SBI Holdings - Company History

Updated: Author:

Financial history 2000–2026 — revenue, cost structure, balance sheet, cash flow and key ratios, year by year →

Founded 1999
Founder Kitao Yoshitaka
Founding location 東京都港区
Core business at founding Venture capital
Listed 2000
Chairman & President Kitao Yoshitaka Chairman & President since 1999 (age 75, as of 2026)
Current priority New businesses · Alliances Moving into semiconductors and stablecoins
Founding
In July 1999, in the reorganisation that moved SoftBank to a pure holding company, SoftBank Investment Corporation was established in Chiyoda-ku, Tokyo as a subsidiary of SoftBank Finance, the company overseeing the group’s operating companies in financial fields. Its president was Kitao Yoshitaka, whom Son Masayoshi had brought over from Nomura Securities and entrusted with SoftBank’s finances. At its founding it had capital of $439,213 (¥50m), fifty-five employees, no consolidated subsidiaries and no revenue, and a single line of business: venture capital. In November of that year share exchanges made four of the group’s venture-investment companies wholly owned subsidiaries, and in December 2000 the company listed on the Nasdaq Japan market of the Osaka Securities Exchange. Even the investees lay inside the parent; both the money and the name it started with were borrowed.
The Decision
The borrowed name and the borrowed licences were replaced with its own, one at a time. In June 2003 it merged with E*Trade, another company under SoftBank Finance, and so came by an online brokerage; between 2006 and 2008 it gathered the group’s securities companies into the single firm SBI Securities. In July 2005 it changed its trade name to SBI Holdings, and in August 2006 it dissolved the capital relationship with SoftBank. The functions that needed a licence were lined up in the same way: in August 2007 SBI Japannext Securities began running a proprietary trading system, in September 2007 SBI Sumishin Net Bank opened as a fifty-fifty joint venture with Sumitomo Trust & Banking, and in 2008 a non-life insurer and a life assurer opened as well. Kitao Yoshitaka placed the bank and the insurers as institutional investors inside the group, handing the management of deposits and premiums to the investment arms. Fee income and premiums that rise in proportion to the number of accounts were added to a profit and loss account that had run on investment returns alone, and the swings of the market could from then on be absorbed inside the group.
Today
The brokerage that gave up its trading commissions is the largest source of profit in the group. In the year to March 2026 revenue was $12.0B (¥1.9tn), operating profit $3.3B (¥517bn) and profit attributable to owners of the parent $2.7B (¥428bn). Of the five businesses, financial services accounts for most of it, with revenue of $10.0B (¥1.58tn) and profit of $2.7B (¥425bn). SBI Securities scrapped brokerage commissions on online trading in domestic equities for orders placed from 30 September 2023, at an estimated cost in forgone revenue of about $253.9M (¥38bn) in the year to March 2025. Even so, accounts rose by a million in the first four months, and at the end of March 2025 the group’s securities accounts reached fourteen million, a level no firm in Japan had reached before. The crypto-asset business, widened out of the 2016 investment in Ripple of the United States, recorded revenue of $566.5M (¥90bn) and profit of $134M (¥21bn). The hole left by the abolished commissions is filled by margin-lending interest, foreign exchange, investment trusts and referrals to other companies in the group.
Competition
With the regional banks the group built alliances the banks themselves wanted; only Shinsei Bank was bought against its will. In September 2019 SBI set out a “fourth megabank” concept gathering regional banks together, and starting with Shimane Bank it had signed capital and business alliances with eight banks by the end of June 2021. The size of each stake was settled to suit the partner, and taking part without any shareholding at all was allowed. Shinsei Bank went the other way: in September 2021 SBI ran a tender offer at $18 (¥2,000) a share and, after a fight over takeover defences, consolidated the bank with 47.77 per cent of the voting rights. Among the online brokers, Rakuten, which put $193.6M (¥20bn) into eBank in 2008 and took it into its group, and Monex, which set up a joint holding company with NTT Docomo in 2023, have both secured the customer gateway with capital from another industry. When the roughly $2.3B (¥350bn) of public money left in Shinsei Bank was repaid in full in July 2025, SBI sold shares in September of that year and moved the bank to an equity-method affiliate, ending four years with a commercial bank inside the consolidated group.

