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Even so, the Japanese public, bombarded by TV advertisements for the listing, has flocked to buy shares.
即便如此，由于電視上鋪天蓋地的上市宣傳，日本民眾紛紛購(gòu)買(mǎi)該公司股票。
SoftBank benefits both from domestic investors' lack of options and its own strong brand.
由于國(guó)內(nèi)投資者的選擇不多，且軟銀自身品牌強(qiáng)硬，該公司因?yàn)楂@益。
For them, putting in 1,500 yen and receiving a relatively high dividend payout, of around 5%, with no currency risk is an attractive proposition.
對(duì)他們來(lái)說(shuō)，投入1500日元以及收獲相對(duì)更高的股息支付率（約5%），且沒(méi)有通貨風(fēng)險(xiǎn)，這是一件吸引人的事情。
"Mrs Watanabe is looking at yield, not the fundamentals in the long term,"
“渡邊太太期待的是收益而不是聽(tīng)那些長(zhǎng)期的基本面分析，”
says Chris Lane, an analyst at Sanford C. Bernstein, a research firm, referring to the proverbial Japanese retail investor.
研究公司桑福德伯恩斯坦的克里斯·萊恩在談及這位眾所周知的日本小額投資者時(shí)說(shuō)如是。
The IPO's attractions are equally clear for Masayoshi Son, SoftBank's founder,
上市的吸引力對(duì)軟銀創(chuàng)始人孫正義一樣清晰，
who is shifting his firm away from telecoms towards investing in tech entrepreneurs around the world.
他將自己的公司從電信行業(yè)轉(zhuǎn)至投資世界各地的科技型企業(yè)家。
Through his Vision Fund, an investment vehicle financed in large part by Saudi Arabia's sovereignwealth fund,
通過(guò)他的愿景基金（一種投資手段，沙特阿拉伯的主權(quán)財(cái)富基金是其主要資助方）
he has bought stakes in companies such as Uber, WeWork and Arm (a British chip firm).
他購(gòu)入了優(yōu)步、WeWork以及Arm（一家英國(guó)芯片公司）等公司的股權(quán)。
The IPO is a way to take some cash out of a part of SoftBank that is not growing as swiftly and to put it into racier bets, while retaining control.
上市是從軟銀子公司取出一些現(xiàn)金并將這筆資金投入更加活躍賭注中，同時(shí)還能保留其控制權(quán)的一種方法。
Mr Son also hopes the sale may solve his main frustration since he veered away from telecoms to backing tech founders:
孫先生希望這筆資金可以解決他自電信業(yè)轉(zhuǎn)向支持技術(shù)創(chuàng)始人以來(lái)所面對(duì)的主要困境：
that investors do not properly appreciate SoftBank's transformation and that they therefore undervalue it.
投資人并不能正確理解軟銀的轉(zhuǎn)型，以及他們因此低估了這一轉(zhuǎn)型。
The company's shares have been trading at a hefty discount, of around 40%, to the value of its assets.
公司股票的交易價(jià)格（約40%）一直遠(yuǎn)低于其資產(chǎn)價(jià)值。
This discount arises in part because many telecoms-focused investors in the group
部分原因是因?yàn)榧瘓F(tuán)內(nèi)部很多專(zhuān)注電信的投資者
are not thrilled to see their cash being funnelled into risky and opaque tech investments at high prices.
看到他們的現(xiàn)金集中在高風(fēng)險(xiǎn)且不透明的高成本科技產(chǎn)業(yè)投資中，他們對(duì)此并不感興趣。
Now these investors will be able to buy shares in a more predictable phone company while those with a higher risk appetite can stay with SoftBank.
現(xiàn)在這些投資者將能夠購(gòu)買(mǎi)一家可預(yù)測(cè)性更高的電話(huà)公司的股票，同時(shí)把更高的風(fēng)險(xiǎn)偏好留給軟銀。
Closing the discount depends on a number of factors, however. What happens to the group's high level of debt will be critical.
但要消除交易價(jià)格和資產(chǎn)價(jià)值之間的差距取決于很多因素。該集團(tuán)高額債務(wù)的情況將是關(guān)鍵。
SoftBank has around 18trn yen of interestbearing debt, or over six times its operating earnings,
軟銀有近18萬(wàn)億日元的附息債務(wù)，是其營(yíng)業(yè)收益的六倍多，
thanks partly to its acquisition of Sprint, an American telecoms firm, for $20bn in 2012.
部分原因是因?yàn)樵摴驹?012年以200億美元的價(jià)格收購(gòu)了一家美國(guó)電信公司Sprint。
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