[Purpose/significance] Addressing critical needs in digital economy development, this study establishes a theoretical framework for data trading platforms and investigates their construction modes, providing theoretical and practical guidance for platform operations. [Method/process] Applying the LDA model to policy texts for topic model⁃ing, this study constructed the framework of data trading platforms, followed by comparative case studies of representa⁃tive government-led and enterprise-led platforms through systematic platform investigations. [Result/conclusion]This study established a five-in-one theoretical framework for data trading platforms. Government-led platforms pay more attention to platform ecological construction and compliance requirements, which adopt the constructing mode of "policy orientation+ecological synergy+normative guidance". Enterprise-led platforms focus on flexible service and value realization, which adopt the construction mode of "flexibility and autonomy+precision marketing+diversified ser⁃vice". The two types of platform construction basically conform to the policy orientation. The government-led platforms should strengthen technological innovation, promote data supply and enhance market-oriented operation ability. Enter⁃prise-led platforms should deepen cooperation, improve compliance mechanism and strengthen whole process manage⁃ment.