2023 | HK$52.6b | HK$57.6b | HK$2.1b | 12.7x | 24.5x | 0.9x |
| Thu, 13 Jul 2023 | HK$51.8b | HK$58.1b | HK$2.0b | 12.1x | 25.4x | 0.9x |
| Sat, 10 Jun 2023 | HK$53.3b | HK$58.3b | HK$2.0b | 10.1x | 26.5x | 0.9x |
| Mon, 08 May 2023 | HK$51.6b | HK$57.6b | HK$1.9b | 10x | 26.8x | 0.9x |
| Wed, 05 Apr 2023 | HK$53.6b | HK$57.7b | HK$1.9b | 12.7x | 28.6x | 0.9x |
| Fri, 03 Mar 2023 | HK$122.1b | HK$74.7b | HK$4.9b | 12.1x | 24.7x | 1.6x |
| Sun, 29 Jan 2023 | HK$129.8b | HK$75.0b | HK$5.0b | 11.4x | 26.2x | 1.7x |
| Tue, 27 Dec 2022 | HK$119.7b | HK$73.9b | HK$4.9b | 11.4x | 24.5x | 1.6x |
Price to Earnings Ratio
24.5x
Current Industry PE
- Investors are relatively neutral on the Hong Kong IT industry at the moment, indicating that they anticipate long term growth rates to remain steady.
- The industry is trading close to its 3-year average PE ratio of 40.1x.
- The industry is trading close to its 3-year average PS ratio of 1.1x.
Past Earnings Growth
- The earnings for companies in the IT industry have declined 28% per year over the last three years,
- Revenues have also declined 4.8% per year.
- This means overall sales from these companies are declining and profits are subsequently falling as well.
Industry Trends
Which industries have driven the changes within the Hong Kong Tech industry?
| HK Market | -1.02% | |
| Tech | -3.94% | |
| IT | -2.81% | |
| IT Consulting | -1.60% | |
| Data Processing Services | -1.62% | |
| Internet Services and Infrastructure | -5.37% | |
Industry PE
- Investors are most optimistic about the IT Consulting industry which is trading above its 3-year average PE ratio of 22.3x.
- Analysts are expecting annual earnings growth of 48.1%, which is higher than its past year's earnings decline of 11.4% per year.
Forecasted Growth
- Analysts are most optimistic on the IT Consulting industry, expecting annual earnings growth of 48% over the next 5 years.
- This is better than its past earnings decline of 11% per year.
- In contrast, the Internet Services and Infrastructure industry is expected to see its earnings grow by 16% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| 8611 Mindtell Technology | HK$1.75 | 19.0% +HK$131.0m | 3,140.7% | PS23.5x | |
| 6657 Baiwang | HK$15.48 | 2.6% +HK$88.1m | -55.8% | PS4.4x | |
| 2495 Voicecomm Technology | HK$56.85 | 2.0% +HK$39.1m | -71.6% | PE10.2x | |
| 2501 Maiyue Technology | HK$0.97 | 6.6% +HK$30.0m | 9.0% | PE91.8x | |
| 1402 i-Control Holdings | HK$0.24 | 7.5% +HK$17.9m | 4.7% | PS2.4x |
