Balance sheetRatio

517 Shanghai Stock Exchange companies holding more cash than all their debt

517companies

Cash and equivalents exceed every borrowing on the balance sheet, so net debt measured against earnings is negative.

Stocks · Non-US shares · Shanghai Stock Exchange (SHH) · Ranked by Net debt to EBITDA in times, most cash on the balance sheet first · Rebuilt 2026-11-07 at 09:25 UTC

How this list is built

Net debt is every borrowing on the newest filed balance sheet less cash and equivalents, over EBITDA from the same year's income statement. The list is ordered by how much of the balance sheet is cash, because a near-zero EBITDA makes the ratio enormous without making the company any richer. The screen: companies listed on Shanghai Stock Exchange, graded A or B for the quality of what they report; a median daily traded value of at least 250,000 US dollars over 90 sessions, stated in each listing's own currency, so a company nobody can trade is never on the list; and no positive price to earnings under 1, which no real company earns, and no close sitting the whole of its own 52-week high below that high, which no listing that still trades can do. 1,847 companies passed tonight. Each market is ranked on its own and never added to another. Figures as recomputed on 2026-11-07.

The list

50 of 517 companies

Owes less than it holds in cash, ranked by Net debt to EBITDA, most cash on the balance sheet first
#	Company	Market	Sector	Net debt to EBITDA, in times	Debt to equity, in ratio	Current ratio, in ratio	Tangible equity ratio, in ratio	Net debt to EBITDA over time	Source
1	SHH:605398Shanghai New Centurion Network Information Technology Co., Ltd.	SHH	Technology	-34.3x	0.04	6.01	0.83	Net debt to EBITDA, net debt to ebitda: -9.67 on 2021-12-31 to -34.34 on 2025-12-31, down 255%.	Source n/a
2	SHH:600722HeBei Jinniu Chemical Industry Co.,Ltd	SHH	Basic Materials	-10.8x	0.00	9.61	0.84	Net debt to EBITDA, net debt to ebitda: -7.71 on 2021-12-31 to -10.81 on 2025-12-31, down 40%.	Source n/a
3	SHH:603637Zhenhai Petrochemical Engineering Co. Ltd.	SHH	Industrials	-14.0x	0.00	4.27	0.77	Net debt to EBITDA, net debt to ebitda: -1.94 on 2017-12-31 to -14.02 on 2025-12-31, down 623%.	Source n/a
4	SHH:600918Zhongtai Securities Co., Ltd.	SHH	Financial Services	-22.3x	1.96	3.59	0.19	n/a	Source n/a
5	SHH:600822Shanghai Material Trading Co., Ltd.	SHH	Industrials	-10.8x	0.03	4.05	0.73	Net debt to EBITDA, net debt to ebitda: -0.98 on 2018-12-31 to -10.76 on 2025-12-31, down 998%.	Source n/a
6	SHH:605098Shanghai Action Education Technology CO.,LTD.	SHH	Consumer Defensive	-4.2x	0.03	1.59	0.42	Net debt to EBITDA, net debt to ebitda: -6.26 on 2020-12-31 to -4.24 on 2025-12-31, up 32%.	Source n/a
7	SHH:603605Proya Cosmetics Co.,Ltd.	SHH	Consumer Defensive	-2.1x	0.15	4.47	0.71	Net debt to EBITDA, net debt to ebitda: -2.79 on 2018-12-31 to -2.06 on 2025-12-31, up 26%.	Source n/a
