(Yicai Global) Nov. 20 -- Shares of Tencent-backed Navinfo jumped after China chose the navigation software provider to build a data management platform for connected vehicles that will help the government to set national standards in the field.
Navinfo [SHE: 002405] closed almost 2.5 percent higher today at CNY16.23 (USD2.47), after earlier climbing as much as 3.9 percent. The benchmark Shenzhen Component Index rose 0.4 percent.
The Ministry of Industry and Information Technology awarded the CNY100 million (USD15.2 million) project contract along with financial support worth about CNY13.5 million (USD2.1 million) to Navinfo, the Beijing-based company said in a statement. The new platform will monitor and manage security risks, it said.
Chinese internet giant Tencent Holdings is the second-largest shareholder in Navinfo, a leading developer in transport navigation, connected cars and autonomous driving whose partners include auto giants such as Japan’s Toyota Motor and Honda Motor.
Shenzhen-based Tencent and Navinfo have worked together on mapping data technologies for autonomous driving.
Editor: Tom Litting