image credit: Bamboo Works
Key Takeaways:
Lingxing Technology has filed for a Hong Kong IPO, reporting it generated 17.1 billion yuan in revenue last year but just 7.4 million yuan in profit
The company is China's third largest ride-hailing platform by order volume, but most of its business comes from aggregators such as Amap and Tencent Mobility Services
Nanjing Lingxing Technology is driving into an increasingly crowded capital market for ride-hailing companies with its new Hong Kong listing application, as the sector's easy-growth days move increasingly into the rear-view mirror. Its filing last week follows a run of similar listings and applications by names including Dida (2559.HK) and Chenqi (9680.HK) in 2024, CaoCao (2643.HK) last year, and a pending application from Xiangdao, also known as EnjoyGo, which is backed by auto giant SAIC Motor.
And, of course, there's DiDi Global, the industry heavyweight that dwarfs all of these smaller players, which briefly flirted with a Wall Street listing and is widely expected to throw its hat into the Hong Kong pool at some point in the not-too-distant future.
Despite its late arrival to the Hong Kong listing lane, Lingxing, which operates the T3 Chuxing ride-hailing platform, has a pedigree that few Chinese ride-hailing companies can match. The company was founded in 2019 by three major state automakers, FAW, Dongfeng Motor and Changan Auto. It's also backed by internet giants Tencent and Alibaba, and is now China's third largest smart mobility platform by order volume, according to its listing document.
It was operating in 194 cities at the end of last year, had 234.5 million registered riders and 1.4 million registered vehicles. And it handled 797.2 million orders in 2025, with 18.9 billion yuan in gross transaction value (GTV).
But the IPO filing also shows why investors may balk at this latest ride-hailing listing. Lingxing's revenue rose to 17.1 billion yuan ($2.5 billion) last year, but its profit was just a tiny fraction of that at 7.4 million yuan, implying a razor-thin net margin of just 0.04%. That works out to less than 0.01 yuan in profit per ride, based on its 2025 order volume.
The real threat: aggregator power
The bigger question is whether Lingxing's powerful backers translate ...