8	SHH:600814Hangzhou Jiebai Group Co., Limited	SHH	Consumer Cyclical	-5.2x	0.36	2.13	0.41	Net debt to EBITDA, net debt to ebitda: -2.45 on 2022-12-31 to -5.22 on 2025-12-31, down 113%.	Source n/a
9	SHH:600662Shanghai Foreign Service Holding Group Co., Ltd.	SHH	Industrials	-8.2x	0.02	1.21	0.30	Net debt to EBITDA, net debt to ebitda: 0.68 on 2020-12-31 to -8.23 on 2025-12-31, down 1310%.	Source n/a
10	SHH:688057Jiangxi JDL Environmental Protection Co., Ltd.	SHH	Industrials	-12.8x	0.06	9.50	0.89	Net debt to EBITDA, net debt to ebitda: -4.46 on 2021-12-31 to -12.80 on 2025-12-31, down 187%.	Source n/a
11	SHH:688389Shenzhen Lifotronic Technology Co., Ltd.	SHH	Healthcare	-5.3x	0.19	2.81	0.74	Net debt to EBITDA, net debt to ebitda: -2.83 on 2023-12-31 to -5.28 on 2025-12-31, down 87%.	Source n/a
12	SHH:600715Cultural Investment Holdings Co.,Ltd	SHH	Communication Services	-57.2x	0.18	3.32	0.64	Net debt to EBITDA, net debt to ebitda: 0.85 on 2016-12-31 to -57.22 on 2025-12-31, down 6832%.	Source n/a
13	SHH:601360360 Security Technology Inc.	SHH	Technology	-311.3x	0.04	3.51	0.77	Net debt to EBITDA, net debt to ebitda: -3.97 on 2018-12-31 to -311.26 on 2025-12-31, down 7740%.	Source n/a
14	SHH:600037Beijing Gehua Catv Network Co.,Ltd.	SHH	Communication Services	-13.9x	0.02	4.20	0.79	Net debt to EBITDA, net debt to ebitda: -8.54 on 2020-12-31 to -13.90 on 2024-12-31, down 63%.	Source n/a
15	SHH:603766Loncin Motor Co., Ltd.	SHH	Consumer Cyclical	-3.1x	0.23	1.86	0.54	Net debt to EBITDA, net debt to ebitda: -0.86 on 2019-12-31 to -3.13 on 2025-12-31, down 264%.	Source n/a
16	SHH:600916China National Gold Group Gold Jewellery Co.,Ltd.	SHH	Consumer Cyclical	-3.8x	0.05	2.36	0.57	Net debt to EBITDA, net debt to ebitda: -5.48 on 2024-12-31 to -3.83 on 2025-12-31, up 30%.	Source n/a
17	SHH:603023Harbin VITI Electronics Co., Ltd.	SHH	Consumer Cyclical	-23.8x	0.03	7.10	0.85	Net debt to EBITDA, net debt to ebitda: -44.54 on 2022-12-31 to -23.77 on 2025-12-31, up 47%.	Source n/a
18	SHH:688092Hangzhou IECHO Science & Technology Co., Ltd.	SHH	Industrials	-5.5x	0.03	4.32	0.80	Net debt to EBITDA, net debt to ebitda: -0.95 on 2020-12-31 to -5.53 on 2025-12-31, down 482%.	Source n/a
19	SHH:605566Hangzhou Flariant Co., Ltd.	SHH	Basic Materials	-11.9x	0.14	4.11	0.79	Net debt to EBITDA, net debt to ebitda: -8.36 on 2022-12-31 to -11.94 on 2025-12-31, down 43%.	Source n/a
20	SHH:688261Suzhou Oriental Semiconductor Company Limited	SHH	Technology	-26.3x	0.01	15.95	0.95	Net debt to EBITDA, net debt to ebitda: -6.64 on 2020-12-31 to -26.34 on 2025-12-31, down 297%.	Source n/a
21	SHH:603551AUPU Intelligent Technology Corporation Limited	SHH	Consumer Cyclical	-2.9x	0.003	1.89	0.60	Net debt to EBITDA, net debt to ebitda: -0.76 on 2016-12-31 to -2.91 on 2025-12-31, down 283%.	Source n/a
