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TOKYO: SoftBank Group Corp<\/a> said on Wednesday it would book a gain of $34.1 billion by cutting its stake in Alibaba Group Holding<\/a>, as the investment behemoth looks to shore up its cash reserve to weather the market downturn.
SoftBank<\/a> will reduce its stake in Alibaba<\/a> to 14.6% from 23.7% by settling prepaid forward contracts. Alibaba's U.S.-listed shares were down 1.7% in premarket trade after the announcement.
The conglomerate booked a $50 billion loss at its Vision Fund<\/a> investment arm in the first half of the year as its tech bets soured, with Chief Executive Masayoshi Son<\/a> on Monday pledging to further reduce investment activity and cut costs.
By settling the Alibaba share contracts, SoftBank \"will be able to eliminate concerns about future cash outflows, and furthermore, reduce costs associated with these prepaid forward contracts,\" it said in a filing.
\"These will further strengthen our defence against the severe market environment,\" SoftBank added.
The estimated total gain of 4.6 trillion yen ($34.1 billion) includes 2.4 trillion yen from the revaluation of shares in the Chinese e-commerce giant and a derivative gain of 0.7 trillion yen, the filing showed.
Son bought into Alibaba for $20 million in 2000 and the Chinese company's growth to become one of the world's biggest e-commerce companies helped to burnish his tech investor credentials.
But Alibaba has lost more than two thirds of its value from highs in late 2020, hit by Beijing's crackdown on the tech sector that included a hefty fine on Alibaba and scrutiny of founder Jack Ma's business empire.
The settled prepaid forward contracts correspond to a maximum of about 242 million American depositary shares of Alibaba, or roughly 9% of the Chinese company's total outstanding shares.
\"At first glance, this may be somewhat supportive (for Alibaba shares) because of substantially reduced fears of future overhang, but it is not an unmitigated positive,\" said Quiddity Advisors analyst Travis Lundy who publishes on Smartkarma.
\"The largest holder sold nearly half their stake and some may take meaning from that.\"
The SoftBank transaction is not expected to result in additional sales of Alibaba shares on the market as the shares were hedged at the time of the original monetisation, SoftBank said, adding it would \"continue to maintain a good relationship with Alibaba.\"
Ties between the two companies have weakened in recent years, with Ma leaving SoftBank's board in 2020 and Son stepping down from Alibaba's board the same year.
The Japanese billionaire, who has also bet on ventures such as ride-hailer Didi Global<\/a>, has sought to emphasise the decreasing relative size of China tech in his portfolio after valuations were hit by regulatory action and increased U.S.-China tensions.
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软银获得34美元左右从阿里巴巴股份
软银将减少其在阿里巴巴的股份从23.7%到14.6%的预付远期合约。阿里巴巴的美国上市之后,其股价在上市前的交易中下跌1.7%。
东京:软银集团公司周三表示,将书获得341亿美元削减它的股份阿里巴巴集团(Alibaba Group Holding,投资巨头来支撑其现金储备天气市场低迷。
软银将减少股份阿里巴巴从23.7%到14.6%的预付远期合约。阿里巴巴的美国上市之后,其股价在上市前的交易中下跌1.7%。
该公司订了500亿美元的损失视觉基金今年上半年投资机构作为其科技投资恶化,与首席执行官孙正义周一承诺将进一步减少投资活动,降低成本。
通过解决阿里巴巴分享合同,软银”能够消除担忧未来的现金流出,而且,降低成本与这些预付远期合约,”在一份声明中称。
“这些将进一步加强我们的防御严重的市场环境下,“软银补充道。
估计总获得4.6万亿日元(341亿美元)包括2.4万亿日元升值的股票在中国电子商务巨头和微分增益为0.7万亿日圆,文件显示。
儿子于2000年以2000万美元收购了阿里巴巴和中国公司的增长,成为世界最大的电子商务公司之一,有助于提升自己的科技投资者的凭证。
但阿里巴巴已经失去了超过三分之二的价值从高点在2020年末,受到中国政府的镇压高科技行业,包括巨额罚款在阿里巴巴创始人马云和审查的商业帝国。
预付解决远期合约对应最多约2.42亿美国存托股票的阿里巴巴,约9%的中国公司的全部流通股。
“乍一看,这可能是有些支持(阿里巴巴股票),因为大幅减少的担忧未来的威胁,但它并不是一个彻头彻尾的正面,“实质Advisors分析师特拉维斯Smartkarma Lundy出版。
”的最大持有者出售了近一半的股权和一些可能需要的意思。”
软银交易预计不会导致额外的销售阿里巴巴股票市场上的股票对冲的时候原来的货币化,软银补充说,它将“继续保持一个良好的关系与阿里巴巴。”
两家公司之间的关系削弱了近年来,马2020年离开软银董事会和儿子从阿里巴巴董事会辞职。
日本的亿万富翁,他也赌ride-hailer等企业迪迪全球,试图强调中国的减少相对大小技术在他的投资组合估值受到监管行动,增加了美国中美紧张关系。
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