SoftBank surges to new record

TOKYO: For Masayoshi Son, these days are even better than the dot-com bubble.

Shares in the Japanese billionaire’s SoftBank Group Corp surged in Tokyo yesterday to the highest close since the company went public in 1994, rising past a long-standing record two decades ago.

The shares rose 4.2% to finish at 10,420 yen, surpassing its previous record of 10,111.09 yen marked on Feb 18,2000. SoftBank’s recent share price gains have been backed by a surging stock market which lifted the value of its portfolio companies.

The gains come on the heels of last week’s record profit at its Vision Fund. The fund reported an 844.1 billion yen (US$8bil) profit in the three months ended December, beating record numbers set just a quarter earlier. SoftBank is planning to take at least six more of its portfolio companies public this year, building on a 2020 turnaround. This includes South Korean e-commerce giant Coupang Corp.

“The global equity market rally is boosting people’s view on SoftBank’s first and second Vision Funds, ” said Masahiko Ishino, an analyst at Tokai Tokyo Research Centre. ─ Bloomberg