Didi's ride-hailing rival Cao Cao Mobility raises $600m to fund expansion

REUTERS/Damir Sagolj

Geely’s Cao Cao Mobility said on Monday that it had raised 3.8 billion yuan ($589 million) to fund expansion, amid competition to grab market share from China’s embattled ride-hailing leader Didi Global Inc.

Cao Cao‘s funding round comes as New York-listed Didi faces a cybersecurity investigation by Chinese authorities. Along with other ride-hailing companies, including Meituan’s, Cao Cao is offering promotions to attract more users.

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