Cao Cao Mobility Seeks to Gain Ground as it Raises Series B, While Didi Global Toils

Posted on 09/11/2021

Cao Cao Mobility is the ride-hailing unit of Chinese automaker Geely Automobile Holdings. Cao Cao Mobility raised 3.8 billion CNY (US$ 589 million) in a Series B round. Suzhou Xiangcheng Financial Holding Group, an investment company backed by the Xiangcheng district government of Suzhou, led the Series B round along with Suzhou High-Speed Rail New City Group and three other state-controlled enterprises. The largest competitor to Cao Cao Mobility is Didi Global, the Chinese ride-hailing app. Listed company Didi Global is currently under cybersecurity investigation by the Chinese government and has been temporarily removed from Chinese app stores. Cao Cao Mobility is currently available in 62 cities in China.

There is a possibility that state-owned Beijing Tourism Group and other companies based would invest in Didi Global and take a golden share with veto power and a board seat.

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