高德軟件招股說明書Autonavi Software Prospectus Filed

\l"D424B4_HTM_TOC"TableofContentsFiledPursuanttoRule424(b)(4)

RegistrationNo.333-1674028,625,000AmericanDepositarySharesAutoNaviHoldingsLimitedRepresenting34,500,000OrdinaryShares

ThisisaninitialpublicofferingofAmericandepositaryshares,orADSs,ofAutoNaviHoldingsLimited,orAutoNavi.AutoNaviisoffering7,500,000ADSs.Thesellingshareholdersidentifiedinthisprospectusareofferinganadditional1,125,000ADSs.EachADSrepresentsfourofourordinaryshares,parvalue$0.0001pershare.WewillnotreceiveanyproceedsfromtheADSssoldbythesellingshareholders.Priortothisoffering,therehasbeennopublicmarketfortheADSsortheordinaryshares.OurADSshavebeenapprovedforlistingontheNasdaqGlobalSelectMarketunderthesymbol“AMAP.”See“\l"D424B4_HTM_ROM69817_2"RiskFactors”beginningonpage14forfactorsyoushouldconsiderbeforebuyingtheADSs.

NeithertheUnitedStatesSecuritiesandExchangeCommissionnoranyotherregulatorybodyhasapprovedordisapprovedofthesesecuritiesorpassedupontheaccuracyoradequacyofthisprospectus.Anyrepresentationtothecontraryisacriminaloffense.

Per

ADS

TotalInitialpublicofferingprice

$12.50

$107,812,500Underwritingdiscount

$0.875

$7,546,875Proceeds,beforeexpenses,toAutoNavi

$11.625

$87,187,500Proceeds,beforeexpenses,tothesellingshareholders

$11.625

$13,078,125Totheextenttheunderwriterssellmorethan8,625,000ADSs,theunderwritershavea30-dayoptiontopurchaseuptoanadditional1,293,750ADSsfromusattheinitialpublicofferingpricelesstheunderwritingdiscount.

TheunderwritersexpecttodelivertheADSsagainstpaymentinU.S.dollarsinNewYork,NewYorkonJuly7,2010.

Goldman

Sachs

(Asia)

L.L.C.

Oppenheimer&Co.

PacificCrestSecurities

ProspectusdatedJune30,2010.\l"D424B4_HTM_TOC"TableofContents\l"D424B4_HTM_TOC"TableofContents\l"D424B4_HTM_TOC"TableofContents\l"D424B4_HTM_TOC"TableofContentsTABLEOFCONTENTSProspectus

Page\l"D424B4_HTM_ROM69817_1"Summary

1\l"D424B4_HTM_ROM69817_2"RiskFactors

14\l"D424B4_HTM_ROM69817_3"SpecialNoteRegardingForward-LookingStatements

46\l"D424B4_HTM_ROM69817_4"UseofProceeds

48\l"D424B4_HTM_ROM69817_5"DividendPolicy

49\l"D424B4_HTM_ROM69817_6"Capitalization

50\l"D424B4_HTM_ROM69817_7"Dilution

51\l"D424B4_HTM_ROM69817_8"ExchangeRateInformation

53\l"D424B4_HTM_ROM69817_9"EnforceabilityofCivilLiabilities

54\l"D424B4_HTM_ROM69817_10"CorporateStructure

56\l"D424B4_HTM_ROM69817_11"SelectedConsolidatedFinancialData

61\l"D424B4_HTM_ROM69817_12"Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations

