According to foreign media reports, Didi Chuxing is in deep negotiations with Navinfo Co., Ltd.'s subsidiary, Navinfo Co., Ltd., regarding the sale of its smart driving and cabin assets in exchange for Navinfo Co., Ltd.'s shares. The report states that Didi hopes to significantly exit the highly competitive electric vehicle market through this transaction, and the estimated value of the assets is close to 500 million yuan.

Affected by these rumors, the stock price of Navinfo Co., Ltd. hit the limit up today (August 26), closing at 7.12 yuan/share, with a market capitalization of 16.93 billion yuan. As of the close, the funds for closed-end transactions amounted to 61.3596 million yuan, accounting for 0.37% of its market capitalization.

Regarding the above rumors, Navinfo Co., Ltd. responded to the reporter from the Star Daily, saying, "Please refer to the announcement." Didi, on the other hand, stated, "We are internally investigating the situation." As of the time of writing, both parties have not provided any further response.

Navinfo Co., Ltd. has previously replied on its investor relations platform that it is a partner of Didi Chuxing and has always provided data and related technical support to them.

It is understood that Navinfo Co., Ltd., as a Tier 1 company, has been incurring losses for several years. The semi-annual forecast for this year shows a net loss between 0.295 billion yuan and 0.383 billion yuan, an increase of 0.01% to 30.01% year-on-year. In terms of equity penetration, the subsidiary directly held by Navinfo Co., Ltd. is Nanjing Navinfo Co., Ltd. (referred to as Navinfo Co., Ltd.), with a shareholding ratio of 30.2882%.

According to a report by First Financial News on August 26, Navinfo Co., Ltd. is considering an independent IPO after acquiring Didi's Smart Driving and Cabin Business.

Navinfo Co., Ltd. is a vehicle networking service provider, mainly providing users with underlying on-board operating systems, mobile phone-car interconnection solutions, nationwide road rescue, and traffic violation inquiries. It owns the electronic map product, "Mapbar", which supports functions such as driving navigation, map search, and nearby queries.

According to Tianyancha information, since 2005, NavInfo Co., Ltd. has received a total of 10 rounds of financing, with investment from well-known institutions such as Bosch Venture Capital, Tencent Investments, NIO Capital, MediaTek, IDG Capital, AiChi Automobile, and Hehui Capital.

It is worth noting that as early as one year ago (August 28, 2023), Didi Chuxing and XPeng Inc. jointly announced that XPeng Inc. will acquire the assets of Didi Smart Automobile Development Business with a maximum total consideration of HKD 5.835 billion.

According to the announcement disclosed by XPeng Inc. at that time, it will issue Class A ordinary shares that account for 3.25% of the total share capital after the completion of the transaction, and the lock-up period for the first batch of shares is 24 months.

At the same time, based on the cooperation between the two parties, XPeng Inc. will develop an A-level intelligent electric vehicle codenamed 'MONA', which will be the first product of its brand. The model is expected to be mass-produced and launched on the market by XPeng Inc. in 2024.

It is understood that XPeng MONA M03 will be officially launched tomorrow (August 27th).

Looking back at Didi's performance, on the evening of August 21st, the company published its Q2 2024 financial report. The data shows that in the second quarter, Didi's global revenue was CNY 50.864 billion. It is worth mentioning that its net income turned from loss to profit, reaching CNY 1.697 billion, and the net income attributable to Didi's common shareholders was CNY 1.4 billion. Adjusted EBITA (non-GAAP) profit was CNY 1.3 billion. In addition, Didi's daily average orders for domestic and international businesses reached a historical high of 33 million and 9.57 million, respectively.