Abstract: Government-led data trading platforms are spearheading the robust development of China's data factor market. This study focuses on five bench mark platforms, employing the classical grounded theory framework to analyze their development patterns and challenges. The findings reveal that their developmental models can be summarized into five key elements: policy guidance, developmental strategies, standardization construction, platform services, and the cultivation of a digital business ecosystem. However, these platforms face several challenges, including a lack of core competitiveness, insufficient interconnectivity, pronounced data silos, and limited transaction scales. To address these challenges, platforms need to expand their market influence through differentiated positioning, joint construction of a standardized interconnected ecosystem, collaborative development of digital business alliances, and active expansion of bilateral user groups. Meanwhile, the National Data Administration should undertake overall planning for platform deplayment, strengthen integrated security supervision, and establish a robust safety framework to ensure the healthy development of the market.

Key words: Data element market, Data trading platform, Government-led, Development model, Classical grounded theory