TOKYO (03/06/2000) - Is it any wonder that everyone wants to be like Masayoshi Son, the president and chief executive officer of Japan's highly successful Internet investment company Softbank Corp.?
The company announced today that its Softbank America Inc. unit is sitting on paper profits of 310.2 billion yen (US$2.88 billion) after the rip-roaring debut of UTStarcom Inc. on the Nasdaq stock market in New York on Friday.
Stock in UT Starcom, which produces telecommunications equipment and has several contracts with Chinese carriers, jumped almost 280 percent from its opening price of $18 to close at $68.13.
The Softbank Group holds a 52.3 percent stake in the company, down from 58.9 percent before the initial public offering and Masayoshi Son has served as its chairman since 1995. In addition Yoshitaka Kitao, president and chief executive officer of Softbank Finance Corp., and Chauncey Shey, president of Softbank China Holdings, both serve as directors of UTStarcom.
Softbank, based in Tokyo, can be found online at http://www.softbank.co.jp/.