Timeline

1999–2005Out of SoftBank: a venture-capital subsidiary becomes an independent financial group

  1. 1999SoftBank Investment Corporation established in Tokyo
  2. 2000Lists on the Nasdaq Japan market of the Osaka Securities Exchange
  3. 2002Lists on the First Section of the Tokyo Stock Exchange
  4. 2003Merges with E*Trade Japan, taking in its online brokerages
  5. 2004Morningstar Japan becomes a subsidiary
  6. 2005Renamed SBI Holdings; moves to a holding-company structure
  7. 2005World Nichiei Frontier Securities renamed SBI Securities

2006–2018Building the ecosystem: financial services become the earnings base

  1. 2006SBI Securities made wholly owned through a share exchange
  2. 2006E*Trade Securities renamed SBI E*Trade Securities
  3. 2007SBI Japannext opens the Japannext night-time PTS
  4. 2007SBI Sumishin Net Bank opens for business
  5. 2008SBI Insurance begins internet-only motor cover
  6. 2011Hong Kong Depositary Receipts listed on the HKEX Main Board
  7. 2012SBI AXES lists on the Korean KOSDAQ market
  8. 2013Hyundai Swiss Savings Bank of Korea becomes a subsidiary
  9. 2014The Hong Kong Depositary Receipts are delisted
  10. 2015PCA Life Insurance becomes a subsidiary
  11. 2016Memorandum with Ripple opens the crypto-asset business
  12. 2018SBI Insurance Group lists on TSE Mothers

2019–2024Shinsei Bank consolidated, and the fourth megabank takes shape

  1. 2019Capital and business alliance with Shimane Bank
  2. 2019Fukushima Bank joins the regional-bank alliance
  3. 2020Chikuho, Shimizu and Towa banks join in turn
  4. 2021Tender offer for Shinsei Bank shares succeeds
  5. 2021Shinsei Bank consolidated as a subsidiary in December
  6. 2022ARUHI, a mortgage brokerage, becomes a subsidiary
  7. 2022Shinsei Bank renamed SBI Shinsei Bank
  8. 2023SBI Sumishin Net Bank lists on the TSE Standard market
  9. 2023SBI Securities scraps domestic equity trading commissions

Founding Story

1999–2005Out of SoftBank: a venture-capital subsidiary becomes an independent financial group

SBI began in July 1999 as the venture-capital arm SoftBank carved out of itself, and spent its first six years turning that single line of business into something far wider. Revenue of $432.5M (¥47bn) in the year to March 2000 came almost entirely from investments in unlisted shares and from managing funds, and when the American IT bubble broke in 2001 that dependence showed itself as violent swings in earnings; by absorbing the group’s online brokerage in 2003, renaming itself SBI Holdings in 2005 and reaching $739.9M (¥82bn) of revenue that year, the company set out on the path that would take it out of SoftBank’s orbit altogether.

A venture-capital subsidiary raised at Son’s request by a Nomura man

In July 1999 Kitao Yoshitaka (北尾吉孝), then a managing director of the SoftBank group, established SoftBank Investment Corporation in Chiyoda-ku, Tokyo at the request of Son Masayoshi (孫正義), and became its president and representative director[1]. Kitao had joined Nomura Securities in 1974 and worked in investment banking — including a spell as a managing director at Wasserstein Perella International in London — before moving to SoftBank as a managing director in 1995[2]. SoftBank, in the middle of a rapid expansion of its internet businesses, had adopted a policy of carving the group’s venture-capital function out into a separate legal entity[3]; in November, immediately after the new company was formed, SoftBank Ventures, Soft Trend Capital and others were taken in as wholly owned subsidiaries through share exchanges, giving the VC business its structure[4]. In December 2000, the year after its founding, the company listed on the Nasdaq Japan market of the Osaka Securities Exchange, establishing a fundraising base as an independent entity[5].

