Alibaba flotation to yield USD507m profit for Softbank

29 Nov 2007

Japanese internet and telecoms conglomerate Softbank expects to book a JPY55 billion (USD507 million) profit from the flotation of its Chinese website Alibaba.com, reports AFP. The Japanese firm holds a 33% equity stake in Alibaba Group Holdings Ltd, the holding company for Alibaba.com, whose shares rocketed on their Hong Kong debut earlier this month. Softbank will report the one-time profit boost in its fiscal third quarter ended-December, it said in a statement.

Japan, SoftBank Group Corp