22	SHH:603444G-bits Network Technology (Xiamen) Co., Ltd.	SHH	Technology	-1.8x	0.004	3.01	0.64	n/a	Source n/a
23	SHH:603068Beken Corporation	SHH	Technology	-10.7x	0.06	6.28	0.86	Net debt to EBITDA, net debt to ebitda: -14.50 on 2021-12-31 to -10.73 on 2025-12-31, up 26%.	Source n/a
24	SHH:601801Anhui Xinhua Media Co., Ltd.	SHH	Industrials	-5.9x	0.24	2.33	0.61	Net debt to EBITDA, net debt to ebitda: -7.84 on 2021-12-31 to -5.86 on 2025-12-31, up 25%.	Source n/a
25	SHH:600223Lushang Freda Pharmaceutical Co.,Ltd.	SHH	Real Estate	-6.6x	0.04	4.71	0.70	Net debt to EBITDA, net debt to ebitda: 14.11 on 2019-12-31 to -6.63 on 2025-12-31, down 147%.	Source n/a
26	SHH:600612Lao Feng Xiang Co., Ltd.	SHH	Consumer Cyclical	-2.2x	0.23	3.95	0.64	Net debt to EBITDA, net debt to ebitda: -0.19 on 2017-12-31 to -2.20 on 2025-12-31, down 1058%.	Source n/a
27	SHH:600354Gansu Dunhuang Seed Group Co.,Ltd.	SHH	Consumer Defensive	-3.2x	0.27	1.42	0.29	Net debt to EBITDA, net debt to ebitda: -2.19 on 2024-12-31 to -3.20 on 2025-12-31, down 46%.	Source n/a
28	SHH:603918Shanghai Golden Bridge Info Tech Co.,Ltd	SHH	Technology	-42.2x	0.05	2.70	0.68	Net debt to EBITDA, net debt to ebitda: -2.90 on 2020-12-31 to -42.20 on 2025-12-31, down 1355%.	Source n/a
29	SHH:600249Liuzhou Liangmianzhen Co., Ltd.	SHH	Consumer Defensive	-26.2x	0.05	4.16	0.79	Net debt to EBITDA, net debt to ebitda: 0.83 on 2018-12-31 to -26.20 on 2025-12-31, down 3257%.	Source n/a
30	SHH:603927Sinosoft Co.,Ltd	SHH	Technology	-12.5x	0.10	1.61	0.40	Net debt to EBITDA, net debt to ebitda: -8.71 on 2024-12-31 to -12.46 on 2025-12-31, down 43%.	Source n/a
31	SHH:600684Guangzhou Pearl River Development Group Co., Ltd.	SHH	Real Estate	-6.0x	0.08	2.39	0.60	Net debt to EBITDA, net debt to ebitda: 10.83 on 2021-12-31 to -6.00 on 2025-12-31, down 155%.	Source n/a
32	SHH:601098China South Publishing & Media Group Co., Ltd	SHH	Communication Services	-6.4x	0.01	2.25	0.55	Net debt to EBITDA, net debt to ebitda: -8.87 on 2018-12-31 to -6.37 on 2024-12-31, up 28%.	Source n/a
33	SHH:600186Lotus Health Group Company	SHH	Consumer Defensive	-1.0x	0.56	1.72	0.53	Net debt to EBITDA, net debt to ebitda: -15.81 on 2022-12-31 to -1.03 on 2025-12-31, up 93%.	Source n/a
34	SHH:688049Actions Technology Co., Ltd.	SHH	Technology	-4.1x	0.04	6.98	0.86	Net debt to EBITDA, net debt to ebitda: -6.63 on 2020-12-31 to -4.13 on 2025-12-31, up 38%.	Source n/a
35	SHH:605318Fsilon Furnishing and Construction Materials Corporation	SHH	Basic Materials	-13.9x	0.26	1.65	0.63	Net debt to EBITDA, net debt to ebitda: -0.51 on 2017-12-31 to -13.88 on 2025-12-31, down 2622%.	Source n/a
36	SHH:600861FESCO Group Co., Ltd.	SHH	Industrials	-3.6x	0.03	1.89	0.43	Net debt to EBITDA, net debt to ebitda: 0.36 on 2019-12-31 to -3.56 on 2025-12-31, down 1089%.	Source n/a
37	SHH:600261Zhejiang Yankon Group Co., Ltd.	SHH	Industrials	-4.8x	0.16	2.86	0.67	Net debt to EBITDA, net debt to ebitda: -3.44 on 2016-12-31 to -4.79 on 2025-12-31, down 39%.	Source n/a
