There are actually two men behind Ma Yun.

One is to help him get money, Cai Chongxin, a Canadian Chinese born in Taiwan Province, China; One is to invest in him, Masayoshi Son, a Korean-American born in Japan. There is a saying that Sun's ancestors were descendants of Putian, Fujian, and I didn't check it out.

It is widely rumored in the industry that Mr. Ma commented on Sun Zhengyi in this way: The difference between me and him is that I look smart, but I am actually not smart; That guy doesn't look smart, but he's definitely smart.

Now, Mr. Ma has gone to be the wind, and Sun Zhengyi has just made a new move.

According to media reports, on August 11th, Masayoshi Son announced that in view of China's recent strengthening of supervision over the technology industry, Japanese Softbank would suspend its investment in China. "We want to wait and see until the situation becomes clearer. After a year or two, I believe that the new regulations will create a new situation. "

This wait-and-see strategy of Sun Zhengyi, a wise man, should not be interpreted as too much "demonization", nor should it be regarded as a weather vane for foreign investors to generally bearish on China's investment prospects. This is only about the investment logic of Sun Zhengyi and Softbank.

judging from Softbank's money-making strategy for many years, in fact, Masayoshi Son has never changed. That is: find the head enterprise that is in the innovation of the industry model in the investment country, use the cheap capital advantage to support the enterprise to obtain the monopoly position of the track, constantly speculate on the high valuation, and finally make a profit. The so-called: occupy other people's runways, so that others have no way to run!

In other words, the enterprises that Sun Zhengyi looks after are generally not scientific and technological enterprises that do business in a down-to-earth manner, but are basically high-growth enterprises that focus on model innovation, and the return period must not be too long. For example, Didi, Uber, WeWork, and the shell of internet plus real estate model. Because Softbank's own debt ratio is very high, shareholders also have strict requirements for the return cycle. With the strategy of Softbank being constantly questioned by the financial owners behind it, the shareholders of the second phase of Softbank Vision Fund have also undergone a major exchange of blood.

Softbank's style of play is actually more suitable for the first half bonus of the Internet. In the early days, as long as you choose the right track and invest heavily in the head company, there is a market and capital, and there is naturally a huge room for growth, and you can cash out a lot of opportunities at any time.

however, in the second half of the internet, the overall market entered the Red Sea situation, and it was difficult to set up an independent track only by mode innovation. The failure to invest in WeWork and go public is a typical case, which completely made Softbank and Masayoshi Son step off the investment altar.

Some people have counted the investment cases of Softbank in the past 2 years. In total, they have invested in more than 8 Internet and science and technology enterprises, and 4 of them finally made profits, earning more than 17 billion US dollars, of which more than 16 billion were earned by Teacher Ma.

what a match made in heaven!

Although the overall success rate of Softbank investment enterprises is not high, the annual earnings before interest and tax index is very good, and rate of return on capital is quite high, which is mainly due to its high rate of return on investment in enterprises.

At present, the new direction of China's capital and market supervision policy is also very clear: that is, to promote more capital to enter solid technology enterprises that are willing to do basic research and technological innovation in a down-to-earth manner, and to discourage Internet enterprises that rely on model innovation to attract attention and obtain monopoly profits.

under the current policy environment, if Softbank invests money in China in the same way as before, it may not even make "quick money", but will become the target of key supervision, if it is fortunate not to be a "negative example".

What's more, as the largest shareholder of Didi, if this part of the funds can land safely, it will be a surprise for Softbank. Even the easiest "children's money" in the world can't be earned. How can you expect to find another China enterprise with a return on investment as high as 375% in less than one year?

Goodbye, Masayoshi Son!