64\l"D424B4_HTM_ROM69817_13"Industry

99\l"D424B4_HTM_ROM69817_14"Business

104\l"D424B4_HTM_ROM69817_15"Regulation

120\l"D424B4_HTM_ROM69817_16"Management

132\l"D424B4_HTM_ROM69817_17"PrincipalandSellingShareholders

140\l"D424B4_HTM_ROM69817_18"RelatedPartyTransactions

144\l"D424B4_HTM_ROM69817_19"DescriptionofShareCapital

146\l"D424B4_HTM_ROM69817_20"DescriptionofAmericanDepositaryShares

154\l"D424B4_HTM_ROM69817_21"SharesEligibleforFutureSales

163\l"D424B4_HTM_ROM69817_22"Taxation

165\l"D424B4_HTM_ROM69817_23"Underwriting

171\l"D424B4_HTM_ROM69817_24"ExpensesRelatedtoThisOffering

178\l"D424B4_HTM_ROM69817_25"LegalMatters

179\l"D424B4_HTM_ROM69817_26"Experts

180\l"D424B4_HTM_ROM69817_27"AdditionalInformation

181\l"D424B4_HTM_ROM69817_28"IndextoConsolidatedFinancialStatements

F-1

Nodealer,salespersonorotherpersonisauthorizedtogiveanyinformationortorepresentanythingnotcontainedinthisprospectusorinanyfreewritingprospectuswemayauthorizetobedeliveredormadeavailabletoyou.Youmustnotrelyonanyunauthorizedinformationorrepresentations.ThisprospectusisanoffertosellonlytheADSsofferedhereby,butonlyundercircumstancesandinjurisdictionswhereitislawfultodoso.Theinformationcontainedinthisprospectusiscurrentonlyasofitsdate.Neitherwenoranyoftheunderwritershasdoneanythingthatwouldpermitthisofferingorpossessionordistributionofthisprospectusoranyfiledfreewritingprospectusinanyjurisdictionwhereactionforthatpurposeisrequired,otherthanintheUnitedStates.PersonsoutsidetheUnitedStateswhocomeintopossessionofthisprospectusoranyfiledfreewritingprospectusmustinformthemselvesabout,andobserveanyrestrictionsrelatingto,theofferingoftheADSsandthedistributionofthisprospectusoranyfiledfreewritingprospectusoutsideoftheUnitedStates.ThroughanduntilJuly25,2010(the25thdayafterthedateofthisprospectus),alldealerseffectingtransactionsinthesesecurities,whetherornotparticipatinginthisoffering,mayberequiredtodeliveraprospectus.Thisisinadditiontoadealer’sobligationtodeliveraprospectuswhenactingasanunderwriterandwithrespecttoanunsoldallotmentorsubscription.

i\l"D424B4_HTM_TOC"TableofContentsSUMMARYThissummaryhighlightsinformationcontainedelsewhereinthisprospectusanddoesnotcontainalloftheinformationthatyoushouldconsiderinmakingyourinvestmentdecision.BeforeinvestingintheADSs,youshouldcarefullyreadthisentireprospectus,includingourfinancialstatementsandrelatednotesincludedinthisprospectusandtheinformationsetforthundertheheadings“RiskFactors”and“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations.”Inthisprospectus,unlessthecontextindicatesotherwise,“we,”“us,”“ourcompany,”“our,”and“AutoNavi”refertoAutoNaviHoldingsLimited,itssubsidiariesandconsolidatedvariableinterestentities,andthevariableinterestentities’subsidiaries;and“China”orthe“PRC”referstothePeople’sRepublicofChinaexcluding,forthepurposeofthisprospectusonly,HongKong,MacauandTaiwan.Thisprospectuscontainsinformationfromthreereportscommissionedbyusandpreparedby

AnalysysInternational,anindependentmarketresearchfirm,

toprovide

informationonthein-dashnavigationmarket,portablenavigationdevicesmarketandInternetlocation-basedservicesmarket

inChina,respectively.

WerefertothesereportsastheAnalysysIn-DashReport,theAnalysysPND

ReportandtheAnalysysInternetReport,respectively,inthisprospectus.Inaddition,thisprospectuscontainsinformationfromareportcommissionedbyusandpreparedbyFrost

&Sullivan,alsoanindependentmarketresearchfirm,toprovideinformationonthewirelesslocation-basedservicesmarketinChina.WerefertothisreportastheFrost