38	SHH:688589Leaguer (Shenzhen) Microelectronics Corp.	SHH	Technology	-7.2x	0.32	12.26	0.69	Net debt to EBITDA, net debt to ebitda: -12.10 on 2020-12-31 to -7.18 on 2025-12-31, up 41%.	Source n/a
39	SHH:600749Tibet Tourism Co.,Ltd	SHH	Consumer Cyclical	-5.7x	0.22	3.41	0.64	Net debt to EBITDA, net debt to ebitda: -2.50 on 2018-12-31 to -5.74 on 2025-12-31, down 130%.	Source n/a
40	SHH:603303Hengdian Group Tospo Lighting Co., Ltd.	SHH	Industrials	-5.2x	0.33	1.81	0.53	Net debt to EBITDA, net debt to ebitda: -2.79 on 2020-12-31 to -5.18 on 2025-12-31, down 86%.	Source n/a
41	SHH:601001Jinneng Holding Shanxi Coal Industry Co.,ltd.	SHH	Energy	-3.0x	0.08	2.63	0.52	Net debt to EBITDA, net debt to ebitda: 0.82 on 2018-12-31 to -2.95 on 2025-12-31, down 460%.	Source n/a
42	SHH:605166Juheshun Advanced Material Co., Ltd.	SHH	Basic Materials	-5.3x	0.50	1.46	0.32	Net debt to EBITDA, net debt to ebitda: -0.54 on 2019-12-31 to -5.29 on 2025-12-31, down 880%.	Source n/a
43	SHH:600616Shanghai Jinfeng Wine Company Limited	SHH	Consumer Defensive	-17.4x	0.03	6.24	0.86	Net debt to EBITDA, net debt to ebitda: -4.54 on 2020-12-31 to -17.44 on 2025-12-31, down 284%.	Source n/a
44	SHH:600605Shanghai Huitong Energy Co.,Ltd	SHH	Industrials	-18.1x	0.01	9.22	0.93	Net debt to EBITDA, net debt to ebitda: -0.41 on 2020-12-31 to -18.08 on 2025-12-31, down 4310%.	Source n/a
45	SHH:603106Cashway Fintech Co.,Ltd.	SHH	Industrials	-8.9x	0.02	4.79	0.79	Net debt to EBITDA, net debt to ebitda: -20.25 on 2021-12-31 to -8.88 on 2025-12-31, up 56%.	Source n/a
46	SHH:603257China Nerin Engineering Co Ltd	SHH	Industrials	-11.1x	0.01	1.77	0.47	Net debt to EBITDA, net debt to ebitda: -6.06 on 2021-12-31 to -11.11 on 2025-12-31, down 83%.	Source n/a
47	SHH:603986GigaDevice Semiconductor (Beijing) Inc.	SHH	Technology	-4.7x	0.01	6.89	0.88	Net debt to EBITDA, net debt to ebitda: -7.59 on 2024-12-31 to -4.72 on 2025-12-31, up 38%.	Source n/a
48	SHH:600167Luenmei Quantum Co.,Ltd	SHH	Utilities	-3.5x	0.19	2.45	0.65	Net debt to EBITDA, net debt to ebitda: -2.01 on 2021-12-31 to -3.52 on 2025-12-31, down 75%.	Source n/a
49	SHH:601686Tianjin You Fa Steel Pipe Group Stock Co., Ltd.	SHH	Basic Materials	-4.6x	0.42	1.20	0.24	Net debt to EBITDA, net debt to ebitda: -0.84 on 2018-12-31 to -4.63 on 2025-12-31, down 451%.	Source n/a
50	SHH:601369Xi'an Shaangu Power Co., Ltd.	SHH	Industrials	-3.4x	0.56	1.49	0.36	Net debt to EBITDA, net debt to ebitda: -3.14 on 2016-12-31 to -3.39 on 2025-12-31, down 8%.	Source n/a

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Filed figures cite the filing they come from; figures marked Market data are quotes as of the date shown. Not a recommendation and not advice.

Past figures are not a forecast. Anything we modelled is labelled as ours. You can lose money on any security.