This article only represents the author's own views.
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.