Trading Concept
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Trading Concept
No Result
View All Result
Home Trading News

Tech giant SoftBank’s shares get hit as Alibaba and Didi see stock slide

by
December 6, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

‘God bless Elon Musk’: Top Republican lauds Twitter owner ahead of key hearing

Adani abandons $2.5 billion share sale in big blow to Indian tycoon

SoftBank Group founder, chairman and CEO Masayoshi Son announces his group’s earnings results on May 9, 2019, in Tokyo.

Alessandro Di Ciommo | NurPhoto | Getty Images

SoftBank Group shares fell by more than 8% Monday as the value of its portfolio companies continued to slide.

The Japanese tech giant’s share price fell from 5201 yen ($46) to 5103 yen on the Tokyo stock market. At one point, shares fell as low as 5,062 yen, their lowest level since June 2020.

The fall in SoftBank’s share price, which marks its seventh consecutive day of losses, comes amid a period of uncertainty around some of the company’s biggest bets and a broader regional sell-off of tech stocks in Asia.

Chinese e-commerce firm Alibaba — SoftBank’s most valuable company — saw its market cap fall by several billion dollars Monday after the company announced a restructure.

Alibaba’s Hong Kong-traded shares plummeted over 8% after it revealed plans to form two new units to house its main e-commerce businesses — international digital commerce and China digital commerce — in a bid to become more agile and accelerate growth. It also said deputy chief financial officer Toby Xu will become the new chief financial officer from April.

The changes come as Alibaba faces headwinds on multiple fronts, including increased competition, a slowing economy and a regulatory crackdown.

Meanwhile, SoftBank-backed ride-hailing firm Didi Chuxing announced last week that it plans to de-list from the New York Stock Exchange less than six months after its IPO. The Chinese firm said it plans to relist on the Hong Kong Stock Exchange.

Shares of Didi have plunged 57% since its IPO on June 30, and closed at $7.80 on Friday.

In another blow for SoftBank, the sale of its Cambridge, U.K. based-chip designer Arm to Nvidia is looking increasing unlikely. Global regulatory scrutiny surrounding the deal has ramped up, with experts saying the deal is now “highly unlikely” to go through.

SoftBank initially agreed to sell the company for $40 billion, but the price of the deal has soared to around $74 billion following a surge in Nvidia’s share price, according to Bloomberg. As such, the company looks to miss out on a significant payday if the deal falls through.

Last month, SoftBank reported a quarterly loss as its Vision Fund unit took a $10 billion hit from a decline in the share price of its portfolio companies.

Even as the value of its assets fell, SoftBank said its stock is undervalued and pledged to spend up to 1 trillion yen buying back nearly 15% of its shares.

While CEO Masayoshi Son has likened SoftBank to a goose laying “golden eggs,” the most recent results underscore the headwinds for the investment business.

“We are in the middle of a blizzard,” Son told a news conference at the time, adding he was “not proud” of the Vision Fund’s performance in the quarter. Yet he said the company was making steady steps to double the numbers of “golden eggs” compared to last year.

ShareTweetPin

Related Posts

‘God bless Elon Musk’: Top Republican lauds Twitter owner ahead of key hearing

by
February 1, 2023
0

U.S. Rep. James Comer (R-KY), Chairman of the House Oversight and Accountability Committee, speaks at a media event at the...

Adani abandons $2.5 billion share sale in big blow to Indian tycoon

by
February 1, 2023
0

In this article ADANIENT-IN Follow your favorite stocksCREATE FREE ACCOUNT Gautam Adani, billionaire and chairman of Adani Group, during an...

Morgan Stanley analyst says these ‘undervalued’ bank stocks could rise 24%

by
February 1, 2023
0

The top picks of Morgan Stanley bank analyst Betsy Graseck are looking undervalued as the market rallies, she said Wednesday...

Here’s what the Federal Reserve’s 25 basis point interest rate hike means for your money

by
February 1, 2023
0

The Federal Reserve raised the target federal funds rate for the eighth time in a row on Wednesday, in its...

Samsung launches new Galaxy S23 smartphone lineup with improved camera, gaming capabilities

by
February 1, 2023
0

In this article SMSD-GB Follow your favorite stocksCREATE FREE ACCOUNT Samsung announced its flagship Galaxy S23 smartphone lineup on Wednesday....

Next Post

Patek Philippe brings back the 'holy grail' of watches for 170 lucky buyers

Stocks making the biggest moves premarket: Kohl's, FactSet, Alibaba and others

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • WHO says Covid vaccine booster programs will prolong pandemic

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Spin or Split? AT&T Has a Big Decision to Make on Discovery Stake.

    0 shares
    Share 0 Tweet 0
  • Here’s how Carl Icahn is positioning for a possible recession in America

    0 shares
    Share 0 Tweet 0
  • Some lawmakers and their families are betting thousands of dollars on crypto

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by tradingconcept.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.tradingconcept.net