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馬云將辭去軟銀董事職務,孫正義:目前情況還不算太壞

馬云將辭去軟銀董事職務,孫正義:目前情況還不算太壞

Pavel Alpeyev, 彭博社 2020年05月20日
孫正義表示,未來仍會用自己的錢進行投資。他相信,新冠疫情對經濟的沖擊最終可能會幫助科技公司的發展。

在辦公空間供應商WeWork崩潰與新冠疫情爆發之前,軟銀創始人孫正義曾表示,在最初募集1000億美元愿景基金后,他希望每兩到三年再募集一只新的基金。然而,現在看來,第一只愿景基金可能是最后一只。

軟銀集團于周一表示,愿景基金在最近一個財年虧損177億美元,是該公司39年歷史上最嚴重的一次虧損。受到投資失誤和新冠疫情的影響,軟銀不得不減記WeWork和Uber等公司的估值。目前該基金的回報率為-6%,而一年前為62%。

孫正義承認,他不太可能再做另一只愿景基金了。在軟銀退出電信業務時,他曾宣稱愿景基金是軟銀的未來。這家總部位于東京的公司將繼續用自己的資金進行投資。孫正義還表示,在愿景基金投資的公司中,約有15家公司可能破產,另有15家公司可能會獲得巨大成功。

孫正義在東京舉辦的記者招待會上稱,愿景基金的業績并不值得驕傲?!叭绻顿Y回報不好,就無法從投資者那里募集資金。如今情況不太樂觀,所以我們用自己的錢進行投資?!?/p>

孫正義還表示,阿里巴巴集團的創始人馬云將辭去董事職務,并且公司可能不會派息以便保存現金。截至目前,馬云已在軟銀董事會任職13年。

引發大蕭條

此外,孫正義在周一還承認,此前沒有預料到新冠疫情將如何影響全球經濟。他說:“當時很多人都沒有想到新冠疫情會持續如此之久?!痹谒难葜v中,重點突出了當下情形與大蕭條時期的比較。軟銀再次將WeWork的估值下調至29億美元,與巔峰時期的估值相去甚遠。

軟銀集團也在周一宣布,計劃出售至多價值4.5萬億日元的資產,用來增強其資產負債表和提振股價。

該公司出售持有的阿里巴巴股票,以籌集115億美元資金,同時也正考慮出售日本國內電信子公司SoftBank Corp. 和 T-Mobile US Inc.的股權,籌集剩余所需資金。

該公司在周一還表示,計劃在現有同等規模的回購計劃基礎上,在明年3月之前花5000億日元回購其股票。這將幫助軟銀股價企穩,較3月低點上漲逾70%。

自1994年上市以來,軟銀首次撤回了股息預測,今年可能不會支付股息?!耙苑牢覀冃枰嗟馁Y金?!睂O正義說。

軟銀表示,阿里巴巴聯合創始人馬云將辭去董事會職務。另外,三名新董事會成員已獲提名。集團首席財務官后藤芳光、芯片設計軟件公司Cadence design Systems首席執行官陳立武以及早稻田大學商學院教授川本裕子將加入董事會。

“不清楚誰會追究孫正義的責任”

過去幾年里,孫正義押注的風險越來越大,一些軟銀董事會的成員也紛紛離職。汽車制造商Nidec Corp.的創始人永守重信于2017年離職,而迅銷公司的首席執行官柳井正則于去年12月離職。

東海東京研究中心(Tokai Tokyo Research Center)分析師石野雅彥表示,“由于軟銀董事會中沒有著名的外部董事,所以現在還不清楚誰會追究孫正義的責任?!?/p>

孫正義并沒有放棄,未來仍會用自己的錢進行投資。他相信,新冠疫情對經濟的沖擊最終可能會幫助科技公司的發展。

他說:“我相信這種沖擊只會加速范式轉變?!?/p>

對于孫正義來說,他不是沒有見過更壞的情況。在互聯網泡沫破滅時期,他損失了約700億美元,回顧當時的經歷,孫正義認為自己像是只有兩根手指扒在懸崖邊上。

“和過去危機相比,我現在像從上面向山谷底部望去?!睂O正義表示。

東京早稻田大學商學院教授池上重輔說:“即使在最壞的情況下,孫正義所承擔的風險也不會讓他的公司破產?!?/p>

孫正義沒有承認愿景基金已經破產。他表示,對于愿景基金承諾資本中含有的約400億美元優先股,軟銀將支付7%的利息。

在被問及對未來的看法時,他認為未來仍然可以得到20%的內部回報率?,F在也許是最糟糕的時候,但五年或十年后,情況可能會有所改善。

“情況非常困難,”孫正義說?!拔覀兊莫毥谦F掉入了這個突如其來的疫情峽谷。但其中的一些會因為這場危機而長出翅膀?!保ㄘ敻恢形木W)

