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A couple of months back Masayoshi Son asked his top team at SoftBank to slow their investment plans. No wonder. On Thursday, the Japanese technology investment group logged a record annual loss at its Vision Fund unit after technology shares worldwide collapsed. SoftBank founder Son, ever the optimist, nevertheless maintains the group deserves a higher valuation.
幾個月前，孫正義(Masayoshi Son)要求他在軟銀的高層團隊放慢投資計劃。難怪。週四，在全球科技股暴跌後，這家日本科技投資集團旗下的Vision Fund出現創紀錄的年度虧損。軟銀創辦人孫正義向來是一個樂觀主義者，但他仍堅持認爲，軟銀理應獲得更高的估值。
SoftBank’s annual net loss totalled ¥1.7tn ($13bn), while its Vision Fund unit posted an investment loss of ¥3.5tn ($27bn) for the year to March. This marked the biggest annual loss for the group since Son shifted from telecoms to tech investment. An 80 per cent plunge in shares of South Korean ecommerce platform Coupang — of which SoftBank is the largest shareholder — since it listed last year, as well as a mark down on some of its unlisted asset valuations all played a part.
軟銀的年度淨虧損總額爲1.7兆日元(合130億美元)，而在截至今年3月的一年裏，其旗下的Vision Fund公佈了3.5兆日元(合270億美元)的投資虧損。這是自孫正義從電信轉向科技投資以來，該集團最大的年度虧損。南韓電商平臺Coupang(軟銀是其最大股東)自去年上市以來股價暴跌80%，以及該公司一些未上市資產估值下降，都是導致該公司股價下跌的原因之一。
Son deserves some credit for his effort at diversifying away from China as crackdowns intensified, down to around a tenth by portfolio worth. Part of that reduction is simply due to plummeting market valuations there.
隨著股價和市值繼續下跌，孫正義努力擺脫中國市場，實現多元化，其投資組合價值降至十分之一左右，這一點值得肯定。股價下跌的部分原因是當地市場估值暴跌。
SoftBank now also has a cash position of $23bn and $50bn in capital for investments. Despite the loss from its Vision Fund, SoftBank still managed to complete a record number of public listings and divestments of its portfolio companies last year.
軟銀目前還擁有230億美元的現金頭寸和500億美元的投資資本。儘管願景基金(Vision Fund)虧損，但軟銀去年仍成功完成了創紀錄的公開上市和撤資。
Markets sensed what was coming. Its shares started falling well before results, down 8 per cent on Thursday alone. SoftBank has large exposure to the US equity sell-off as 43 per cent of its portfolio sits in the Americas. It also remains exposed to Chinese regulatory risk. E-commerce conglomerate Alibaba — whose shares have fallen two-thirds in the past year — still represents 22 per cent of its net asset value.
市場意識到了即將發生的事情。該公司股價早在公佈業績前就開始下跌，僅在週四就下跌了8%。軟銀在美國股市拋售中有很大敞口，因爲其投資組合中有43%位於美洲。該公司仍面臨中國監管風險。電子商務集團阿里巴巴(Alibaba)的股價在過去一年下跌了三分之二，目前仍佔其淨資產價值的22%。
That partly explains why SoftBank’s current $60bn market value is less than half the $150bn which is the group’s net asset value.
這在一定程度上解釋了爲什麼軟銀目前600億美元的市值還不到該集團1500億美元淨資產的一半。
Where Son sees value, investors perceive risk. Shares are down 47 per cent in the past year. Any meaningful rise in the stock price over the past two years has resulted from buybacks. Son would do well to continue his investing pause, and instead put money into those apparently cheap SoftBank shares.
孫正義看到的是價值，投資者看到的是風險。過去一年，該公司股價下跌了47%。過去兩年股價的任何有意義的上漲都源於股票回購。孫正義最好繼續暫停投資，而將資金投入到那些明顯便宜的軟銀股票中。