Tag: caocao

Didi Competitor Cao Cao raised $589m
Tech

Didi Competitor Cao Cao raised $589m

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. Cao Cao, which was launched in 2015, said in a statement it will use the money to develop technology, expand its business, and develop its own purpose-built vehicles for ride hailing. Chinese regulators are urging ride hailing companies to hire qualified drivers to comply with relevant rules and protect data security. Cao Cao operates in 62 ci...
China’s ride-hailing industry records a 12.4% drop in June
Tech

China’s ride-hailing industry records a 12.4% drop in June

News for Investors in Didi and other Chinese Ride Hailing companies. In June 2021 a total of 701.46 million orders were reported. This is a decline of 12.4 percent from the previous month according to the MOT. Among the major platforms, Shouqi reported a 20.4 percent drop in orders, while Didi Chuxing saw a decline of 13.4 percent in total orders. Among all 236 online ride-hailing platforms, 13 platforms, including Shouqi Limousine & Chauffeur, UCAR, Didi Chuxing, Geely-backed Cao Cao Mobility as well as some other operators, completed more than 300,000 orders in the past month, with ten platforms losing business.  In terms of compliance rate, Didi Chuxing, which has been put under a strict regulatory scrutiny over cybersecurity issues, only saw a rate of 39.5 percent - meaning ...