編譯:于佳鑫

在辦公空間供應商WeWork崩潰與新冠疫情爆發之前,軟銀創始人孫正義曾表示,在最初募集1000億美元愿景基金后,他希望每兩到三年再募集一只新的基金。然而,現在看來,第一只愿景基金可能是最后一只。

軟銀集團于周一表示,愿景基金在最近一個財年虧損177億美元,是該公司39年歷史上最嚴重的一次虧損。受到投資失誤和新冠疫情的影響,軟銀不得不減記WeWork和Uber等公司的估值。目前該基金的回報率為-6%,而一年前為62%。

孫正義承認,他不太可能再做另一只愿景基金了。在軟銀退出電信業務時,他曾宣稱愿景基金是軟銀的未來。這家總部位于東京的公司將繼續用自己的資金進行投資。孫正義還表示,在愿景基金投資的公司中,約有15家公司可能破產,另有15家公司可能會獲得巨大成功。

孫正義在東京舉辦的記者招待會上稱,愿景基金的業績并不值得驕傲?!叭绻顿Y回報不好,就無法從投資者那里募集資金。如今情況不太樂觀,所以我們用自己的錢進行投資?!?/p>

孫正義還表示,阿里巴巴集團的創始人馬云將辭去董事職務,并且公司可能不會派息以便保存現金。截至目前,馬云已在軟銀董事會任職13年。

引發大蕭條

此外,孫正義在周一還承認,此前沒有預料到新冠疫情將如何影響全球經濟。他說:“當時很多人都沒有想到新冠疫情會持續如此之久?!痹谒难葜v中,重點突出了當下情形與大蕭條時期的比較。軟銀再次將WeWork的估值下調至29億美元,與巔峰時期的估值相去甚遠。

軟銀集團也在周一宣布,計劃出售至多價值4.5萬億日元的資產,用來增強其資產負債表和提振股價。

該公司出售持有的阿里巴巴股票,以籌集115億美元資金,同時也正考慮出售日本國內電信子公司SoftBank Corp. 和 T-Mobile US Inc.的股權,籌集剩余所需資金。

該公司在周一還表示,計劃在現有同等規模的回購計劃基礎上,在明年3月之前花5000億日元回購其股票。這將幫助軟銀股價企穩,較3月低點上漲逾70%。

自1994年上市以來,軟銀首次撤回了股息預測,今年可能不會支付股息?!耙苑牢覀冃枰嗟馁Y金?!睂O正義說。

軟銀表示,阿里巴巴聯合創始人馬云將辭去董事會職務。另外,三名新董事會成員已獲提名。集團首席財務官后藤芳光、芯片設計軟件公司Cadence design Systems首席執行官陳立武以及早稻田大學商學院教授川本裕子將加入董事會。

“不清楚誰會追究孫正義的責任”

過去幾年里,孫正義押注的風險越來越大,一些軟銀董事會的成員也紛紛離職。汽車制造商Nidec Corp.的創始人永守重信于2017年離職,而迅銷公司的首席執行官柳井正則于去年12月離職。

東海東京研究中心(Tokai Tokyo Research Center)分析師石野雅彥表示,“由于軟銀董事會中沒有著名的外部董事,所以現在還不清楚誰會追究孫正義的責任?!?/p>

孫正義并沒有放棄,未來仍會用自己的錢進行投資。他相信,新冠疫情對經濟的沖擊最終可能會幫助科技公司的發展。

他說:“我相信這種沖擊只會加速范式轉變?!?/p>

對于孫正義來說,他不是沒有見過更壞的情況。在互聯網泡沫破滅時期,他損失了約700億美元,回顧當時的經歷,孫正義認為自己像是只有兩根手指扒在懸崖邊上。

“和過去危機相比,我現在像從上面向山谷底部望去?!睂O正義表示。

東京早稻田大學商學院教授池上重輔說:“即使在最壞的情況下,孫正義所承擔的風險也不會讓他的公司破產?!?/p>

孫正義沒有承認愿景基金已經破產。他表示,對于愿景基金承諾資本中含有的約400億美元優先股,軟銀將支付7%的利息。

在被問及對未來的看法時,他認為未來仍然可以得到20%的內部回報率?,F在也許是最糟糕的時候,但五年或十年后,情況可能會有所改善。

“情況非常困難,”孫正義說?!拔覀兊莫毥谦F掉入了這個突如其來的疫情峽谷。但其中的一些會因為這場危機而長出翅膀?!保ㄘ敻恢形木W)

編譯:于佳鑫

Before the meltdown at WeWork and the outbreak of the coronavirus pandemic, Masayoshi Son said he would like to raise a new Vision Fund every two to three years after his initial $100 billion fund. Now the first Vision Fund looks like it could be the last.

