It's not as simple as leadership. As the first demon stock under the GEM registration system, it left an indelible "trace" to the market outlook.
Recently, the US stock market has plummeted, and there is a new script. Masayoshi son and his Softbank were pushed to the forefront, and Wall Street staged a capital war to encircle Softbank.
What makes Sun Zhengyi, who is in his 60s, "the last battle"? Can Softbank continue to write legends?
Sun Zhengyi, born in Japan, 65438-0957, is an internationally renowned investor and chairman and president of Software Bank Group.
In the global equity investment market, Sun Zhengyi is famous for his love of investing in young technology companies and has hatched many technology unicorns. He often compares Softbank's portfolio to the stars in the Milky Way, saying that they "will continue to shine for 300 years".
Among all its investments, the most famous is the investment of $20 million in Alibaba, which earned 1.700 times after listing, making it the richest man in Japan.
It is such a legendary figure who ushered in the biggest "Waterloo" in his life in 20 19. Softbank's 20 19 annual report suffered a big loss of10.365 trillion yen, mainly due to the investment loss of its vision fund as high as10.8 trillion yen.
Uber lost $5.2 billion, WeWork lost $4.6 billion, Wirecard lost $654.38 billion, and other companies lost $7.5 billion.
In 20 19, for Sun Zhengyi's life, there were "big pits" everywhere, and an epidemic in 2020 made matters worse: at least 15 of the 88 companies invested by Vision Fund would go bankrupt!
Subsequently, Softbank's share price plummeted and it was close to the waist in just one month. Not only that, the first phase of the Vision Fund suddenly lost money, and the second phase of the Vision Fund was directly "stillborn", and investors, shareholders and friends for many years left one after another.
At this time, there is a saying in the investment circle: companies invested by Vision Fund can be sold immediately!
After the investment failure and betrayal, Masayoshi Son came to the crossroads of his life.
Softbank's most valuable asset is holding about 25% of Alibaba's shares, worth about 200 billion US dollars. In order to recover the funds, Masayoshi Son had to sell some companies, such as Japan Telecom and Ali.
Some people joked that Sun Zhengyi's money earned by luck in Alibaba was lost by strength in other companies.
But if you think that Masayoshi son only uses the money to pay off debts, it's all wet!
After a short "rest", Vision Fund set up an asset management company of $654.38+000 billion, and the investment giant who once dominated the global primary market is back!
This time, he turned his attention to the secondary market he had never set foot in: what he lost in the primary market must be won back in the secondary market, so he went to the world's largest "casino"-the United States!
It was the spring of 2020, when the COVID-19 epidemic raged in the United States, and the Federal Reserve began to release water. In the U.S. stock market, which suffered four blows in 10 day, there were funds to raise star technology stocks such as Tesla, Apple, Amazon, Microsoft and Netflix.
On September 4, all this "surfaced" with the news of insiders of the Financial Times.
It turned out that Softbank bought nearly $4 billion in blue-chip technology stocks such as Amazon, Tesla and Microsoft in the first quarter, and also bought $4 billion call options of these technology stocks and other leading technology stocks.
Call option refers to the option that gives the holder the right to buy the underlying assets at a fixed price on or before the expiration date.
Because of the high leverage of options, this allocation is equivalent to buying $50 billion of stocks in the secondary market.
As soon as the news came out, the market fluctuated violently. Some fanatical followers are optimistic about technology stocks, while others worry that the options are too large. After all, Masayoshi Son did not directly participate in the secondary market before, which caused the concern of Japanese retail investors, and Softbank's share price plummeted for a time.
Nasdaq also plunged 10% in just two trading days. On the surface, the plunge of Nasdaq and technology stocks is mainly due to traders' concern that the valuation of technology stocks is already very high, and they are profitable after continuous surge, and they are also worried about the uncertainty brought by the US election.
However, another version has been wildly circulated in the market: market makers and short-selling institutions from Wall Street saw that the options were smashed the day before the expiration date, and the hedging positions were closed at a faster speed, with only one purpose: encirclement and suppression of Softbank! Wall Street consortia usually compete with each other, but for Softbank's "outsiders", this is unprecedented. Wall Street: How can you be so wild on my turf!
After frantically shorting for two consecutive trading days, on September 5, a deep "V" came after crushing. For a time, the voice of "conspiracy theory" was endless.
After the Nasdaq crash, many people wondered whether Softbank still held these stock products, and whether it was "stepping on thunder".
In fact, as early as August 26th, Softbank stated in a conference call: "We spent $654.38+0 billion on stocks, and now we have sold $7 billion in stocks. We think this is a kind of' capital operation', and by buying highly liquid assets, we can get higher cash returns. "
It is not difficult to see that Softbank has sold most of its publicly invested shares. Masayoshi son made billions of dollars through this gamble, especially on call options.
After experiencing the "darkness" of 20 19, Softbank finally ushered in a glimmer of light, especially in the secondary market that they are not familiar with, although this process is full of gambling.
However, after this campaign, Softbank will not only gain fame and fortune, but also go further and further on the future investment road.
Back in the A-share market (3003 13), a "gamble" set off a big A, and the "vision" of "golden nine silver ten" will not come true.