Capital Market

✒ “Mr. Son re­cently re­turned from China, where he ne­go­ti­ated in­for­mal deals worth sev­eral bil­lion dol­lars that the Vi­sion Fund doesn’t yet have.”

✒ Separately listing its 31% stake in Tencent serves to alleviate the valuation discount of Naspers’ share price. With a 25% free float, it also means that Naspers can indirectly dispose of 7.8% of its Tencent shareholding.

✒ The Risk Factors section of Lyft’s prospectus: “…we had $1.7 billion of federal, $1.5 billion of state and $10.9 million of foreign net operating loss (NOLs) carryforwsrds available to reduce future taxable income, which will begin to expire in 2030 for federal, 2021 for state and 2037 for foreign tax purposes. It is possible … Read More

✒ SoftBank’s shares buyback announcement: a $5.5b spending that leads to a $15b increase in market value.

✒ The second tech company after Spotify to circumvent the traditional underwriting process and allow the market to play a greater role in determining the price. Spotify fit the direct listing model well because it did not need to raise money via IPO and it had a globally recognizable brand. It is interesting to see … Read More