&SullivanReportinthisprospectus.AutoNaviHoldingsLimitedOverviewWearealeadingproviderofdigitalmapcontentandnavigationandlocation-basedsolutionsinChina.Atthecoreofourbusinessisacomprehensivenationwidedigitalmapdatabasethatcoversapproximately2.8

millionkilometersofroadwayandover12.5

millionpointsofinterestacrossChina.AlmostallofChina’s1.3billionpeoplelivewithintheareacoveredbyourdigitalmapdatabase.Inaddition,wehavecompleted3-Dnavigationmapsofkeyareasin19majorcitiesandphoto-realistic3-Dmodelsof16citiesforpublicsectorprojects.Wehavealsobuiltatechnologyplatformthatenablesustodeveloptailoredsolutionsforourcustomers.Throughournationwidedigitalmapdatabaseandproprietarytechnologyplatform,wehavebecomeamarketleaderinprovidingthefollowingcomprehensive,integratednavigationandlocation-basedsolutionsoptimizedfortheChinesemarketandusers:

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AutomotiveNavigation.

Weprovidedigitalmapdataforin-dashnavigationsystemsinstalledbyanumberofinternationalanddomesticautomobilemanufacturersonover100carmodelsinChina,includingmultipleAudiandBMWmodels.AccordingtotheAnalysysIn-DashReport,wewerethelargestproviderofdigitalmapdataforin-dashnavigationsystemsinChina,witha48.7%marketsharebasedonthenumberofcopiesofdigitalmapdatasoldin2009.Wealsoprovidecustomizednavigationsolutions,rangingfromdigitalmapdatatoa“totalsolution”whichconsistsofdigitalmapdata,thenavigationengineandtheuserinterface,tomanymajorportablenavigationdevicemanufacturersinChina.AccordingtotheAnalysysPNDReport,wewerethelargestproviderofdigitalmapdataforportablenavigationdevicesinChina,witha30.3%marketsharebasedonthenumberofportablenavigationdevicessoldthathaveinstalledoursolutionsin2009.

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PublicSectorandEnterpriseApplications.

Weprovideawiderangeofsolutionstopublicsectorandenterprisecustomers,includingaerialphotogrammetrysolutions,3-Dmodelingapplications,location-basedpublicsectorsolutionsandlocation-basedenterprisesolutions.

1\l"D424B4_HTM_TOC"TableofContents

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Wireless/InternetLocation-basedSolutions.

ChinaMobileCommunicationsCorporation,orChinaMobile,theworld’slargestmobileoperatormeasuredbynumberofsubscribers,usesournationwidedigitalmapdatabaseforitswirelesslocation-basedservices.WeandChinaMobilearealsojointlydevelopinganewmobilenavigationserviceutilizingourmapdataandnavigationengine,whichisexpectedtobelaunchedin2010.OurcontractualrelationshipwithChinaMobileismaintainedthroughChinaMobileGroupLiaoningCo.,Ltd.,orChinaMobileLiaoning,theChinaMobilesubsidiaryinchargeofconstructingandoperatingalocation-basedserviceplatformforChinaMobile’snationwidenetwork.Wealsohavecollaboratedwithseveralmobilephonemanufacturers,primarilySamsung,topre-installournavigationsolutionsontheirmobilephones.Inaddition,weprovidemapapplicationsolutions,includingthroughapplicationprogramminginterface,ormapAPI,tomorethan6,500websitesinChina,includingwebsitesoperatedbyGoogleInc.,orGoogle,andSINACorporation,orSINA,enablingthemtoprovidelocation-basedservicestotheirend-users.AccordingtotheAnalysysInternetReport,ourmapdatabaseaccountedfor49.7%ofthetotalaccessestomapdatabyInternetusersinChinain2009,morethananyotherdigitalmapproviderinChina.AccordingtotheFrost&SullivanReport,MiniMap,ouruser-endmapapplicationsoftwareformobilephoneusers,whichiscurrentlyprovidedfreeofcharge,wasthesecondmostwidelyusedmapapplicationsoftwareformobilephoneusersinChinain2009.In2009,netrevenuesfromourautomotivenavigation,publicsectorandenterpriseapplicationsandwireless/Internetlocation-basedsolutionsbusinessesaccountedfor63.3%,25.1%and9.0%,respectively,ofourtotalnetrevenues.ForthethreemonthsendedMarch31,2010,netrevenuesfromourautomotivenavigation,publicsectorandenterpriseapplicationsandwireless/Internetlocation-basedservicesbusinessesaccountedfor73.8%,13.8%and10.7%,respectively,ofourtotalnetrevenues.Ournetrevenuesincreasedfrom$29.7millionin2007to$45.5millionin2008andto$57.2millionin2009,representingacompoundannualgrowthrate,orCAGR,of38.8%from2007to2009,andincreasedby42.7%from$11.6millionforthethreemonthsendedMarch31,2009to$16.6millionforthethreemonthsendedMarch31,2010.NetincomeattributabletoAutoNaviHoldingsLimitedshareholdersdecreasedby61.7%from$5.7millionin2007to$2.2millionin2008,andincreasedby371.7%from$2.2millionin2008to$10.4millionin2009.NetincomeattributabletoAutoNaviHoldingsLimitedshareholdersdecreasedby42.6%from$1.6millionforthethreemonthsendedMarch31,2009to$897,000forthethreemonthsendedMarch31,2010.In2009,weincurredshare-basedcompensationexpensesof$4.8million,including$2.9millionfromourcontinuingoperations.ForthethreemonthsendedMarch31,2010,ourshare-basedcompensationexpenseswere$4.3million,comparedtonilforthethreemonthsendedMarch31,2009.OurIndustryDigitalmapinformationhasawiderangeofapplications,includingnavigation,location-basedservicesandothergeography-relatedapplications.Navigationapplicationsandlocation-basedservicesnotonlyhelpindividualconsumersfindtheirwayfromoneplacetoanother,butalsoprovideusefulinformationabouttheircurrentlocationordestinationsuchasnearbybusinesses,restaurants,lodgingandentertainmentvenuesandpublicservices.Governmentsandenterprisesalsousedigitalmapdataandrelatedsolutionsinawiderangeofapplicationssuchasinfrastructureandassetsplanning,fleetandlogisticsmanagementandlocation-basedmonitoring.WebelievethatChina’sdigitalmapdata,navigationandlocation-basedservicesmarketsarepoisedforsubstantialgrowth.

