China's DiDi to become 2nd-largest shareholder of state-backed NavInfo unit

DiDi Global

28/08/2024 08:52

BEIJING, Aug 28 (Reuters) - Chinese ride-hailing giant
DiDi Global  92Sy.MU  will swap cash plus its smart driving and
cockpit unit for 16.5% of AutoAi, a subsidiary of state-backed
maps firm NavInfo  002405.SZ , the latter said in a stock
exchange filing on Wednesday.
    DiDi Smart Transportation Technology will make up 87% of
AutoAi's plan to boost its registered capital by 27.45 million
yuan ($3.85 million), with NavInfo contributing the remainder,
showed the filing with the Shenzhen Stock Exchange.
    DiDi will become the second-largest shareholder of AutoAi, a
provider of intelligent cockpits-related software and hardware.
NavInfo will be the biggest shareholder with 27%.
    The deal, which confirms a Reuters report on Monday, values
the DiDi subsidiary at 450 million yuan, the filing showed.
    DiDi expects the deal will help it pull back significantly
from electric vehicle (EV) manufacturing where automakers
compete fiercely in a consolidating market, sources have said.
    The ride-hailer sold its EV development business, comprising
the majority of its EV-related assets, to Xpeng  9868.HK  in
2023 in a deal worth $744 million, in exchange for a roughly
3.25% stake in the automaker.
    
($1 = 7.1312 Chinese yuan renminbi)

 (Reporting by Qiaoyi Li and Kevin Krolicki; Additional
reporting by Julie Zhu in Hong Kong; Editing by Christopher
Cushing)
 ((qiaoyi.li@thomsonreuters.com;))