At the outset SoftBank Investment’s field of business was limited to investment in unlisted shares and the management of investment funds[6]. Riding the internet investment boom of the late 1990s, the company grew into the early 2000s on capital gains from the flotations of its investees and on fees for arranging funds[7]. The collapse of the American IT bubble in 2001 sent the share prices of those investees down sharply, however, and the sheer size of the earnings swings inherent in a stand-alone VC business turned into a problem of management. Over 2001 and 2002 Kitao, conscious of the need to move away from an earnings structure standing on venture capital alone, shared with the board a policy of extending into adjacent financial fields such as settlement, financial services and the securities business. In February 2002 the company listed on the First Section of the Tokyo Stock Exchange, and in November of the same year it moved from Nasdaq Japan to the First Section of the Osaka Securities Exchange as well, completing its institutional footing as a listed company[8].

Absorbing E*Trade, and the idea of a strong financial conglomerate

In June 2003 SoftBank Investment absorbed E*Trade Japan, another SoftBank group company, taking the online brokerages E*Trade Securities and SoftBank Frontier Securities in as subsidiaries[9]. Kitao became representative director and CEO at this point and began recasting the company into something like a holding company, binding securities and financial services together with the VC business. E*Trade Securities, opened in 1999, was one of Japan’s earliest online brokerages[10] and had been increasing its retail accounts rapidly through a low-price strategy on equity brokerage commissions. The merger placed the capital gains of the VC business and the trading commissions of an online broker under a single listed company, and that structure became the starting point of what the SBI group would later call its strong financial conglomerate (強い金融コングロマリット)[11]. Finance All followed as a subsidiary in February 2004 and Morningstar Japan, an investment-information and fund-rating company, in July, bringing settlement and investment information into the fold as well[12].

In July 2005 the company changed its trade name to SBI Holdings, Inc. and at the same time carried out a reorganisation into a holding-company structure[13]. The VC business was split off and transferred to SBI Ventures — successor to the former SoftBank Ventures, renamed SBI Investment in October of that year — while SBI Holdings took the role of a holding company overseeing operating subsidiaries in securities, banking, insurance and venture capital. In the same month as the name change, World Nichiei Frontier Securities was also renamed SBI Securities, carrying the unification of the SBI brand a step further. The letters stand for Strategic Business Innovator; the new name set out publicly a view of the business as an independent financial group, away from its origins as a venture-capital subsidiary under SoftBank[14]. Between 2006 and 2008 the capital relationship with SoftBank was progressively unwound[15], and the separation from Son Masayoshi’s SoftBank group into an independent financial group led by Kitao was effectively complete.

2006–2018Building the ecosystem: financial services become the earnings base

The years from 2006 to 2018 were spent turning a single online brokerage into a full line of online financial businesses: an online bank and an online motor insurer opened within two years of each other, life assurance and a Korean savings bank followed, and by FY17 the financial-services businesses were producing six-tenths of group revenue in recurring fees and spreads — exactly the counterweight to the swings of venture capital that Kitao had wanted. By the end of the period that same earnings base was being pointed at a new target: the regional banks whose own earnings were being ground down by negative interest rates and a falling population.

SBI Sumishin Net Bank, SBI Insurance and the convenience store of online finance

In May 2006 SBI Holdings established the preparatory company that became SBI Insurance Co., Ltd. In July of that year E*Trade Securities was renamed SBI E*Trade Securities[16], and in September 2007 SBI Sumishin Net Bank, a joint venture with Sumitomo Mitsui Trust Bank[17], opened for business[18]. In January 2008 SBI Insurance began writing motor insurance entirely over the internet[19], so that in a little over two years the three pillars were all in place: an online broker (SBI E*Trade Securities), an online bank (SBI Sumishin Net Bank) and an online non-life insurer (SBI Insurance). Kitao called this structure a convenience store of online finance (ネット金融コンビニ), and adopted a policy of building an experience in which a retail customer could use securities, banking and insurance services across the group, through linked accounts and shared information between the group companies. In July of the same year the former E*Trade Securities was renamed SBI SECURITIES Co., Ltd., advancing the unification of the brand another stage[20].

In its venture-capital days SoftBank Investment had depended for earnings on flotation gains from its investees and on management fees, but the financial-services businesses assembled in 2007 and 2008 had a structure that generated fee and spread income of a recurring kind. SBI Securities’ equity brokerage commissions, SBI Sumishin Net Bank’s spread on mortgage rates and SBI Insurance’s premium income all accumulated in proportion to the number of customer accounts, and acted as a buffer against the cyclical swings of the VC business. Consolidated revenue for FY09, the year to March 2010, came to only $1.4B (¥125bn), with profit attributable to owners of the parent of $26.2M (¥2bn), but the ground was prepared for the financial-services businesses to grow over the following decade into an earnings base carrying more than half of consolidated revenue. The VC business on its own fell from a net profit of $40.9M (¥4bn) the previous year to a loss of ¥18.3bn in the global financial crisis of 2008, and it was the recurring income of the financial-services businesses that supported the return to profit in FY09.