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AutomotiveNavigation.

AccordingtotheAnalysysIn-DashReport,salesofin-dashnavigationsystemsinChinaareprojectedtogrowataCAGRof44.6%from348,000unitsin

2\l"D424B4_HTM_TOC"TableofContents

2009to1.1

millionunitsin2012.SalesofportablenavigationdevicesinChinaareexpectedtoincreaseataCAGRof22.2%from1.5

millionunitsin2009to2.8

millionunitsin2012,accordingtotheAnalysysPNDReport.

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PublicSectorandEnterpriseApplications.

ThereisagrowingdemandfordigitalmapdataandgeographicinformationinthepublicsectorinChina.In2006,theStateBureauofSurveyingandMappingofChinaannouncedthe“DigitalCityGeospatialFramework”initiativetohelpmunicipalgovernmentsacrossChinabuilduniformcitywidegeographicinformationplatforms.TheStateBureauofSurveyingandMappingexpectstoexpandthisinitiativetoover330largeandmedium-sizedcitiesandadditionalselectedsmallcitiesbytheendof2015.Inaddition,state-ownedandprivateenterprisesinChinaarealsoincreasinglydemandinglocation-basedsolutionsforbettermanagementofassetsandotherresources.

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Wireless/InternetLocation-basedServices.

ChinahasthelargestpopulationofmobilesubscribersandInternetusersintheworld.AccordingtotheMinistryofIndustryandInformationTechnologyofChina,thetotalnumberofmobilesubscribersinChinareached786.5

millionasoftheendofApril2010.TheFrost

&SullivanReportestimatesthatthetotalsizeofthewirelesslocation-basedservicesmarketwillincreasefromRMB2.3billion($339.6million)in2009toRMB11.5billion($1.7billion)in2012,representingaCAGRof70.7%.Inaddition,ChinaInternetNetworkInformationCenterestimatesthatthetotalnumberofInternetusersinChinareached410millionasoftheendofApril2010.AccordingtotheAnalysysInternetReport,thetotalmarketsizeoftheInternetlocation-basedservicesmarketisexpectedtoincreasefromRMB362million($53.1million)in2009toRMB722million($105.7million)in2012,representingaCAGRof25.8%.OurCompetitiveStrengthsWebelievethatthefollowingstrengthsdifferentiateusfromourcompetitors:

