Partial revision of the press release “Announcement of Strategic Partnership for Internet Business in China”
SOFTBANK CORP. announces a partial revision of the press release on August 11,2005, “Announcement of Strategic Partnership for Internet Business in China”, in which the company stated it has reached a basic agreement to form a strategic partnership with Alibaba.com Corporation (affiliated of the company, head office: Hong Kong, China, representative Jack Ma, “Alibaba”) and Yahoo! Inc. (head office: California, U.S.A., representative: Jerry Yang, “Yahoo”) for the promotion of Internet businesses in the Chinese market. This revision addresses the change in the timing for selling off its shares held in Tao Bao Holding Limited (consolidated subsidiary of the company, head office: Hong Kong, China; representative: Jack Ma, “Tao Bao”) reorganization caused by the alliance. The company revises part of “2. Effects on consolidated financial result” in the August 11 press release to read as follows.
1. Change
Original Statement
In the 2nd quarter for the fiscal year ending March 31, 2006 , the company will sell off a part of its shares held in Tao Bao for US$360 million...
Revised Statement
In the 3rd quarter for the fiscal year ending March 31, 2006 , the company will sell off a part of its shares held in Tao Bao for US$360 million...
The changed part is underlined.
2. Details of Change
There is no change in the company’s plan to form a strategic partnership with Alibaba and Yahoo to promote Internet business in the Chinese market, but the company has decided to change the timing for selling off a part of its shares held in Tao Bao from the second quarter of fiscal 2005 to the third quarter for the fiscal year ending March 31, 2006 for clerical reasons. This has prompted the company to revise part of its August 11 press release. In line with the change in the timing for selling off the shares, the company expects to delay the timing for booking a special income from sale of investment securities until the third quarter for the fiscal year ending March 31, 2006 or later. The company will disclose information on the amount of income from the sale when it is finalized.
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