SoftBank’s $12 Billion Bet on Didi Returns 14%

SoftBank Group has been hailed as a big winner from Didi Chuxing’s initial public offering on Wednesday. But in actuality, its returns are piddly.

SoftBank invested a total of around $12 billion in the company, according to a person familiar with the matter. Based on Didi’s closing price today of $14.14—up 1% from its IPO price—SoftBank’s stake is worth $13.7 billion. That’s an increase of just 14%. By contrast, the Nasdaq composite index is up by 150% since mid-2017, when SoftBank began acquiring the bulk of its Didi stake.