Cooperative perception significantly enhances the perception performance of connected autonomous vehicles. Instead of purely relying on local sensors with limited range, it enables multiple vehicles and roadside infrastructures to share sensor data to perceive the environment collaboratively. Through our study, we realize that the performance of cooperative perception systems is limited in real-world deployment due to (1) out-of-sync sensor data during data fusion and (2) inaccurate localization of occluded areas. To address these challenges, we develop RAO, an innovative, effective, and lightweight cooperative perception system that merges asynchronous sensor data from different vehicles through our novel designs of motion-compensated occupancy flow prediction and on-demand data sharing, improving both the accuracy and coverage of the perception system. Our extensive evaluation, including real-world and emulation-based experiments, demonstrates that RAO outperforms state-of-the-art solutions by more than 34% in perception coverage and by up to 14% in perception accuracy, especially when asynchronous sensor data is present. RAO consistently performs well across a wide variety of map topologies and driving scenarios. RAO incurs negligible additional latency (8.5ms) and low data transmission overhead (10.9 KB per frame), making cooperative perception feasible.