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孙正义的投资策略:逼迫创业者站队

发布时间:2018-12-20 17:36
消息人士透露,去年早些时候,滴滴出行创始人及CEO程维曾试图不接受来自孙正义的投资。程维对孙正义表示,他不需要现金,因为滴滴已经融到了100亿美元。孙正义说,也行,这样他可能会直接投资滴滴的一家竞争对手。程维的态度软化,并接受了投资。50亿美元是科技创业公司有史以来规模最大的一笔融资。
 
Earlier last year, Cheng Wei, founder and CEO of Drop Travel, tried not to accept investments from Sun Zhengyi, according to sources. Cheng Wei told Sun that he didn't need cash because drips had already reached $10 billion. That's OK, Sun said, so he may invest directly in a competitor. Cheng Wei's attitude softened and he accepted the investment. Five billion dollars is the largest amount of financing ever made by technology start-ups.
 
 
 
11月,孙正义再次采用了类似策略。他公开警告Uber称,如果无法达成他想要的交易,那么就会转而支持其竞争对手。上周,Uber宣布了90亿美元的融资,接受了来自软银的资金。
 
In November, Sun Zhengyi again adopted a similar strategy. He publicly warned Uber that if he could not reach the deal he wanted, he would support his competitors instead. Last week, Uber announced $9 billion in financing and accepted funds from Softbank.
 
 
 
过去一年,孙正义成为了科技行业不可阻挡的力量。他的软银愿景基金规模达到1000亿美元,吸引了许多知名出资者,包括沙特王储和苹果的蒂姆·库克(Tim Cook)。随后,孙正义投资了一系列令人眼花缭乱的公司,涉及共享出行、芯片制造、共享办公空间、卫星制造、机器人制造,甚至室内蔬菜种植。
 
In the past year, Sun Zhengyi has become an irresistible force in the technology industry. His Softbank Vision Fund, with a size of $100 billion, has attracted many well-known investors, including the Crown Prince of Saudi Arabia and Tim Cook of Apple. Subsequently, Sun invested in a series of dazzling companies, including shared travel, chip manufacturing, shared office space, satellite manufacturing, robot manufacturing, and even indoor vegetable planting.
 
 
 
过去多年,孙正义特立独行的交易行为令仰慕者和批评者感到困扰,而最近的投资潮也不例外。消息人士透露,在一笔又一笔交易中,孙正义要求与创业者面对面交流,鼓励他们接受比需要中更多的资金,并挥舞支票簿作为武器。在这个过程中,他不断增强的影响力让对手们感到不安,同时也改变了创业投资的游戏,无论是好是坏。
 
Over the past few years, Sun's maverick trading behavior has troubled admirers and critics, and the recent investment boom is no exception. Sources said that in one deal after another, Sun Zhengyi asked for face-to-face communication with entrepreneurs, encouraging them to accept more money than they needed, and waving cheque books as weapons. In the process, his growing influence makes rivals feel uneasy, but also changes the game of venture capital, good or bad.
 
 
 
芝加哥大学布斯商学院教授史蒂芬·卡普兰(Steven Kaplan)表示:“这种情况确实没有先例。是否能起到效果目前还说不准。”卡普兰是布斯商学院创业项目的联合发起人之一。
 
Steven Kaplan, a professor at the Booth School of Business at the University of Chicago, said: "There is really no precedent for this. Whether it will work is still uncertain. Kaplan is one of the co-sponsors of Business School's entrepreneurship program.
 
 
 
很难对孙正义的投资策略进行归类。他将自身描绘为信息革命的忠实信徒,“奇点”的支持者,即未来某天计算机将与人类的大脑和身体融合。然而,也有很多人质疑孙正义。他们想要知道,打车平台如何与资金管理相结合,或者卫星和室内农业有何关系。
 
It is difficult to classify Sun's investment strategies. He describes himself as a faithful follower of the information revolution, a supporter of the Singularity, that is, computers will someday integrate with the human brain and body. However, there are also many people questioning Sun Zhengyi. They want to know how taxi platforms can be combined with money management, or how satellites and indoor agriculture are related.
 
 
 
现年60岁的孙正义于1981年创立软银。自那时以来,他已经完成了数百笔投资,并在“.com泡沫”期间短暂成为全球首富。不过,他的大部分投资都没有成功。孙正义在投资方面的名气几乎全部来自一笔交易:投中了阿里巴巴。2000年,阿里巴巴以2000万美元的资金启动。
 
Sun Zhengyi, 60, founded Softbank in 1981. Since then, he has completed hundreds of investments and briefly became the richest man in the world during the ".Com bubble". However, most of his investments were unsuccessful. Sun's fame in investment came almost entirely from a deal: his investment in Alibaba. In 2000, Alibaba started with $20 million.
 