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Integratedanddynamicdatacollection,processingandapplicationsystem;

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Self-developedcomprehensivenationwidedigitalmapdatabase;

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Marketleaderinprovidingcomprehensive,integratednavigationandlocation-basedsolutionsoptimizedfortheChinesemarketandusers;

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Extensivecustomerrelationshipswithleadingplayersinourtargetmarkets;

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Strongresearchanddevelopmentcapabilities;and

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Experiencedmanagementteamwithprovenexecutioncapabilities.OurStrategyOurgoalistomaintainourpositionasaleadingproviderofdigitalmapcontentandbecomethelargestlocation-basedinformationandvalue-addedsolutionproviderinChina.Toachievethisgoal,weintendtoleverageourexistingstrengthsandpursuethefollowingstrategies:

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Enhancethequality,coverageanddepthofourdigitalmapdatabasetosupportmorespecializedandcustomizedsolutions;

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Continuetoinvestinresearchanddevelopmenttoincreasetheefficiencyofourtechnologyplatformandexpandourtechnologicalcapabilities;

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Improveexistinganddevelopnewnavigationandlocation-basedsolutions;

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Buildabackendservicesystemcapableofsupportinglocation-basedsolutionsprovidedtoalargenumberofend-usersthroughanydevice;

3\l"D424B4_HTM_TOC"TableofContents

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Strengthenrelationshipswithcustomersandotherindustryconstituents;and

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Pursueselectivestrategicacquisitions,investmentsandalliances.OurChallengesOurabilitytoachieveourgoalandexecuteourstrategiesissubjecttorisksanduncertainties,includingthoserelatingto:

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ourabilitytoadequatelymaintainandupdateourdigitalmapdatabaseandminimizeerrorsinoursolutions;

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ourcurrentrelianceontheautomotivenavigationmarketandasmallnumberofcustomersforasubstantialportionofourrevenues;

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theproject-basednatureofourpublicsectorandenterpriseapplicationsbusiness;

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ourlimitedoperatinghistoryinthewireless/Internetlocation-basedsolutionsmarkets;

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ourcompliancewithacomplexsetoflaws,rulesandregulationsgoverningoursurveyingandmappingandotherbusinessesinChina;

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competitioninthenavigationandlocation-basedsolutionsbusinessesinChina;and

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ourabilitytomanageourgrowtheffectivelyandefficiently.Pleasesee“RiskFactors”andotherinformationincludedinthisprospectusforadiscussionoftheseandotherrisks.CorporateHistoryandStructureInApril2002,ourfoundersbegantocarryoutresearchanddevelopmentactivitiesrelatingtodigitalmapdataforin-dashnavigationsystemsthroughAutoNaviSoftwareCo.,Ltd.,orAutoNaviSoftware.InSeptember2002,weformedBeijingADFNavigationTechnologyCo.,Ltd.,orADFNavigation,asubsidiaryofAutoNaviSoftware,todevelopourautomotivenavigationbusinessinChina.In2004,weobtainedaClass

AsurveyingandmappingqualificationcertificateissuedbytheStateBureauofSurveyingandMappingandbeganprovidingdigitalmapdatatoamajorautomobilemanufacturerinChina.In2005,westartedsupplyingdigitalmapdatatoportablenavigationdevicemanufacturers.In2006,weenteredtheInternetlocation-basedsolutionsmarketbyacquiringcontrolofBeijingMapABCTechnologyCo.,Ltd.,orMapABCTechnology,aleadingonlinemapapplicationsolutionproviderinChina.Alsoin2006,weenteredthewirelesslocation-basedsolutionsmarketbyprovidingChinaMobilewithanationwidedigitalmapdatabaseforitslocation-basedservices.InDecember2006,wecommencedouraerialphotogrammetrybusinessbyacquiringBeijingXingtiandiInformationTechnologyCo.,Ltd.,orXingtiandiTechnology,whichholdsaClass

