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The news of Coupang’s listing on the New York Stock Exchange (NYSE) led to a’big hit’ by Son Jeong-eui, chairman of Softbank Group (SBG). Chairman Son has poured $2.7 billion (about 3 trillion won) into Coupang, which has been suffering from a deficit since 2015. In the end, it is expected that it will have gained a huge amount of gains from listing after six years of investing.
According to foreign media and domestic investment industry on the 14th, SoftBank led by Son is expected to win a big hit as Coupang begins to work in earnest for listing on the New York Stock Exchange. The Wall Street Journal of the United States (WSJ) said that Coupang’s listing will become the largest foreign company IPO since Alibaba Group in 2014, and predicted that Coupang’s corporate value would reach 50 billion dollars (about 55 trillion won).
The biggest beneficiary of the Coupang listing will be the Vision Fund (SVF), an investment fund of Softbank led by Chairman Son. Coupang’s largest shareholder is Coupang LLC, the US headquarters. It is estimated that the company currently owns 37% of the SoftBank Vision Fund (SVF) led by Chairman Son that controls Coupang LLC.
In fact, if Coupang’s corporate value is valued at more than $50 billion, the Vision Fund’s stake will surge to about $19 billion (about 21 trillion won). This is about 7 times the amount of investment.
Vision Fund invested $2.7 billion in Coupang twice in 2015 and 2018. At the time, Coupang’s corporate value was $5 billion and $9 billion, respectively. In particular, in 2018, Coupang recorded a cumulative operating deficit of close to 2 trillion won. However, Chairman Son doubled the amount of Coupang’s investment compared to the first investment ($1 billion). Chairman Son has been trusting Coupang as “a leader in the Korean e-commerce market and one of the world’s most innovative Internet companies.”
Chairman Son has shown an investment pattern that boldly takes’risk’. He is also famous for investing 20 million dollars (about 20 billion won) after meeting Ma Yun, the founder of Alibaba in 2000. Since then, he has made more than 2,000 times the profits of Alibaba’s listing in New York in 2014. / Reporter Shin Hanna [email protected]
/ Reporter Han Young-il [email protected]
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