(Yicai) June 7 -- Shares in Neusoft Corp. surged as much as 6.6 percent today after the Chinese software developer said it has been selected to be designated supplier of vehicle navigation systems to a well-known Chinese carmaker in a deal worth around CNY2.2 billion (USD303 million).

Neusoft’s share price [SHA:600718] closed up 2.9 percent at CNY7.84 (USD1.08) in Shanghai today. Earlier in the day it hit CNY8.13.

Neusoft will supply global navigation systems and other software to the carmaker, who was not named due to confidentiality reasons, the Shenyang-based company said yesterday. The software will be installed on 11 new car models, developed for the global market, which should be launched within the next two years starting this year.

Neusoft’s digital maps support over 20 languages, and the firm has deep business ties with the five biggest Chinese car manufacturers that export to Europe, especially for their main export models, it said. The tie-up will help Neusoft expand its footprint overseas markets.

In-car intelligent connected systems were Neusoft’s biggest earner last year, accounting for 37 percent of total revenue at CNY3.9 billion (USD538.2 million), according to its 2023 annual report. Neusoft also provides software solutions to medical institutions, social security services, businesses and smart cities.

Editor: Kim Taylor