SoftBank's Son says Nasdaq listing most likely for chip designer Arm



By Sam Nussey

TOKYO, June 24 (Reuters) - SoftBank Group Corp's 9984.T founder and Chief Executive Masayoshi Son on Friday reiterated the Japanese conglomerate was most likely to list British-based chip designer unit Arm on Nasdaq, while stressing no decision has been made.

"Most of Arm's clients are based in Silicon Valley and ... stock markets in the U.S. would love to have Arm," Son told shareholders at the company's annual general meeting.

Son said there were also requests to list Arm in London without elaborating on where they came from. The entrepreneur did not say whether the conglomerate is considering a secondary listing for Arm there.

The billionaire spent much of his presentation emphasising the business prospects for Arm, which the company has pivoted to listing following the collapse of an agreed sale to Nvidia NVDA.O .

The Cambridge-based firm was listed in Britain with a secondary listing in the United States prior to its acquisition by SoftBank in 2016 for $32 billion.

Arm is an important source of capital for SoftBank, which has borrowed $8 billion against the unit's shares, in addition to procuring $13.2 billion using shares in Chinese e-commerce giant Alibaba Group Holding Ltd 9988.HK in prepaid forward contracts.

Son is under pressure from shareholders as valuations of the high-growth stocks he favours as investment targets fall and interest rates rise, with SoftBank's Vision Fund unit reporting a record loss in May.

SoftBank's shares have fallen by around a third since last year's annual general meeting. Son called on shareholders to take the long view on the company.

"Peaches and chestnuts take three years and persimmons take eight years, even fruit takes that long," Son said, quoting a Japanese proverb. "I'm confident if you wait five to 10 years there will be something delicious."

More than 40 years after founding the company, Son asserted his continuing fitness for his role as one of Japan's highest profile business leaders, joking that even if he can no longer drive as far on the golf course, he still isn't losing games.

"I'm still full of enthusiasm, confidence and dreams," the 64-year-old told shareholders.

"It's only my hair that's in retreat," Son said.
Reporting by Sam Nussey; Editing by Kenneth Maxwell

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.