AsurveyingandmappingqualificationcertificateforaerialphotogrammetryissuedbytheStateBureauofSurveyingandMapping.InAugust

2006,inordertofacilitateinternationalfinancing,ourfoundersformedAutoNaviHoldingsLimited,aCaymanIslandscompany,tobeourholdingcompany.WealsoformedAutoNaviInternationalLimited,aBritishVirginIslandscompany,tobeourintermediateholdingcompanyandAutoNaviInformationTechnologyCo.,Ltd.,orAutoNaviTechnology,awholly-ownedsubsidiaryofAutoNaviInternationalLimited,underPRClaw.InOctober2006,weissued40

millionSeriesAconvertiblepreferredshares,orSeriesApreferredshares,toagroupofprivateequityinvestors.InJanuary2008,weestablishedaHongKongcompany,AutoNaviAsiaLimited,tobethedirectholdingcompanyofAutoNaviTechnology.

4\l"D424B4_HTM_TOC"TableofContentsInDecember2009,wedistributedtheequityinterestsinShanghaiAutoNaviSoftwareCo.,Ltd.,orAutoNaviShanghai,toallofourshareholdersortheirdesignatedpersons.

AutoNaviShanghai,

thenawholly-ownedsubsidiaryofAutoNaviSoftware,hadbeenengagedin

the

telematicsbusiness,whichwasnotpartofourcorebusiness,andhadaccountedfor1.3%,0.7%and1.2%ofourtotalrevenuesin2007,2008and2009,respectively.Theresultsofthetelematicsbusinesshavebeenpresentedasdiscontinuedoperationsinthisprospectus.DuetocertainrestrictionsunderPRClawonforeignownershipofentitiesengagedinsurveyingandmappingandInternetbusinesses,weconductouroperationsinChinaprincipallythroughcontractualarrangementsamongourwholly-ownedPRCsubsidiary,AutoNaviTechnology,ouraffiliatedentitiesinChina,AutoNaviSoftwareandMapABCTechnology,andtheshareholdersofAutoNaviSoftwareandMapABCTechnology.Thesecontractualarrangementsenableusto:

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exerciseeffectivecontroloverAutoNaviSoftwareandMapABCTechnology;

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receivesubstantiallyalloftheeconomicbenefitsofAutoNaviSoftwareandMapABCTechnologyinconsiderationfortheservicesprovidedbyus;and

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haveanexclusiveoptiontopurchasealloftheequityinterestsinAutoNaviSoftwareandMapABCTechnologywhenandtotheextentpermittedunderPRClaw.Asaresultofthesecontractualarrangements,wearetheprimarybeneficiaryofAutoNaviSoftwareandMapABCTechnologyandtreatthemasourvariableinterestentitiesunderthegenerallyacceptedaccountingprinciplesintheUnitedStates,orU.S.GAAP.WehaveconsolidatedthefinancialresultsofthesecompaniesandtheirsubsidiariesinourconsolidatedfinancialstatementsinaccordancewithU.S.GAAP.

5\l"D424B4_HTM_TOC"TableofContentsThefollowingdiagramillustratesourcorporatestructureimmediatelyuponthecompletionofthisoffering,assumingtheunderwritersdonotexercisetheiroptiontopurchaseadditionalADSsfromus:

6\l"D424B4_HTM_TOC"TableofContentsCorporateInformationOurprincipalexecutiveofficesarelocatedat18/F,DahengScitechMansion,SouthSection,No.

3SuzhouStreet,HaidianDistrict,Beijing100080,thePeople’sRepublicofChina.Ourtelephonenumberatthisaddressis+86-10-59859900.OurregisteredofficeintheCaymanIslandsislocatedatInternationalCorporationServicesLtd.,HarbourPlace2ndFloor,103SouthChurchStreet,PO

Box

472,GeorgeTown,GrandCaymanKY1-1106,CaymanIslands.Investorsshouldsubmitanyinquiriestotheaddressandtelephonenumberofourprincipalexecutiveoffices.Ourmainwebsiteiswww.AutoN.Theinformationcontainedonourwebsiteisnotapartofthisprospectus.OuragentforserviceofprocessintheUnitedStatesisLawDebentureCorporateServicesInc.,locatedat400MadisonAvenue,4thFloor,NewYork,NewYork10017.

