GungHo Online Entertainment
In July 2015, SoftBank announced the renaming of the company from SoftBank Corp. to SoftBank Group Corp. Meanwhile, SoftBank Mobile was renamed to SoftBank Corp., the now-former name of the company as a whole. On 16 February 2016, SoftBank announced they would repurchase a record 14.2% of shares, valued at $4.4bn, to boost investor confidence. On 31 March 2016, they announced they would sell shares worth $7.9 billion of their stake in Alibaba Group. On 21 June 2016, SoftBank sold its 84% stake in Supercell for reported US$7.3 billion to Tencent. On 3 June 2016, Softbank agreed to sell most of its stake in GungHo Online Entertainment (approximately 23.47%) for about $685 million, which would thus end Softbank's majority ownership of the company, resulting in Gungho no longer being an associate of Softbank. The offer was accepted by Gungho and completed by 22 June, thus allowing Gungho to become an independent company.