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 14, 2025
DataAggregated Company Financials
Companies35
- 7D2.3%
- 3M-9.4%
- 1Y12.2%
- YTD13.0%
Over the last 7 days, the IT industry has risen 2.3%, driven by gains from WellCell Holdings of 10%. During this same period, the Baiwang underperformed, falling 5.7%. This means that the industry has gained 12% over the past year. Earnings are forecast to grow by 32% annually.
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 |
|---|---|---|---|---|---|---|
| Sun, 14 Dec 2025 | HK$76.3b | HK$63.7b | HK$1.8b | 21.1x | 42.8x | 1.2x |
| Tue, 11 Nov 2025 | HK$81.6b | HK$63.5b | HK$1.9b | 23.9x | 43.4x | 1.3x |
| Thu, 09 Oct 2025 | HK$88.5b | HK$63.6b | HK$1.9b | 25.4x | 47x | 1.4x |
| Sat, 06 Sep 2025 | HK$80.4b | HK$63.5b | HK$1.9b | 24.8x | 43.2x | 1.3x |
| Mon, 04 Aug 2025 | HK$82.5b | HK$60.8b | HK$250.1m | 24.7x | 330.1x | 1.4x |
| Wed, 02 Jul 2025 | HK$82.5b | HK$60.9b | HK$312.5m | 14.7x | 263.9x | 1.4x |
| Fri, 30 May 2025 | HK$83.8b | HK$61.3b | HK$345.0m | 12.9x | 242.8x | 1.4x |
| Sun, 27 Apr 2025 | HK$80.2b | HK$60.1b | HK$362.1m | 12.7x | 221.5x | 1.3x |
| Tue, 25 Mar 2025 | HK$80.1b | HK$60.1b | -HK$978,863,486.51 | 17.2x | -81.9x | 1.3x |
| Thu, 20 Feb 2025 | HK$82.3b | HK$59.7b | -HK$1,020,716,252.25 | 16.1x | -80.6x | 1.4x |
| Sat, 18 Jan 2025 | HK$57.6b | HK$59.5b | -HK$1,011,753,493.74 | 14.5x | -56.9x | 1x |
| Mon, 16 Dec 2024 | HK$57.1b | HK$59.8b | -HK$1,021,603,720.96 | 15.2x | -55.9x | 1x |
| Wed, 13 Nov 2024 | HK$56.4b | HK$60.4b | -HK$744,465,218.35 | 16.6x | -75.8x | 0.9x |
| Fri, 11 Oct 2024 | HK$55.7b | HK$61.4b | -HK$780,070,087.99 | 16.9x | -71.4x | 0.9x |
| Sun, 08 Sep 2024 | HK$46.4b | HK$60.9b | -HK$686,737,404.45 | 13.7x | -67.6x | 0.8x |
| Tue, 06 Aug 2024 | HK$47.0b | HK$60.3b | -HK$1,310,795,660.25 | 13x | -35.9x | 0.8x |
| Thu, 04 Jul 2024 | HK$46.6b | HK$59.2b | -HK$1,251,976,249.48 | 12.5x | -37.3x | 0.8x |
| Sat, 01 Jun 2024 | HK$46.5b | HK$58.7b | -HK$1,309,707,101.27 | 13.4x | -35.5x | 0.8x |
| Mon, 29 Apr 2024 | HK$44.1b | HK$58.4b | -HK$1,331,919,942.12 | 13.2x | -33.1x | 0.8x |
| Wed, 27 Mar 2024 | HK$43.2b | HK$58.9b | HK$982.0m | 9.2x | 44x | 0.7x |
| Fri, 23 Feb 2024 | HK$46.4b | HK$58.6b | HK$1.2b | 10.1x | 38.9x | 0.8x |
| Sun, 21 Jan 2024 | HK$48.1b | HK$60.1b | HK$1.1b | 10.4x | 44x | 0.8x |
| Tue, 19 Dec 2023 | HK$54.8b | HK$60.4b | HK$1.1b | 11.8x | 49.4x | 0.9x |
| Thu, 16 Nov 2023 | HK$56.8b | HK$59.6b | HK$1.1b | 12.4x | 50.9x | 1x |
| Sat, 14 Oct 2023 | HK$56.7b | HK$59.2b | HK$1.0b | 11.1x | 54x | 1x |
| Mon, 11 Sep 2023 | HK$56.9b | HK$56.9b | HK$901.8m | 11x | 63.1x | 1x |
| Wed, 09 Aug 2023 | HK$53.6b | HK$57.8b | HK$2.0b | 12.1x | 26.3x | 0.9x |
| Fri, 07 Jul 2023 | HK$51.4b | HK$57.6b | HK$2.0b | 12.1x | 25.3x | 0.9x |
| Sun, 04 Jun 2023 | HK$52.8b | HK$58.6b | HK$2.0b | 10.2x | 26.2x | 0.9x |
| Tue, 02 May 2023 | HK$51.8b | HK$57.6b | HK$1.9b | 10.2x | 26.9x | 0.9x |
| Thu, 30 Mar 2023 | HK$56.3b | HK$60.3b | HK$2.8b | 12.4x | 20x | 0.9x |
| Sat, 25 Feb 2023 | HK$119.8b | HK$74.4b | HK$4.9b | 12.2x | 24.3x | 1.6x |
| Mon, 23 Jan 2023 | HK$126.8b | HK$75.0b | HK$5.0b | 11.4x | 25.6x | 1.7x |
| Wed, 21 Dec 2022 | HK$116.2b | HK$73.8b | HK$4.9b | 11.2x | 23.8x | 1.6x |
Price to Earnings Ratio
23.8x
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 40.0x.
- The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.2x.
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 | -1.75% | |
| Tech | -0.33% | |
| IT | 2.26% | |
| IT Consulting | 2.76% | |
| Internet Services and Infrastructure | 1.22% | |
| Data Processing Services | -2.80% | |
Industry PE
- Investors are most optimistic about the IT Consulting industry which is trading above its 3-year average PE ratio of 22.0x.
- Analysts are expecting annual earnings growth of 47.6%, 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 | |
|---|---|---|---|---|---|
| 2477 WellCell Holdings | HK$14.36 | 10.1% +HK$1.3b | 424.1% | PE759.5x | |
| 1782 International Business Digital Technology | HK$4.19 | 8.8% +HK$379.8m | 2.7% | PS29.1x | |
| 1686 SUNeVision Holdings | HK$4.96 | 1.6% +HK$326.5m | 19.2% | PE20.7x | |
| 3680 Ruihe Data Technology Holdings | HK$1.70 | 21.4% +HK$237.3m | 73.5% | PE288.2x | |
| 2512 Cloud Factory Technology Holdings | HK$3.98 | 5.9% +HK$105.5m | 32.7% | PE119.6x |
