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The Japanese company on Thursday downplayed the impact a shut-out of Huawei equipment would have, with SoftBank Corp CTO Junichi Miyakawa saying the gap between the Chinese maker’s 5G gear and its competitors’ has closed and that the potential cost of replacing existing Huawei hardware would only be hundreds of millions of yen. SoftBank wants further clarity on the Japanese government’s stance before making a decision on Huawei gear, the company said. It plans to replace the network equipment, two sources said last week victorian cufflinks uk online.

Even before SoftBank kicked off the IPO process in November, there had been uncertainty over the growth prospects of the Japanese wireless industry after the government said there was scope for the carriers to cut fees by as much as 40 percent. In response Son has said SoftBank will increase automation and reduce headcount at its mobile operations by 40 percent over the next two to three years, focusing instead on new growth areas. It has already shifted 2,500 staff to ventures outside the core telecoms business like payments app PayPay victorian cufflinks uk online.

Other headwinds include Japan’s aging population and Rakuten’s (4755.T) entry to the wireless market, said Chris Lane, senior analyst at Sanford C. Bernstein victorian cufflinks uk online. “All of these things point to earnings pressure on the telco side for all operators, not just SoftBank,” he said. SoftBank Corp is forecasting 3.3 percent revenue growth and 9.7 percent operating profit growth in the financial year ending in March compared to a year earlier, with profits underpinned by demand for high-speed internet services..

IPOs are popular among Japanese retail investors, many of whom see them as sure profit bets given their tendency to open much higher than offering prices victorian cufflinks uk online. In SoftBank Corp’s case, an added attraction was its promise of a dividend payout of 85 percent, much higher than those of rivals NTT Docomo (9437.T) and KDDI Corp (9433.T). “A dividend yield around 5 percent is attractive, but the mobile communication industry is expected to face headwinds from next fiscal year,” Ii of Commons Asset Management said..

The IPO attracted about twice as many retail orders as the number of shares offered, sources at lead underwriters said last week. A smaller portion of shares offered to overseas institutional investors was three times oversubscribed. It remains to be seen whether SoftBank’s weak market debut will have a negative impact on Japan’s IPO market, where most of companies are small startups and demand can easily overwhelm the small number of shares offered. Kudan Inc (4425.T), a startup developing “artificial perception” technology, made its debut on Wednesday on the Tokyo Stock Exchange’s Mothers market. Its shares were untraded due to a glut of buy orders victorian cufflinks uk online.