Chinese state-owned funds are piling into a fast-growing rival to Didi Chuxing, taking advantage of regulatory pressure on the country’s largest ride-hailing app.
Cao Cao Mobility announced on Monday that it raised Rmb3.8bn ($588m) from a group of state-owned funds based in the eastern city of Suzhou, to accelerate its expansion and improve driver safety.
“The government wants tech players to have state-owned money,” said Shaun Rein, founder of China Market Research Group. “Beijing was not happy about Didi trading overseas, with the backing of foreign players including SoftBank and Uber.”
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