<p><em>这家国有支持的出行平台具有全国规模和罕见的盈利能力，但其微薄的利润率和对聚合平台的高度依赖可能会让一些投资者感到畏惧</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/28040649/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-4-2026_12628_thebambooworks.com_-1024x585.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/28040649/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-4-2026_12628_thebambooworks.com_-1024x585.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>灵星科技已提交香港 IPO 申请，报告称去年收入为 171 亿元，但利润仅为 740 万元</li>
<li>该公司是中国第三大按订单量计算的打车平台，但其大部分业务来自于聚合平台，如高德地图和腾讯出行服务</li>
</ul>
<p><strong>南京灵星科技</strong> 正在进入一个日益拥挤的打车公司资本市场，提交了新的香港 上市申请，因为该行业的快速增长时代正逐渐成为过去。上周的申请紧随 <strong>滴答</strong>（2559.HK）和 <strong>乘骑</strong>（9680.HK）等公司在 2024 年的类似上市和申请之后，去年还有 <strong>曹操</strong>（2643.HK），以及由汽车巨头上汽集团支持的 <strong>享道</strong>（也称为 EnjoyGo）的待审申请。</p>
<p>当然，还有 <strong>滴滴出行</strong>，这个行业巨头使所有这些小型竞争者相形见绌，滴滴曾短暂考虑在华尔街上市，广泛预计将在不久的将来进入香港市场。</p>
<p>尽管灵星在香港上市的时间较晚，但其运营的 T3 出行打车平台拥有少数中国打车公司无法比拟的背景。该公司成立于 2019 年，由三家主要国有汽车制造商——一汽、东风汽车和长安汽车创立。它还得到了互联网巨头腾讯和阿里巴巴的支持，并且根据其上市文件，现在是中国第三大按订单量计算的智能出行平台。</p>
<p>截至去年年底，它在 194 个城市运营，拥有 2.345 亿注册乘客和 140 万辆注册车辆。2025 年，它处理了 7.972 亿个订单，交易总值（GTV）为 189 亿元。</p>
<p>但 IPO 申请也显示出投资者可能会对这一最新的打车上市感到犹豫。灵星的收入去年增长至 171 亿元（25 亿美元），但利润仅为 740 万元，意味着净利润率仅为 0.04%。根据其 2025 年的订单量，这相当于每次打车的利润不足 0.01 元。</p>
<h4><strong>真正的威胁：聚合平台的力量</strong></h4>
<p>更大的问题是，灵星的强大支持者是否能在一个仍由滴滴主导并日益受到聚合平台影响的市场中转化为持久的优势。这些平台包括阿里巴巴的高德地图和腾讯出行服务，它们在多个运营商之间分发打车请求。</p>
<p>聚合平台可以帮助像灵星这样的二线平台在没有高昂成本的情况下接触用户，而无需建立和推广自己的应用程序。但它们也削弱了与客户的直接关系，并增加了额外的费用。灵星的申请显示，聚合订单在 2023 年已占其总订单的 61.5%，到 2025 年更是上升至 85.9%。在实际操作中，这意味着灵星建立了一个庞大的运营，但大多数乘客现在是通过其他平台接触到它的。</p>
