Eleanor Olcott / Financial Times:
Didi’s ride hailing rival Cao Cao Mobility, which is owned by automaker Geely, raises ~$588M from Chinese state-owned funds; Cao Cao had 10M+ MAUs in July  —  Cao Cao Mobility raises Rmb3.8bn as it tries to take advantage of crackdown on larger competitor  —  Chinese state-owned funds …

Source From techmeme