Consolidating SBI Savings Bank in Korea and extending the platform abroad

In April 2011 SBI Holdings listed Hong Kong Depositary Receipts, with its ordinary shares as the underlying, on the Main Board of the Hong Kong Stock Exchange, widening its route to funding from institutional investors across Asia. In December 2012 SBI AXES Co., Ltd. — now SBI FinTech Solutions Co., Ltd. — listed on the Korean KOSDAQ market, the first overseas listing by a group company. In March 2013 SBI Holdings acquired 99.0 per cent of Hyundai Swiss Savings Bank of Korea, now SBI Savings Bank, and consolidated it as a subsidiary[21]. At the time of the acquisition Hyundai Swiss Savings Bank was in difficulty and still working through bad loans; to improve its BIS ratio and restore its earnings, Kitao put a resident management structure in place in Korea, sending an executive from SBI Holdings to take charge and set the governance in order. Losses from the disposal of bad loans continued for several years after consolidation, but by the second half of the 2010s the bank had reached a leading position in the Korean savings-bank industry[22].

In June 2014 the HDRs were delisted from the Hong Kong Stock Exchange, a withdrawal chosen after reconsidering the cost of maintaining liquidity in the Hong Kong equity market. In February 2015 SBI Holdings consolidated PCA Life Insurance Co., Ltd. — now SBI Life Insurance Co., Ltd. — adding life assurance to the group of online financial services[23]. In September 2018 SBI Insurance Group Co., Ltd. listed on the Mothers market of the Tokyo Stock Exchange, standing on its own as an insurance holding company binding together non-life, life and small-amount short-term insurance. Alongside the initial three pillars of SBI Securities, SBI Sumishin Net Bank and SBI Insurance came SBI Savings Bank in Korea, SBI Life Insurance and SBI Insurance Group in turn, and in FY17, the year to March 2018, external revenue from the financial-services business reached $2.0B (¥217bn) with segment profit of $577.9M (¥64bn) — six-tenths of group revenue, and the core business of the group.

The fourth megabank, and preparing the regional-bank alliances

In June 2018 Kitao, continuing to run the group as president and representative director, shared with the board a policy of accelerating capital and business alliances with regional banks. The regional banking industry was seeing its earnings base worn thin by the twin pressures of the negative-interest-rate policy and a falling population, and SBI Holdings set out a plan to rebuild the financial foundations of regional economies and extend the group into the regions at the same time, through comprehensive alliances combining systems provision, operational support and the purchase of shares. In FY18, the year to March 2019, the fourth megabank (第4のメガバンク) concept was worked out concretely inside the company and the framework for capital and business alliances with regional banks was put in place. Consolidated revenue for FY18 was $3.2B (¥351bn) with profit attributable to owners of the parent of $481.6M (¥53bn), a further hardening of the structure in which the earnings base of online financial services carried the whole group.

SBI Securities’ domestic online brokerage accounts grew from 4.15 million at the end of March 2017 to 4.65 million at the end of March 2019, and SBI Sumishin Net Bank’s accounts from 2.78 million to 3.87 million over the same period, so that the customer base of the three online financial pillars kept expanding at around 10 per cent a year. In interviews through 2018 and 2019 Kitao explained repeatedly that the group would use the earnings base of its online financial businesses to move to the support of regional banks, making clear that SBI Holdings’ regional-bank tie-ups were not one-off investments but a medium- to long-term strategy aimed at rebuilding the financial infrastructure of regional economies. As of FY18 the group had 249 consolidated subsidiaries and bases in 16 countries and territories, and was building out a global financial platform in parallel, including minority stakes in financial institutions overseas.

