It is also of interest who will benefit most from Coupang’s listing on the New York Stock Exchange (NYSE). The biggest beneficiary is the SoftBank Vision Fund led by Son Jeong-eui, chairman of Japan’s Softbank Group (pictured). In the SoftBank Vision Fund, Saudi Arabia’s sovereign wealth fund (45%) and Softbank Group (28%) are participating as major investors.
Chairman Son’s SoftBank Vision Fund invested a total of 3 trillion won ($2.7 billion) in Coupang twice in 2015 and 2018. Currently, Vision Fund’s Coupang share is known to be about 37%. When Coupang’s corporate value reaches 55 trillion won as expected by foreign media, the Coupang stake held by Vision Fund will be worth over 20 trillion won. The profit alone is expected to reach 17 trillion won at 7 times the investment amount.
In addition to the Vision Fund, global investment companies that have invested in Coupang are expected to make a big hit. According to the S-1 report filed by Coupang to the U.S. Securities and Exchange Commission (SEC), the list of shareholders holding 5% or more shares of Coupang includes the global investment institution’Greenox’ and the global fund’Maverick Capital’. From the beginning of Coupang’s establishment, Greenox has invested in Coupang several times with global asset management company Black Rock and Silicon Valley investment company Sequoia Capital. In addition, Altos Ventures, a Silicon Valley-based investment company, has invested in Coupang and the delivery app’People of Delivery’.
Coupang founder Kim Beom-seok, chairman of the board of directors, kept Coupang’s management rights instead of economic gains. In the process of listing, Coupang granted Class B common stock to Chairman Kim. 29 votes per share are granted. Class A common stocks listed by Coupang have one vote per share. It is a common differential voting system in Silicon Valley.
Coupang’s employees will also benefit. Chairman Kim officially announced the listing on the New York Stock Exchange, saying, “We will distribute 100 billion won worth of Coupang shares to employees on the front line.” This includes’Coupang Friends’ in charge of delivery and employees working at Coupang distribution centers nationwide. Coupang’s employees are estimated to be around 50,000. Of these, the industry estimates that there are 4,000 office workers and 46,000 delivery and logistics employees. Based on this estimate, delivery and logistics staff will receive an average of around 2 million won per person.
Reporter Noh Yoo-jeong [email protected]
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