Cover Story

Softbank Is in Crisis Due to Too Much Riskon the Market

This is not the first time that Masayoshi Son，founderand CEO of Softbank Group，experienced a cam. At the peakof tile Internet bubble in 2000，he had invested in companiessuch as Yahoo，but with the bursting of the Internet bubble，themarket value of Softirank quickly fell from 200 billien US dotIan to 2 billion，and it was on the verge of bankruptcy. A well-known venture capitalist told Caijing that Masayosbi Son's in-vestment method has never changed in decades .most investorsare game winners，and he is a rare game changer. His idea hasalways been to be "the largest company in the wodd7.

Softbank spent nearly $19 billion on the WeWoikproject.WeWodf's valuation fell from 47 billion at its peak to 8 billiontoday It is not the problem with the Softbank's own businessmodel that led to its ongoing crisis，but the secondary marketno longer is the unnasonable pricing given by MamyosluSon.No one in the capital market today can absorb the risksposed by Softbank，which is the central factor of SoftbaWscrisis today.

Yang Guofu and Zhang Lisng，Two SpicyHot Pot Giants Talks About Unknown Stories

Yang Guofu and Zhang hang brought spicy hot pot-nWatang-to the whole country，turning their hometown ofBin County，Heilonggang Province into a capital of spicy hotpot. They are fellow villagers，relatives，competitors，and acommunity of destiny in some sense.

No one thought a few years ago that an unnoticedstreet food of spicy hot pot can breed large chain compan-ies_ It was Yang Guofu and Zhang Liang who changedeverything.In the -past 15 years，these two successfulcompanies have maintained rapid development，and havepromoted their brands to all parts of the country and evenoverseas，and registered brands in dozens of countries. Thepersonal relationship between Yang Guofu and Zhang Li-ring is a topic that the outside world has always been curiousabout. In the face of all sorts of gossip，both sides have beensilent for years.Recently，Yang Gnofu and Zhang Liang，at their respective company headquarters in Shanghai andHarbin，spoke for the first time to Caging and talked abouttheir stories，which were unknown before.

Reform of Growth Enterprise Market Is onthe Way

On October 30th，the Growth Fnterprise Market celeb-rated its 10th anniversary. In the past 10 years，the GEM hasexperienced a boom and encomuttenxi setbacks after the bubbleburst.But after 10 years of development，the GEM has begunto mature and a registration-based lPO system will soon belatmrhel.