<p>这种依赖有明确的价格标签。该公司的销售和分销费用去年增长了 20.4%，达到 15.3 亿元，其中支付给聚合平台的渠道服务费占绝大多数。公司警告称，如果聚合平台变得更加集中或提高佣金，其利润率可能会受到影响——这明确承认其关键增长渠道也是一个关键的财务风险。</p>
<h4><strong>监管威胁</strong></h4>
<p>此外，股东之间的重叠既有利又尴尬。腾讯和阿里巴巴仍然是灵星的投资者，而它们的打车聚合平台是其打车订单的主要通道。这意味着帮助灵星达到当前规模的互联网巨头也是其商业模式的关键部分，形成了一种既有利可图又令人不安的关系。</p>
<p>这种不安源于政府在这个竞争激烈的行业中可能的干预，私营和国有公司都在争夺业务。监管机构对聚合平台及其与平台上运营商的关系，包括收费、司机收入、订单追踪和紧急情况处理，给予了更多关注。在当前打击反竞争行为的高政府优先级下，监管机构也可能会调查灵星因与腾讯和阿里巴巴的关系而获得的不公平优势。</p>
<p>滴滴仍然是行业基准，使灵星——以及中国打车行业几乎所有其他公司——相形见绌。滴滴的中国出行业务在 2025 年处理了 137 亿笔交易，生成了 3338 亿元的交易总值（GTV）——是灵星订单量和 GTV 的 17 倍以上。</p>
<p>这一差距表明，灵星真正的挑战不在于追赶滴滴，而在于证明在行业巨头之下存在一个盈利的 “二线” 公司的空间。</p>
<p>一个更相关的公开交易比较是曹操，这个由吉利支持的打车平台去年在香港上市。曹操的收入去年增长了 38%，达到 202 亿元——远快于灵星的 6.2% 的增长。然而，尽管其调整后的利润在第四季度转为正值，曹操仍然录得 6.136 亿元的净亏损。</p>
<p>这两家公司为投资者提供了同样艰难故事的两个版本。曹操出行看起来更具攻击性，增长更快，并且有更清晰的运营自有车队的战略。灵行则显得更为稳健，首先达到了全年盈利的里程碑。但其初期利润微薄，更高的激励、合规支出或技术投资都可能轻易将其推回亏损状态。</p>
<h4><strong>驶入机器人出租车时代</strong></h4>
<p>机器人出租车在灵行的招股说明书中占据重要位置，反映出传统打车业务的低利润现实，而机器人出租车由于劳动成本大幅降低，提供了更高盈利的潜力。公司表示，到 2025 年底，已有超过 300 辆机器人出租车接入其平台，并在南京和苏州进行路测。它还强调了其灵行千墨垂直大型模型和旨在协调人驾驶车辆与机器人出租车的调度系统。</p>
<p>但灵行并不是唯一一家拥有机器人出租车故事的打车公司。曹操出行依靠其吉利的关系开发专用机器人出租车，而滴滴也有自己的自动驾驶项目。此外，还有像 <strong>百度</strong> (NASDAQ: BIDU) (9888.HK) Apollo Go、<strong>Pony AI</strong> (NASDAQ: PONY) (2026.HK) 和 <strong>WeRide</strong> (NASDAQ: WRD) (0800.HK) 等纯机器人出租车运营商，它们越来越像传统打车公司的直接竞争对手。</p>
<h4><strong>灵行的优势</strong></h4>
<p>灵行的优势可能在于其全国规模、精英股东、新近盈利的状态以及在中国最大的打车平台中的明确地位。但它仍然远小于滴滴，增长速度也慢于曹操出行，越来越依赖于聚合平台，并且仍在寻找一个真正能使其与同行区分开的技术故事。</p>
<p>对于投资者来说，关键问题不是灵行是否能够处理数亿次打车请求——它已经可以。相反，问题在于公司在几乎完全依赖聚合平台、监管日益严格、司机收入压力以及与每个人都在追逐的机器人出租车未来相关的高成本面前将如何应对。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

