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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Alibaba is under pressure again with a direct read-across to Softbank</li>
<li>Worries on China regulation are bad news for another Softbank holding DIdi Global as it stands alongside Alibaba as a high-profile regulatory target</li>
<li>Alibaba weakness could drive risk pricing (CDS) and the discount  to NAV higher. A silver lining is that discount makes Softbank attractive for investors looking for indirect China exposure</li>
</ul>


Alibaba is under pressure again with a direct read-across to Softbank
Worries on China regulation are bad news for another Softbank holding DIdi Global as it stands alongside Alibaba as a high-profile regulatory target
Alibaba weakness could drive risk pricing (CDS) and the discount  to NAV higher. A silver lining is that discount makes Softbank attractive for investors looking for indirect China exposure


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