INTERVIEW: Softbank's Son Reaffirms PCCW, Hikari Ties (An apology???)
TOKYO (Dow Jones)--Partnerships remain a core business strategy of Softbank Corp.'s (J.SFT or 9984) founder and president Masayoshi Son, despite criticism of other Asian Internet titans by one of his top lieutenants Friday.
In a telephone interview with Dow Jones Newswires, Son also said the timetable for operation of Softbank-developed Nasdaq Japan has been moved forward to the end of June from the end of this year.
"We will have a lot of applications from interested IPOs and shareholders," he said. "I think we will have more than 100 IPOs in the first 12 months."
Son reaffirmed he will continue to partner other companies when investing in Internet concerns, despite unusually strong criticism leveled at other big Asian Internet investors, including Japan's Hikari Tsushin Inc. (J.HKR) and Hong Kong's Pacific Century CyberWorks Ltd. (H.PCW), by a senior Softbank official, Yoshitaka Kitao.
"It is Softbank's philosophy to partner with other possible (investors) for all kinds of opportunities," Son told Dow Jones Newswire by telephone from outside Tokyo.
News reports in Hong Kong quoted Kitao as saying the company wouldn't forge ties with Hikari or Cyberworks, even suggesting greed as motivation on Cyberworks' part.
Cyberworks Chairman Richard Li has bought more than 30 companies and "is just doing it to make money for himself," Kitao said. "This is not my style." Kitao also indicated that Softbank "would not have any cooperation" with Hikari, which is run by its president Yasumitsu Shigeta.
"Helping Each Other...Better Than Otherwise"
Cyberworks has partnered both companies in Internet investments.
Kitao's comments about Cyberworks, which won bidding for Cable & Wireless HKT Ltd. (HKT) last week, may have stemmed from a language misunderstanding, a Softbank official indicated earlier in trying to play down the press reports. And Cyberworks officials said Li had received an appology from Son and an indication that he also appologized to Hikari's chief.
The Softbank President told Dow Jones that he didn't agree with Kitao's "very emotional comments about Hikari and Pacific Century (Cyberworks)," noting his telephone calls to Cyberworks' Li and Hikari's Shigeta on Friday.
"I was very surprised, and I told Richard (Li) that this is not my opinion or Softbank's opinion," Son said. He added that both Shigeta and Li are "my good personal friends and I have a lot of respect" for them.
However, Son also said there are many voices in any organization, adding that he hasn't spoken with Kitao but that the latter's job is safe. "He is a very important executive," Son said. "In any institution or organization, there are always mixed opinions about things."
Noting that the Internet is at an "early stage" of its development, Son said "helping each other is better than otherwise."
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