2019–2024Shinsei Bank consolidated, and the fourth megabank takes shape

From 2019 SBI put capital into regional banks one at a time, and in 2021 took the step that gave the alliance a core: a tender offer that brought Shinsei Bank — a formerly nationalised long-term credit bank still carrying unrepaid public money — into the group. The negative goodwill that came with it produced the largest profit in the company’s history, while the debt to the state came with it too, and once that money was repaid in 2025 the bank was let go again.

From Shimane Bank and Fukushima Bank to a regional-bank alliance

In September 2019, starting with Shimane Bank, SBI Holdings began putting capital and business alliances with regional banks into effect one after another. With Fukushima Bank in November 2019, Chikuho Bank in March 2020, Shimizu Bank in June 2020 and Towa Bank in June 2020, SBI Holdings settled on a framework combining the purchase of shares in a regional bank — typically a stake of the order of 10 to 20 per cent — with systems provision, operational support and support in managing securities portfolios. Consolidated revenue for FY19, the year to March 2020, was $3.4B (¥368bn) with profit attributable to owners of the parent of $351.2M (¥38bn), earnings held up even in financial markets in the middle of the spread of COVID-19. At the centre of the tie-ups was a method of sharing SBI Securities’ investment expertise to improve the banks’ returns on their securities portfolios, and Kitao, by then chairman as well as president, explained repeatedly in public that a recovery in the earning power of regional banks leads directly to the regeneration of regional economies.

The case for regional-bank consolidation put forward by Suga Yoshihide (菅義偉) in the Liberal Democratic Party presidential election of September 2020 gave political backing to SBI Holdings’ regional-bank alliance. The company’s tie-ups grew past ten banks over 2020 and 2021, and consolidated revenue for FY20, the year to March 2021, was $4.9B (¥541bn) with profit attributable to owners of the parent of $738.8M (¥81bn). Retail investment demand from the home expanded under the pandemic and SBI Securities’ accounts rose past the five million mark. Over the same period the crypto-asset business centred on SBI VC Trade grew rapidly, and the FY20 shareholder benefit programme added the crypto-asset XRP, worth $73 (¥8,000), as a new item — the group’s portfolio widening at a stroke from traditional financial products to crypto-assets and a regional-bank alliance.

The Shinsei Bank tender offer succeeds, and the fourth megabank begins

In September 2021 SBI Holdings carried through a tender offer for the shares of Shinsei Bank, and in December of that year consolidated Shinsei Bank as a subsidiary. Shinsei Bank was a formerly state-owned bank whose predecessor, a long-term credit bank established in 1952, had failed in 2000, been temporarily nationalised and then set out again as a private bank; it carried the unresolved problem of roughly $3.2B (¥350bn) of public money still unrepaid. SBI Holdings raised its stake in Shinsei Bank past 20 per cent before launching the tender offer, and after negotiations with Shinsei Bank’s management had the proposal to appoint directors carried at an extraordinary general meeting in December 2021. With that SBI Holdings brought Shinsei Bank under its wing and turned itself into a financial group holding traditional commercial banking alongside online broking, online banking, non-life insurance and life assurance. Shinsei Bank changed its trade name to SBI Shinsei Bank in December 2022 and was built into the structure as the core function of the regional-bank alliance.

FY21, the year to March 2022, in which negative goodwill of $1.5B (¥196bn) arising on the consolidation of Shinsei Bank was recognised, produced consolidated revenue of $5.8B (¥764bn) and profit attributable to owners of the parent of $2.8B (¥367bn) — the largest profit SBI Holdings had recorded since its founding. In the same year ARUHI Corporation, a mortgage brokerage, was also consolidated, expanding the mortgage business in parallel. In FY22, the year to March 2023, the disappearance of the negative goodwill and worsening market conditions in the crypto-asset business compressed profit, but with a full year’s contribution from the Shinsei Bank business, consolidated revenue was $6.8B (¥957bn) and profit attributable to owners of the parent $251.9M (¥35bn). Shinsei Bank’s loan book to corporate customers and the securities-portfolio support given to the regional-bank alliance were built into SBI Holdings’ earnings base as new pillars. In FY23, the year to March 2024, consolidated revenue was $8.0B (¥1.21tn) and profit attributable to owners of the parent $575.6M (¥87bn), the business structure after the consolidation of Shinsei Bank settling towards a steady state.

