Son, the CEO of Soft bank (SFTBF), opened about some of his recent conversations with the Alibaba (BABY) co-founder during a merit presentation Monday, saying the two billionaires stayed in touch after Mom mostly disappeared from the public eye for a few months.
Alibaba has long been the crown jewel of SoftBank’s investment portfolio. And Son and Mom are very close – the Japanese entrepreneur invested $ 20 million in Alibaba more than 20 years ago, which changed the bet to a value of $ 60 billion when Alibaba became known in 2014.
But “[we’re] not always [talking] about the business, “Son said in response to questions about the Chinese lawsuit against Alibaba and its subsidiary, Ant Group. Mom” likes to move “and” sent me a lot of drawings, “the Japanese magnate said.
Sun added that he usually responds with his own creations, including sometimes before going to bed for the night. ‘Thirty minutes or so, before I go to bed, I draw some drawings … [and] show him. ‘
Alibaba has been experiencing a crisis of confidence in recent months as it is being investigated by Chinese regulators. The share fell by 25% at the end of last year, although it recovered somewhat in early 2021.
The saga began last fall when Ant Group prepared for the world’s largest initial public offering. Then Ma accused the authorities of stifling innovation and shooting down China’s banks because they had a “pawn shop” mentality. Within days, the regulators summoned the managers of Mom and Ant to a meeting and then suspended the IPO altogether.
Since then, the landscape for Alibaba and other Chinese technology companies has worsened, with regulators announcing an antitrust investigation into Alibaba. Mom remained silent and canceled a performance at a sensational gathering before reappearing briefly last month, appearing in an online video where he spoke to teachers in China.
Son referred to Mom as a lifelong ‘friend and comrade’, and previously said that before the coronavirus pandemic, the two had dinner every month to catch up on work and life. Both men were on the boards of each other’s companies until last year.
“[SoftBank] remains Alibaba’s largest shareholder and Alibaba remains our most important investment asset, ‘Son wrote in an annual report of the company last year.
Asked about the regulatory risk on Monday, Son expressed concern, arguing that such moderation is healthy.
“These are the necessary regulations, the necessary laws,” he told reporters. ‘I think what they are discussing now is something that has already been done in the US [and] European countries, and this is no more than what we have seen [those] countries. “
Sun also used Alibaba on Monday as a case study for its own success, calling it a ‘golden egg’ laid by SoftBank’s ‘goose’. “I understand that many people are worried,” he said, referring to Alibaba. “The business itself is actually working smoothly and growing.”
When asked why he thinks Ma chose to speak out against the Chinese government, Son argues.
“I do not know the details,” he said. “I therefore hesitate to make any … comments on it.”
– Laura He and Jill Disis contributed to this report.
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