06-12-2022
Geely-backed Cao Cao said to pick banks for Hong Kong IPO
The company is working with ABC International Holdings Ltd., Bank of America Corp. and Huatai International on the first-time share sale, the people said.
A smaller competitor against Didi Global Inc. in the ride-hailing arena, Cao Cao offers service via its own fleet of vehicles and taxis, as well as services including concierge and car rental, according to Geely’s website.
It’s available in 62 cities in China, including Hangzhou, Beijing, Shanghai, Guangzhou and Shenzhen.
The firm was established in 2015 and raised 1 billion yuan ($143 million) three years later in a series A funding round that valued it at more than 10 billion yuan, its website shows.
It raised another 3.8 billion yuan last year in a series B round from investors including Suzhou Xiangcheng Financial Holding Group.
Source: The Standard
https://www.thestandard.com.hk/market/article/197930/
