(Bloomberg) — 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.
SoftBank founder Masayoshi Son is certain to highlight such winners when he announces quarterly earnings results on Nov. 9. The Japanese billionaire scored hits early in his career by backing Alibaba Group Holding Ltd. and Yahoo! Inc. But his reputation suffered from recent troubles at other startups, including the office-sharing