(Yicai Global) April 8 -- The rumor that Caocao Chuxing will be acquired by China’s biggest ridehailing platform Didi Chuxing is not true, Securities Times reported today, citing the carsharing unit of auto manufacturer Geely Holding Group.

Caocao, which is 93 percent owned by Geely, is not seeking new ownership, the report said.

Beijing-based Didi declined to comment.

Business has been accelerating since Caocao bagged CNY3.8 billion (USD597 million) in B-Series funding in September last year, said Yu Feng, head of the public relations department.

The Suzhou, eastern Jiangsu province-based company has just appointed Zhou Hang, the founder of the country’s first online car reservation platform Yidao Yongche, as its new chairman, media reported yesterday.

Set up in 2015, Caocao’s services are available in 62 cities across China, including Beijing, Shanghai, Guangzhou and Chengdu, and it has more than 600,000 registered drivers.

Editor: Kim Taylor