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Softbank sells most of its stake in Uber, a ride-haling group undertaken by the world’s most active tech investors Big loss From another big bet on China’s Didi, according to two people familiar with the matter.
The Japanese conglomerate behind the $ 100 billion Vision Fund is aiming to sell about 45 million shares of Uber, one of those who subsequently stood at $ 184 million said. Sold 38 million Uber shares for about $ 2 billion in January.. Others said more shares would be offloaded in June, with SoftBank holding less than 100 million shares in the latest deal.
SoftBank’s investment in Uber dates back to 2017 when it agreed to pay about $ 7.7 billion to 15% of the US Group’s shares, which were later transferred to the Vision Fund.
Following the initial public offering of Uber in 2019, the fund has made several sales, holding Uber’s stake below 10% as of the end of June, according to Financial Times calculations.
One person with trading knowledge said the recent sale had nothing to do with China’s recent crackdown on Ride Hailing Group’s Diddy, and at some point left Vision Fund’s investment in the red. Another said the sale was decided after Diddy’s share price plunged this month.
The news, first reported by CNBC, caused Uber shares to fall 4% in post-market US trading. Softbank’s share price temporarily rose 3% during a transaction in Tokyo on Thursday.
next Big hit quarter For the Saudi-backed $ 100 billion Vision Fund and its $ 40 billion sequel fund, SoftBank’s fate has reversed during the first three months of the year, and investment in China has been driven by regulatory crackdowns on the country’s technology sector. I was hit hard.
Redex Research Advisory estimates that the value of holdings listed on the two Vision Funds has increased by $ 1.1 billion in the April-June quarter since the start of the quarter, which began in July. It is down $ 100 million.
“Softbank has been promoting [the] Vision Fund’s IPO flywheel, and four of the last six lists, were made in China, but as the reality of China’s crackdown sinks, it fades, “said Kirk Hoodry, a tech analyst at Redex. Stated.
Diddy’s market value at some point dropped to 50% of its post-IPO peak after Chinese regulators went public in New York earlier this month and released the company’s data security survey. Vision Fund is Diddy’s largest shareholder and holds a 20.1% stake. Meanwhile, Uber also owns a 12% stake in the China Group.
A few days after starting the Didi investigation, Chinese cyberspace regulators turned to a scrutiny of the Vision Fund-backed logistics group, the Full Track Alliance, and plunged US-listed stocks.
Recently, the Vision Fund has invested in Chinese online education companies such as Zhangmen, Zuoyebang and VIPThink. New regulations It will prohibit companies that teach school curriculum subjects from making a profit.
SoftBank to sell part of Uber stake after Didi bet sours Source link SoftBank to sell part of Uber stake after Didi bet sours