7\l"D424B4_HTM_TOC"TableofContentsTHEOFFERINGThefollowingassumesthattheunderwriterswillnotexercisetheiroptiontopurchaseadditionalADSsintheoffering,unlessotherwiseindicated.

PriceperADS$12.50perADS.

ADSsofferedbyus7,500,000ADSs

ADSsofferedbythesellingshareholders1,125,000ADSs

ADSsoutstandingimmediatelyafterthisoffering8,625,000ADSs(or9,918,750ADSsiftheunderwritersexercisetheoptiontopurchaseadditionalADSsfromusinfull)

Ordinarysharesoutstandingimmediatelyafterthisoffering182,298,000ordinaryshares(or187,473,000ordinarysharesiftheunderwritersexercisetheoptiontopurchaseadditionalADSsfromusinfull)

TheADSsEachADSrepresentsfourordinaryshares.ThedepositarywillholdtheordinarysharesunderlyingyourADSsandyouwillhaverightsasprovidedinthedepositagreement.Wedonotexpecttopaydividendsintheforeseeablefuture.If,however,wedeclaredividendsonourordinaryshares,thedepositarywillpayyouthecashdividendsandotherdistributionsitreceivesonourordinaryshares,afterdeductingitsfeesandexpenses.YoumayturninyourADSstothedepositaryinexchangeforordinaryshares.Thedepositarywillchargeyoufeesforanyexchange.Wemayamendorterminatethedepositagreementwithoutyourconsent.IfyoucontinuetoholdyourADSs,youagreetobeboundbythedepositagreementasamended.TobetterunderstandthetermsoftheADSs,youshouldcarefullyreadthe“DescriptionofAmericanDepositaryShares”sectionofthisprospectus.Youshouldalsoreadthedepositagreement,whichisfiledasanexhibittotheregistrationstatementthatincludesthisprospectus.

OptiontopurchaseadditionalADSsWehavegrantedtotheunderwritersanoption,exercisablewithin30daysfromthedateofthisprospectus,topurchaseuptoanadditional1,293,750ADSs.

8\l"D424B4_HTM_TOC"TableofContentsReservedADSsAtourrequest,theunderwritershavereservedforsale,attheinitialpublicofferingprice,uptoanaggregateof430,000ADSsofferedinthisofferingtosomeofourdirectors,officers,employees,businessassociatesandrelatedpersonsthroughadirectedshareprogram.

UseofproceedsWeexpectthatwewillreceivenetproceedsofapproximately$83.6millionfromthisoffering,orapproximately$98.6millioniftheunderwritersexercisetheiroptiontopurchaseadditionalADSsformusinfull,afterdeductingunderwritingdiscountsandcommissionsandestimatedofferingexpensespayablebyus.Weintendtousethenetproceedsfromthisofferingtoexpandourdataprocessingfacilitiesandbuildaresearchanddevelopmentcenter,tofundthecapitalexpenditureforouraerialphotogrammetrybusinessandforgeneralcorporatepurposes,includingfundingpotentialacquisitionsofcomplementarybusinesses,althoughwearenotcurrentlynegotiatinganysuchtransactions.See“UseofProceeds”formoreinformation.WewillnotreceiveanyoftheproceedsfromthesaleofADSsbythesellingshareholders.

NasdaqsymbolAMAP

DepositaryDeutscheBankTrustCompanyAmericas

Lock-upWe,ourdirectorsandexecutiveofficers,allofourexistingshareholdersandcertainofouroptionholdershaveagreedwiththeunderwritersnottosell,transferordisposeofanyADSs,ordinarysharesorsimilarsecuritiesforaperiodof180daysafterthedateofthisprospectus.Inaddition,throughaletteragreement,wehaveagreedtoinstructDeutscheBankTrustCompanyAmericas,asdepositary,nottoacceptanydepositofanyordinarysharesorissueanyADSsfor180daysafterthedateofthisprospectusunlessweconsenttos