腾讯控股

腾讯控股(ADS)

滴滴出行

<p>灵星科技已提交香港 IPO 申请，报告收入为 171 亿元，但利润仅为 740 万元，表明其利润率极低，仅为 0.04%。该公司得到主要国有汽车制造商和互联网巨头的支持，严重依赖于高德地图和腾讯等聚合平台，85.9% 的订单来自这些平台。这种依赖引发了对财务风险和监管审查的担忧，尤其是在行业领导者滴滴的竞争加剧之际。灵星面临的挑战在于证明其在大型企业主导的市场中的生存能力</p>

<p><em>The state-backed mobility platform has national scale and a rare profit, but its razor-thin margins and heavy reliance on aggregators could scare off some investors</em></p>
<div class="lb-trans"><p><em>这家国有支持的出行平台具有全国规模和罕见的盈利能力，但其微薄的利润率和对聚合平台的高度依赖可能会让一些投资者感到畏惧</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/28040649/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-4-2026_12628_thebambooworks.com_-1024x585.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/28040649/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_28-4-2026_12628_thebambooworks.com_-1024x585.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>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</li>
<li>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</li>
</ul>
<div class="lb-trans"><ul>
<li>灵星科技已提交香港 IPO 申请，报告称去年收入为 171 亿元，但利润仅为 740 万元</li>
<li>该公司是中国第三大按订单量计算的打车平台，但其大部分业务来自于聚合平台，如高德地图和腾讯出行服务</li>
</ul>
</div><p><strong>Nanjing Lingxing Technology</strong> 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 <strong>Dida</strong> (2559.HK) and <strong>Chenqi</strong> (9680.HK) in 2024, <strong>CaoCao</strong> (2643.HK) last year, and a pending application from <strong>Xiangdao</strong>, also known as EnjoyGo, which is backed by auto giant SAIC Motor.</p>
<div class="lb-trans"><p><strong>南京灵星科技</strong> 正在进入一个日益拥挤的打车公司资本市场，提交了新的香港 上市申请，因为该行业的快速增长时代正逐渐成为过去。上周的申请紧随 <strong>滴答</strong>（2559.HK）和 <strong>乘骑</strong>（9680.HK）等公司在 2024 年的类似上市和申请之后，去年还有 <strong>曹操</strong>（2643.HK），以及由汽车巨头上汽集团支持的 <strong>享道</strong>（也称为 EnjoyGo）的待审申请。</p>
</div><p>And, of course, there's <strong>DiDi Global</strong>, 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.</p>
<div class="lb-trans"><p>当然，还有 <strong>滴滴出行</strong>，这个行业巨头使所有这些小型竞争者相形见绌，滴滴曾短暂考虑在华尔街上市，广泛预计将在不久的将来进入香港市场。</p>
</div><p>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.</p>
<div class="lb-trans"><p>尽管灵星在香港上市的时间较晚，但其运营的 T3 出行打车平台拥有少数中国打车公司无法比拟的背景。该公司成立于 2019 年，由三家主要国有汽车制造商——一汽、东风汽车和长安汽车创立。它还得到了互联网巨头腾讯和阿里巴巴的支持，并且根据其上市文件，现在是中国第三大按订单量计算的智能出行平台。</p>
</div><p>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).</p>
<div class="lb-trans"><p>截至去年年底，它在 194 个城市运营，拥有 2.345 亿注册乘客和 140 万辆注册车辆。2025 年，它处理了 7.972 亿个订单，交易总值（GTV）为 189 亿元。</p>
</div><p>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.</p>
<div class="lb-trans"><p>但 IPO 申请也显示出投资者可能会对这一最新的打车上市感到犹豫。灵星的收入去年增长至 171 亿元（25 亿美元），但利润仅为 740 万元，意味着净利润率仅为 0.04%。根据其 2025 年的订单量，这相当于每次打车的利润不足 0.01 元。</p>
</div><h4><strong>The real threat: aggregator power</strong></h4>
<div class="lb-trans"><h4><strong>真正的威胁：聚合平台的力量</strong></h4>
</div><p>The bigger question is whether Lingxing's powerful backers translate into a durable edge in a market still dominated by DiDi and increasingly shaped by aggregating platforms. These platforms include Alibaba's Amap and Tencent Mobility Services, which field ride requests across multiple operators.</p>
<div class="lb-trans"><p>更大的问题是，灵星的强大支持者是否能在一个仍由滴滴主导并日益受到聚合平台影响的市场中转化为持久的优势。这些平台包括阿里巴巴的高德地图和腾讯出行服务，它们在多个运营商之间分发打车请求。</p>
</div><p>Aggregators can help second-tier platforms like Lingxing reach users without the heavy costs of building up and promoting their own apps. But they also weaken direct customer relationships and add another layer of fees. Lingxing's filing shows aggregator orders were already high at 61.5% of its total in 2023 and rose even higher to 85.9% in 2025. In practical terms, that means Lingxing has built up a large operation, but most riders now reach it through someone else's front door.</p>
