Didi Kuaidi, the largest ride-hailing company in China, has received at least $1 billion in commitments for a new fundraising round, according to media reports. Staffing industry Analysts’ Human Cloud Landscape report ranks Didi Kauidi as the second-largest company by 2014 global human cloud spend, behind only Uber.

Once the financing closes, it would value the Uber rival at more than $20 billion, an unnamed source told Bloomberg. The round is oversubscribed, and the company is still negotiating terms with investors, the person said. 

TechCrunch reported Uber believes its rival is burning so much money that it needs to keep topping its balance up.

Uber is losing $1 billion a year in China, but is profitable in the US, according to news reports. The information comes after the ride-sharing company reported a $200 million investment last week from LetterOne, an investment firm led by Russian businessman Mikhail Fridman.