Chinese ride-hailing platform T3 is close to securing RMB 5 billion ($775 million) in a funding round led by state-owned financial conglomerate Citic Group, Chinese media LatePost (in Chinese) reported Thursday, citing three unnamed sources. 

Why it matters: Didi’s rivals, especially those funded by state-owned enterprises, have received a new wave of investment since the nation’s leading ride-hailer was put under a cybersecurity review in July. 

Details: Two sources told LatePost that investment firms are “very enthusiastic” about this new opportunity in China’s ride-hailing market. “Firms have placed investment biddings of more than ten billion yuan,” the sources told LatePost.  

  • Headquartered in the eastern city of Nanjing, T3 was launched in July 2019 with backing from state-owned automakers FAW, Dongfeng, and Changan, as well as tech giants Alibaba and Tencent. 
  • In August, T3 completed, on average, more than 1.2 million trips per day, a 70% increase from December, the report said. T3 still lags far behind dominant player Didi, which averaged 20 million trips in the same month.   
  • A spokesperson for T3 declined to comment on the report when contacted by TechNode on Friday and said the news should be “subject to the company’s official announcement.” 

Context: Cao Cao Mobility, the ride-hailing unit of Chinese private automaker Geely, raised RMB 3.8 billion from investors led by a group of state-owned enterprises in early September. 

READ MORE: Didi app ban ignites race for ride-hailing market share

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: or Twitter: @jill_shen_sh