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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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Softbank : bet on Chinese app Didi falls $4bn into the red

07/26/2021 | 07:11am EDT

Softbank’s bumper bet on Chinese ride-hailing giant Didi has plunged $4bn (£2.9bn) into the red as authorities in Beijing crack down on the app following its New York stock market float.

The Japanese conglomerate took a 2.1 per cent stake in Didi worth $11.8bn in 2019, but its shareholding is now worth just $7.8bn, the Financial Times reported.

It comes after Chinese regulators ramped up the pressure on the app for alleged data security flaws, cutting its value almost in half.

Uber’s stake in Didi has also dropped by $2bn as China looks to publish US-listed firms.

Softbank’s stake in Didi, which was made through its Vision Fund, is its largest single bet on Chinese tech.

However, it has shareholders in a string of other Chinese companies, leaving it exposed to shifting regulatory pressures in the country.

Authorities have since turned their focus to Softbank-backed Full Track Alliance, sparking a 43 per cent fall in its share price since the start of July.

Popular app Keep, which recently scrapped plans for a US listing, and online education startup Zuoyebang are among other Vision Fund bets that could come under threat.

Shares in Didi, which debuted at $14 each in New York last month, dropped by a fifth to just over $8 on Friday amid reports China was planning to implement penalties on the company.

Earlier this year Beijing handed down a record $2.8bn fine over allegations it abused its market position over a number of years.

The post Softbank’s bet on Chinese app Didi falls $4bn into the red appeared first on CityAM.

© City AM, source Newspaper

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Analyst Recommendations on SOFTBANK GROUP CORP.
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Financials
Sales 2022 6 040 B 55 117 M 55 117 M
Net income 2022 1 310 B 11 952 M 11 952 M
Net Debt 2022 14 983 B 137 B 137 B
P/E ratio 2022 9,15x
Yield 2022 0,66%
Capitalization 11 411 B 104 B 104 B
EV / Sales 2022 4,37x
EV / Sales 2023 4,14x
Nbr of Employees 58 786
Free-Float 69,3%
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Number of Analysts 15
Last Close Price 6 661,00 JPY
Average target price 10 507,87 JPY
Spread / Average Target 57,8%
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Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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