Comment on Tencent Has Bought 11.28% Stake in Mapping Company NavInfo by Xiaomi Shopping for Acquistions - TechNode

['Tracey Xiang', 'More Tracey Xiang', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2014-05-05 00:00:00

Chinese Internet giant Tencent has acquired 11.28% stake in NavInfo (SZ:002405), one of the leading mapping companies in China, for RMB1.173 billion (roughly $195.5 million), becoming its second largest shareholder, according to the announcement by NavInfo. It’s not a surprising move for Tencent as location-based services have become very important in this mobile era and the company has been developing mapping apps, street-view product, among others. Today the company launched a navigation gadget for vehicles. NavInfo is one of the veteran mapping companies in China, starting off with business-facing mapping data business. Its direct competitor AutoNavi, who shifted focus earlier, has been acquired by Alibaba Group.