SoftBank Group Corp. said Monday the Vision Fund lost $17.7 billion in the most recent fiscal year, triggering the worst loss ever in the Japanese company’s 39-year history. SoftBank had to write down the valuations of companies like WeWork and Uber Technologies Inc. because of business missteps and the coronavirus fallout. Its return on the fund is negative 6%, compared with 62% just a year ago, he said.

Son conceded he is unlikely to be able to draw outside investors for another Vision Fund, an initiative that he once proclaimed the future of SoftBank as it moved away from the telecom business. The Tokyo-based company will keep making startup investments with its own money, albeit more cautiously than in the past. About 15 of the fund’s startups will likely go bankrupt, he said, while another 15 are likely to thrive.

“Vision Fund’s results are not something to be proud of,” Son said at an unusual press conference in Tokyo, with reporters and analysts calling in remotely because of the pandemic. “If the results are bad, you can’t raise money from investors. Things aren’t good, that’s why we are investing with our own money.”

Son also announced Jack Ma, co-founder of Alibaba Group Holding Ltd., will leave the SoftBank board after 13 years and that his company may not pay a dividend this year to preserve cash.

Evoking the Great Depression

On Monday, Son conceded he had not anticipated how the global economy would be affected by the fallout from Covid-19.

“At that time many people could not see that the coronavirus pandemic would spread that far,” he said. His presentation was full of dark slides that highlighted comparisons between now and the Great Depression, when it took years for economic activity to recover. SoftBank wrote WeWork’s valuation down again, this time to $2.9 billion or more than 90% less than its peak.

Son is racing to put his house in order to withstand the challenges. On Monday, SoftBank also detailed plans to shore up its balance sheet and its stock price, part of a plan to sell 4.5 trillion yen in assets.

The company raised $11.5 billion from contracts to sell shares in Alibaba, its most valuable holding. SoftBank is likely to sell stock in its Japanese telecom unit SoftBank Corp. and T-Mobile US Inc.

The company also said on Monday it plans to spend up to 500 billion yen to buy back shares through next March, on top of an existing repurchase plan of the same size. That has helped SoftBank shares stabilize, rising more than 70% from their low in March.

SoftBank did not give a dividend forecast for the first in its history, saying it may not pay one this year. “Just in case we need more financing,” Son says.

Separately, SoftBank said Ma will step down as a director as part of several planned board changes. Three new directors have been nominated, including SoftBank Chief Financial Officer Yoshimitsu Goto. Lip-Bu Tan and Yuko Kawamoto will join, bringing the total of external board members to four. Kawamoto will be the first female director.

"Not clear who is going to hold Son responsible"

Son’s increasingly risky bets over the past few years coincided with departures from SoftBank’s board of some of it smost outspoken members. Shigenobu Nagamori, the founder of motor maker Nidec Corp., stepped down in 2017, while Fast Retailing Co. Chief Executive Officer Tadashi Yanai left last December.

“With no famous outside directors left on SoftBank’s board, it’s not clear who is going to hold Son responsible anymore,” said Masahiko Ishino, an analyst at Tokai Tokyo Research Center.

Son did not back away from continuing to make startup investments, although it will be with his own money for the foreseeable future. He said he believes that the economic shock of the coronavirus could end up helping technology companies in fields from ride-hailing to artificial intelligence.

“I believe this shock will only accelerate the paradigm shift,” he said.

Son famously lost about $70 billion during the dot-com bust, as startups cratered and his stock price crashed. He said the current downturn is nothing compared to that, when he was holding on by two fingers. Now, he has a more stable balance sheet and billions in assets he could sell if need be.

“Compared to the past crisis, this time I am just looking down on the bottom of the valley from above,” he said.

“Even in the worst case scenario, the risks Son has taken will not sink his company,” said Jusuke Ikegami, a professor at Waseda Business School in Tokyo.

Still, Son didn’t concede that the Vision Fund is a bust. He said SoftBank anticipates it will be able to pay a 7% return to limited partners who hold about $40 billion in preferred stock.

Pressed for some view of the future, Son said that he still thinks he could see a 20% internal rate of return on Vision Fund investments. Now is the worst possible time but in five or ten years, things may look different. He could even approach outside investors about future funds.

“The situation is exceedingly difficult,” Son said. “Our unicorns have fallen into this sudden coronavirus ravine. But some of them will use this crisis to grow wings.”

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