NavInfo lost its subsidiary Mapbar control right

[TechWeb] On July 11th, NavInfo responded to the inquiry about whether the subsidiary Mapbar lost control and is no longer included in the company's scope of consolidation in the “Announcement on the Shenzhen Stock Exchange's 2018 Annual Report Letter of Inquiry”. .

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According to the announcement, on September 27, 2018, Mapbar, a new subsidiary of Siwei Tu, increased its shares and introduced investors Image Cyber,Top Grove, Weilai Capital and Advantech.. Prior to the capital increase, Siwei Tu held 60.325 per cent of Mapbar, a controlling shareholder of Mapbar and Mapbar as a subsidiary within the scope of the merger.

On November 23, 2018, the capital increase of all parties to the transaction has been fulfilled, and the relevant delivery procedures have been completed. The company's shareholding ratio to Mapbar has dropped from 60.325% before the transaction to 46.930%, and remains the largest shareholder.

Since November 23, 2018, NavInfo has no longer controlled Mapbar's financial and operating policies, no longer enjoys corresponding income and no longer bears corresponding risks. According to the relevant provisions of the Accounting Standards for Business Enterprises, Mapbar is no longer included in the scope of company consolidation.

In the 2018 financial report, NavInfo's loss of control over Mapbar was included in the current investment income of 1.076 billion yuan, of which the remaining equity was re-measured at fair value, the remaining equity fair value was 1.224 billion yuan and the remaining equity book value was 454 million yuan. The difference of 770 million yuan is included in the “investment income – after the loss of control, the residual equity is re-measured according to the fair value”. The book value of the remaining equity is 454 million yuan and the share of the original shareholding should be enjoyed by Mapbar from the date of purchase. The continuously calculated net assets share of 148 million yuan of difference of 306 million yuan is included in the "investment income - the investment income generated by the disposal of long-term equity investment."

Four-dimensional Tuxin believes that there is no early or delayed confirmation of the loss of control point, and it is reasonable to confirm the return on investment in 2018.

NavInfo's new subsidiary, Mapbar, is mainly engaged in the development and operation of mobile Internet navigation products and car networking products. The main products include: 1) Navigation services: passenger car navigation products (electronic map data, navigation software and navigation engine); 2) car networking business: intelligent network platform (including car networking platform, operating system and content services), such as WeCloud, WeLink, VUI, etc.; 3) Light vehicle networking business: including mobile phone and car interconnection. The pre-investment valuation of the Tuoba Group for this capital increase transaction is RMB 2 billion.

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