Home Page | Photos | Video | Forum | Most Popular | Special Reports | Biz China Weekly
Make Us Your Home Page
Most Searched: Mass line  Two sessions  CPPCC  NPC  Xi Jinping   

Tencent to buy stake in digital map provider Navinfo

English.news.cn   2014-05-06 11:02:52

BEIJING, May 5 (Xinhua) -- Chinese IT giant Tencent will buy a 11.28-percent stake in Navinfo, one of the country's major digital map providers, the seller said in its filing to the Shenzhen Stock Exchange on Monday evening.

According to the deal, Navinfo's majority shareholder China Survey will transfer 78 million of Navinfo's shares to Tencent for 1.17 billion yuan (189 million U.S. dollars).

After close of the deal, China Survey's stake in Navinfo will decline to 12.58 percent. The deal is still subject to approval by equity market authorities.

China's Internet companies have shown interest in map service, which is widely deemed a platform that can link online and offline business.

Before the Tencent-Navinfo deal, China's e-commerce giant Alibaba acquired digital map and navigation firm Autonavi earlier this year. The country's largest search engine Baidu has its own map service.

Editor: Xiang Bo
Related News
Home >> China            
Most Popular English Forum  
Top News  >>
Photos  >>
Video  >>
Top China News Latest News  
  Special Reports  >>