<div class="lb-trans"><p>聚合平台可以帮助像灵星这样的二线平台在没有高昂成本的情况下接触用户，而无需建立和推广自己的应用程序。但它们也削弱了与客户的直接关系，并增加了额外的费用。灵星的申请显示，聚合订单在 2023 年已占其总订单的 61.5%，到 2025 年更是上升至 85.9%。在实际操作中，这意味着灵星建立了一个庞大的运营，但大多数乘客现在是通过其他平台接触到它的。</p>
</div><p>That dependence has a clear price tag. The company's sales and distribution expenses rose 20.4% last year to 1.53 billion yuan, with channel service fees paid to aggregators making up the overwhelming majority of that. The company warns its margins could suffer if aggregator platforms become more concentrated or raise commissions — a blunt admission that its key growth channel is also a key financial risk.</p>
<div class="lb-trans"><p>这种依赖有明确的价格标签。该公司的销售和分销费用去年增长了 20.4%，达到 15.3 亿元，其中支付给聚合平台的渠道服务费占绝大多数。公司警告称，如果聚合平台变得更加集中或提高佣金，其利润率可能会受到影响——这明确承认其关键增长渠道也是一个关键的财务风险。</p>
</div><h4><strong>Regulation threat</strong></h4>
<div class="lb-trans"><h4><strong>监管威胁</strong></h4>
</div><p>There is also a shareholder overlap that is at once advantageous but also awkward. Tencent and Alibaba remain investors in Lingxing, while their ride aggregating platforms are major gateways for its ride orders. That means the same internet giants that helped Lingxing reach its current scale are also a key part of its business model, creating a lucrative but also uneasy relationship.</p>
<div class="lb-trans"><p>此外，股东之间的重叠既有利又尴尬。腾讯和阿里巴巴仍然是灵星的投资者，而它们的打车聚合平台是其打车订单的主要通道。这意味着帮助灵星达到当前规模的互联网巨头也是其商业模式的关键部分，形成了一种既有利可图又令人不安的关系。</p>
</div><p>The uneasiness owes to the potential for government intervention in this cutthroat sector where both private and state-run companies vie for business. Regulators are paying closer attention to aggregators and their relationships with operators on their platforms, including the fares they charge, driver income, order tracing and handling of emergencies. In the current climate where combating anti-competitive behavior is a high government priority, regulators could also look into unfair advantages companies like Lingxing may receive due to its relationships with Tencent and Alibaba.</p>
<div class="lb-trans"><p>这种不安源于政府在这个竞争激烈的行业中可能的干预，私营和国有公司都在争夺业务。监管机构对聚合平台及其与平台上运营商的关系，包括收费、司机收入、订单追踪和紧急情况处理，给予了更多关注。在当前打击反竞争行为的高政府优先级下，监管机构也可能会调查灵星因与腾讯和阿里巴巴的关系而获得的不公平优势。</p>
</div><p>DiDi remains the industry benchmark that makes Lingxing – and just about everyone else in China's ride hailing sector – look small by comparison. DiDi's China mobility business handled 13.7 billion transactions and generated 333.8 billion yuan in GTV in 2025 — more than 17 times Lingxing's order volume and GTV.</p>
<div class="lb-trans"><p>滴滴仍然是行业基准，使灵星——以及中国打车行业几乎所有其他公司——相形见绌。滴滴的中国出行业务在 2025 年处理了 137 亿笔交易，生成了 3338 亿元的交易总值（GTV）——是灵星订单量和 GTV 的 17 倍以上。</p>
</div><p>That gap suggests Lingxing's real challenge is less about catching DiDi and more about proving there's room for a profitable &#34;second tier&#34; of companies beneath the industry giant.</p>
<div class="lb-trans"><p>这一差距表明，灵星真正的挑战不在于追赶滴滴，而在于证明在行业巨头之下存在一个盈利的 “二线” 公司的空间。</p>
</div><p>A more relevant publicly traded comparison is CaoCao, the Geely-backed ride-hailing platform that listed in Hong Kong last year. CaoCao's revenue grew 38% last year to 20.2 billion yuan — far faster than Lingxing's 6.2% growth. Yet CaoCao still posted a 613.6 million yuan net loss, even though its adjusted profit turned positive in the fourth quarter.</p>
<div class="lb-trans"><p>一个更相关的公开交易比较是曹操，这个由吉利支持的打车平台去年在香港上市。曹操的收入去年增长了 38%，达到 202 亿元——远快于灵星的 6.2% 的增长。然而，尽管其调整后的利润在第四季度转为正值，曹操仍然录得 6.136 亿元的净亏损。</p>