 
 
软银目前持有的阿里巴巴股份价值约为14.5万亿日元(1290亿美元)。这也是有史以来最赚钱的风投交易之一。然而许多人认为,这只是侥幸。孙正义侥幸成功了一次,他能不能再做到一次?
 
Softbank currently holds about 14.5 trillion yen ($129 billion) in Alibaba shares. It's also one of the most profitable venture capital deals ever. However, many people think it's just a fluke. Sun Zhengyi succeeded once by chance. Can he do it again?
 
 
 
孙正义拒绝对本文做出回应。软银发言人表示,孙正义的成功履历远远不止是阿里巴巴,也包括对Sprint、雅虎和手游开发商Supercell的投资。
 
Sun Zhengyi refused to respond to this article. A spokeswoman for Softbank said Sun's success story goes far beyond Alibaba, but also includes investments in Sprint, Yahoo and Supercell, a mobile developer.
 
 
 
“每分钟10亿美元”
 
"One billion dollars per minute"
 
 
 
最新的交易潮开始于2016年9月。当时,沙特副王储默罕默德·本·萨勒曼(Mohanmmed bin Salman)飞往东京。沙特正在尝试通过多种方式摆脱对石油的依赖。他与孙正义会面,提出成立有史以来规模最大的投资基金,投资科技创业公司。在不到1小时内,本·萨勒曼就同意成为基金的基础投资者。“45分钟,450亿美元。”孙正义在9月份的“大卫·鲁宾斯坦秀”节目中表示,“相当于每分钟10亿美元。”
 
The latest trading boom began in September 2016. At that time, Saudi Deputy Crown Prince Mohanmmed bin Salman flew to Tokyo. Saudi Arabia is trying to get rid of its dependence on oil in many ways. He met with Sun Zhengyi and proposed to set up the largest investment fund ever to invest in technology start-up companies. Within less than an hour, Ben Salman agreed to become a fundamental investor in the fund. "45 minutes, 45 billion dollars." "It's equivalent to $1 billion per minute," Sun said on the September David Rubinstein Show.
 
 
 
孙正义没有等资金到账就开始积极推动交易。根据市场研究公司Preqin的数据,去年他完成了约100笔投资,总价值达到360亿美元。以交易额计算,这要超出了硅谷两大巨头红杉和银湖的总和。
 
Sun Zhengyi began to actively promote the transaction without waiting for the funds to arrive. According to Preqin, a market research firm, he completed about 100 investments last year, totaling $36 billion. In terms of trading volume, this is more than the sum of Silicon Valley's two giants, Sequoia and Silver Lake.
 
 
 
更令人惊讶的是,软银的投资几乎是孙正义的个人表演,尽管该公司也招揽了来自德意志银行、高盛和摩根士丹利的银行家。幕僚们给孙正义提供意见,而孙正义做最终决策。此外,孙正义本人也有很多想法。很明显,他是软银愿景基金唯一的关键人物。这与其他投资基金不同,通常的投资基金都会有多个有影响力的人物。(如果“关键人物”离职,那么基金的有限合伙人可以选择撤资。)
 
More surprisingly, Softbank's investment was almost Sun's personal performance, although the company also recruited bankers from Deutsche Bank, Goldman Sachs and Morgan Stanley. The staff advised Sun Zhengyi and Sun Zhengyi made the final decision. In addition, Sun Zhengyi himself has a lot of ideas. Obviously, he is the only key figure in the Softbank Vision Fund. This is different from other investment funds, which usually have many influential people. (If the "key person" leaves, the limited partners of the fund may choose to withdraw their capital. )
 
 
 
一位同意向软银愿景基金出售股份的公司CEO表示:“100%是孙正义。或者说,至少是99.9%。”
 
One CEO who agreed to sell shares to Softbank Vision Fund said: "100% is Sun Zhengyi. Or at least 99.9%.
 
 
 
如果交易结构复杂,那么孙正义就会带着自己的银行家团队。投资Uber就是如此。在这笔交易中,软银通过要约收购获得大部分的股份,其中涉及到敏感的法律问题,原因则是董事会的激烈争执以及多家投资方的参与。
 
If the transaction structure is complex, Sun will bring his own team of bankers. That's the case with Uber. In this transaction, Softbank acquired most of its shares through tender offer, which involved sensitive legal issues, due to the fierce dispute of the board of directors and the participation of many investors.
 
 
 
软银发言人表示,这些投资决策“是在经过尽职调查和相关流程后,由公司作出的”。
 
A spokesman for Softbank said the investment decisions were "made by the company after due diligence and related processes".

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