Xiaomi Invests RMB 84 Mln in GPS Company Careland

Careland, 10/09/14

Shenzhen-based GPS systems maker Careland Computing Systems Technology today announced that it will raise RMB 84 mln through a private offering to two companies, Tianjing Jinxing Investment and Tianjin Shumi Investment. Both investors are wholly owned subsidiaries of Beijing-based Android device maker Xiaomi, with Xiaomi CEO Lei Jun serving as the legal representative for each subsidiary. According to a Careland spokesperson, the purpose of the stock issuance is to attract strategic investors to promote telematics and significantly expand the company's mobile internet business.

Careland primarily provides GPS mapping, navigation software, smart hardware and telematics services for drivers. Careland ranked second in China's Q2 2014 offline handset navigation market, as ranked by cumulative users, according to Chinese market research firm Analysys.

Editor's Note: For more background on this topic, please see "Rumor: Xiaomi to Develop In-vehicle OS" MD 7/14/14 issue.

Keywords: M&A automobile Lei Jun navigation wireless Careland mapping Xiaomi

Feedback

Sending

Disclaimer

The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

Marbridge Daily