375% Return on One Startup to Help SoftBank Get Past WeWork
- KE Holdings shares tripled from its IPO through Sept. 30
- SoftBank reported record losses for its last fiscal year
Masayoshi Son
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
As Softbank Group Corp. tries to rebuild its reputation as a startup investor, the Japanese conglomerate will be able to point to several recent successes, including an obscure Chinese property startup that pulled off a blockbuster initial public offering.
SoftBank invested $1.35 billion last November in a Beijing-based company called KE Holdings Inc., which went public this August. Shares in the company, also known as Beike, soared from offering through Sept. 30 to lift the value of SoftBank’s reported stake to $6.4 billion, a 375% return. KE’s stock is up another 20% since the quarter’s close.