</div><p>These two companies offer investors two versions of the same uphill story. CaoCao looks more aggressive, with faster growth and a clearer strategy of operating its own vehicle fleet. Lingxing looks more disciplined, having reached the full-year profit milestone first. But its initial profits are so thin that higher incentives, compliance spending or technology investment could easily push it back into the red.</p>
<div class="lb-trans"><p>这两家公司为投资者提供了同样艰难故事的两个版本。曹操出行看起来更具攻击性，增长更快，并且有更清晰的运营自有车队的战略。灵行则显得更为稳健，首先达到了全年盈利的里程碑。但其初期利润微薄，更高的激励、合规支出或技术投资都可能轻易将其推回亏损状态。</p>
</div><h4><strong>Riding into robotaxis</strong></h4>
<div class="lb-trans"><h4><strong>驶入机器人出租车时代</strong></h4>
</div><p>Robotaxis feature prominently in Lingxing's prospectus, reflecting the reality that traditional ride-hailing remains a low-margin business and robotaxis offer the potential for greater profitability due to far lower labor costs. The company says more than 300 robotaxis were connected to its platform at the end of 2025, with road tests taking place in Nanjing and Suzhou. It also highlights its Lingxing Qianmo vertical large model and a dispatch system designed to coordinate human-driven vehicles and robotaxis.</p>
<div class="lb-trans"><p>机器人出租车在灵行的招股说明书中占据重要位置，反映出传统打车业务的低利润现实，而机器人出租车由于劳动成本大幅降低，提供了更高盈利的潜力。公司表示，到 2025 年底，已有超过 300 辆机器人出租车接入其平台，并在南京和苏州进行路测。它还强调了其灵行千墨垂直大型模型和旨在协调人驾驶车辆与机器人出租车的调度系统。</p>
</div><p>But Lingxing is hardly the only ride hailing company with a robotaxi story. CaoCao is leaning on its Geely's connections to develop purpose-built robotaxis, and DiDi has its own autonomous-driving program. Then there are pure-play robotaxi operators like <strong>Baidu's</strong> (NASDAQ: BIDU) (9888.HK) Apollo Go, <strong>Pony AI</strong> (NASDAQ: PONY) (2026.HK) and <strong>WeRide</strong> (NASDAQ: WRD) (0800.HK), which increasingly look like direct competitors to the traditional ride hailing companies.</p>
<div class="lb-trans"><p>但灵行并不是唯一一家拥有机器人出租车故事的打车公司。曹操出行依靠其吉利的关系开发专用机器人出租车，而滴滴也有自己的自动驾驶项目。此外，还有像 <strong>百度</strong> (NASDAQ: BIDU) (9888.HK) Apollo Go、<strong>Pony AI</strong> (NASDAQ: PONY) (2026.HK) 和 <strong>WeRide</strong> (NASDAQ: WRD) (0800.HK) 等纯机器人出租车运营商，它们越来越像传统打车公司的直接竞争对手。</p>
</div><h4><strong>Lingxing's edge</strong></h4>
<div class="lb-trans"><h4><strong>灵行的优势</strong></h4>
</div><p>Lingxing's edge may lie in its national scale, elite shareholders, newly profitable status and clear place among China's largest ride-hailing platforms. But it is still far smaller than DiDi, growing more slowly than CaoCao, increasingly dependent on aggregators, and still searching for a technology story to truly differentiate itself from its peers.</p>
<div class="lb-trans"><p>灵行的优势可能在于其全国规模、精英股东、新近盈利的状态以及在中国最大的打车平台中的明确地位。但它仍然远小于滴滴，增长速度也慢于曹操出行，越来越依赖于聚合平台，并且仍在寻找一个真正能使其与同行区分开的技术故事。</p>
</div><p>For investors, the key question is not whether Lingxing can process hundreds of millions of rides — it already can. Instead, the question is how the company will fare in the face of its near-total reliance on aggregators, tightening regulatory oversight, income pressure from its drivers, and high costs associated with a robotaxi future that everyone is chasing.</p>
<div class="lb-trans"><p>对于投资者来说，关键问题不是灵行是否能够处理数亿次打车请求——它已经可以。相反，问题在于公司在几乎完全依赖聚合平台、监管日益严格、司机收入压力以及与每个人都在追逐的机器人出租车未来相关的高成本面前将如何应对。</p>
</div><p><em>To subscribe to Bamboo Works weekly free newsletter, click</em> here</p>
<div class="lb-trans"><p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

Lingxing Seeks Hong Kong IPO, But Heavy Reliance On Aggregators Could Worry Investors

- 灵行科技在香港上市申请中披露了 171 亿元的收入和 740 万元的微薄利润。
- 该公司依赖于阿里巴巴和腾讯等聚合平台来获取订单，导致盈利能力受压。
- 监管日益严格和竞争对手的压力使投资者对该公司的未来抱有顾虑。

benzinga_article

阿里巴巴-W

阿里巴巴

嘀嗒出行

如祺出行

曹操出行

上汽集团

东风股份

东风集团股份

长安汽车

阿里巴巴-WR

Alibaba HK SDR 5to1

腾讯控股(ADR)

腾讯控股-R

Tencent HK SDR 10to1

领星计划在香港进行 IPO，但对聚合器的高度依赖可能会让投资者感到担忧