Asian Tech Press (SEP 27) -- After raising nearly $600 million earlier this month, Geely-backed ride-hailing platform Cao Cao Mobility is reportedly in talks with investors for a new round of financing in hopes of furthering its dominance in China's ride-hailing market.

In an interview, Cao Cao CEO Gong Xin said that this latest round of funding could be completed in the first half of 2022. This comes just after the Geely Group-owned ride-hailing company raised 3.8 billion yuan ( US$588 million ) from state-owned funds, including Suzhou Xiangcheng Financial Holding Group and Suzhou High Speed Rail New City Group.

Cao Cao currently ranks second in China's ride-hailing market in terms of daily orders, covering 62 cities with a 15-30 percent market share. The company's travel orders in September doubled from the average of March and April, said Gong Xin. " The potential of the mobility business is huge." He said, "The market development needs financial support. We will attract more investors to join in the future, especially strategic investors."

He revealed that the company also has the possibility of an IPO in the next five years but has not yet determined the exact location of the listing.

Cao Cao plans to increase daily travel orders by ten times to more than 10 million during this period. The company also plans to expand into South America, Southeast Asia, and Europe markets as early as next year.