According to foreign media reports, Didi Chuxing is in deep negotiations with NavInfo's subsidiary, NavInfo Intelligence, for the sale of its smart driving and cabin assets in exchange for shares in NavInfo Intelligence. The report states that Didi hopes to significantly exit the highly competitive electric vehicle market through this transaction, with the valuation of the assets being close to 0.5 billion yuan.

Affected by these rumors, NavInfo's stock price hit the daily limit and closed at 7.12 yuan per share, with a market cap of 16.93 billion yuan. As of the closing, the funds locked in by the closing block accounted for 0.37% of its market cap, amounting to 61.3596 million yuan.

Regarding the aforementioned rumors, NavInfo responded to the reporter from Star Daily, stating, "Please refer to the announcement." Didi, on the other hand, said, "We are currently internalizing the situation." As of the time of writing, both parties have not provided any further response.

NavInfo has previously replied on the investor relations platform that they are a partner of Didi Chuxing and have been providing data and related technical support to them.

It is understood that as a Tier 1 supplier, NavInfo has been losing money for several years. The company's semi-annual forecast for this year is a net loss of 0.295 billion yuan to 0.383 billion yuan, with a year-on-year increase of 0.01% to 30.01%. From a equity penetration perspective, the subsidiary directly held by NavInfo is Nanjing NavInfo Intelligence Technology Co., Ltd., with a shareholding ratio of 30.2882%.

According to the reporter from China Business News on August 26th, NavInfo Intelligence may consider independent listing after acquiring Didi's smart driving and cabin business.

NavInfo Intelligence is a vehicle networking service provider that mainly provides users with underlying in-vehicle operating systems, mobile-phone-to-vehicle connectivity solutions, national road rescue, and traffic violation inquiries. Its subsidiary, Mapbar, owns an electronic map product that supports functions such as car navigation, map search, and nearby queries.

Tianyancha information shows that since 2005, NavInfo Co., Ltd. has received a total of 10 rounds of financing, with investors including Bosch Venture Capital, Tencent Investment, Nio Capital, MediaTek, IDG Capital, Ai Chi Auto, Hehui Capital, and Dongfang Fuhai, and other well-known institutions.

It is worth noting that as early as one year ago (i.e. August 28, 2023), Didi Chuxing and Xpeng announced jointly that Xpeng would acquire the assets of Didi's smart car development business for a maximum total consideration of 5.835 billion Hong Kong dollars.

According to Xpeng's announcement at that time, it will issue A-class common shares representing 3.25% of the total share capital after the completion of the transaction, with a lock-up period of 24 months for the first batch of shares.

At the same time, based on the cooperation between the two parties, Xpeng will use this to create an A-level smart electric vehicle, with the project codenamed "MONA," as its first new brand product. The model is expected to be mass-produced and launched in the market by Xpeng in 2024.

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

Looking back at Didi's performance, on the evening of August 21, it released its second-quarter financial report for 2024. The data shows that Didi's global revenue in the second quarter was 50.864 billion yuan. It is worth mentioning that its net profit turned from a loss to a profit, reaching 1.697 billion yuan, and the net profit attributable to ordinary shareholders of Didi was 1.4 billion yuan. Adjusted EBITA (non-GAAP) profit was 1.3 billion yuan. In addition, Didi's domestic and international business set historical new highs for daily average orders, with 33 million orders and 9.57 million orders respectively.