Into semiconductors, and recasting the portfolio for the next generation

From 2023 SBI Holdings began investing directly in semiconductor manufacturing, taking a stake in Power chip Japan, the Japanese plant of Taiwan’s PSMC, among others. Kitao, chairman and president, set out a policy that the group would concentrate on manufacturing, semiconductors among them, as well as on finance, and pushed into taking part in manufacturing in order to create employment and income directly in regional economies. The next-generation business segment, created in FY22, the year to March 2023, is a development field binding together Web3, digital securities (STO), regional-revitalisation projects and the semiconductor business, and in FY24, the year to March 2025, it recorded external revenue of $204.5M (¥31bn) and a segment loss of ¥9.9bn. The next-generation business is in a phase of development in which losses will continue for the time being, and the structure adopted is one in which the earnings of the crypto-asset business (FY24 external revenue $539.3M (¥81bn), profit $141.7M (¥21bn)) and of the financial-services business (FY24 external revenue $8.0B (¥1.2tn), profit $1.5B (¥225bn)) carry the group as a whole.

After the roughly ¥350bn of public money in Shinsei Bank was repaid in full in July 2025, SBI Holdings sold shares in SBI Shinsei Bank in September of that year and carried out a reorganisation moving the bank to an equity-method affiliate outside the consolidated group. The decision was taken with an eye to a relisting after repayment, and in order to put in place measures preventing conflicts of interest with minority shareholders; the scale of SBI Holdings on a consolidated basis shrank, but the transparency and independence of the Shinsei Bank business were raised. From FY25, the year to March 2026, the group adopted a five-segment structure — financial services, crypto-assets, next-generation businesses, investment and asset management — on a basis that excludes Shinsei Bank. At FY24, its twenty-fifth year, the customer base had reached 50.50 million accounts, consolidated employees 19,156 and consolidated subsidiaries 721: in twenty-five years the company had gone from the single venture-capital business that SoftBank Investment was at its founding in July 1999 to a financial group binding together online finance, a regional-bank alliance, crypto-assets and semiconductors.

Read the full history in Japanese →

Notes

  1. SBI Holdings, annual securities report, corporate history section↩
  2. Foresight, Shinchosha, September 2006, “Why SoftBank sold its SBI shares at this point”↩
  3. SBI Holdings, Annual Report 2009, “SBI Group 10th Anniversary — Ten Years of Progress”↩
  4. SBI Holdings, annual securities report, corporate history section↩
  5. SBI Holdings, annual securities report, corporate history section↩
  6. SBI Holdings, annual securities report, corporate history section↩
  7. SBI Holdings, Annual Report 2004, interview with the president↩
  8. SBI Holdings, annual securities report, corporate history section↩
  9. SBI Holdings, annual securities report, corporate history section↩
  10. SBI Holdings, Annual Report 2009, “SBI Group 10th Anniversary — Ten Years of Progress”↩
  11. SBI Holdings, Annual Report 2004, “Profile / the direction of the group reorganisation”↩
  12. SBI Holdings, annual securities report, corporate history section↩
  13. SBI Holdings, annual securities report, corporate history section↩
  14. SBI Holdings, Annual Report 2005, interview with CEO Kitao↩
  15. SBI Holdings, annual securities report, corporate history section↩
  16. SBI Holdings, annual securities report, corporate history section↩
  17. SBI Holdings, Annual Report 2007, interview with CEO Kitao↩
  18. SBI Holdings, Annual Report 2007, interview with CEO Kitao↩
  19. SBI Holdings, Annual Report 2008↩
  20. SBI Holdings, annual securities report, corporate history section↩
  21. SBI Holdings, Annual Report 2015↩
  22. SBI Holdings, Annual Report 2015↩
  23. SBI Holdings, Annual Report 2015↩

References & sources

  1. SBI Holdings, Inc. (annual securities reports), integrated reports and annual reports.

Yen amounts are converted at the average rate of each figure’s own year — not today’s rate; revenue charts are shown in yen. Exchange rates & sources — the full ¥/US$ table →

Data API

SBI Holdings’s history, presidents and financials are published as static JSON — no key, plain GET. One API per public page, and one per section where a page carries several tables. Full specification →

/api/8473/company.json ·/api/8473/history.json ·/api/8473/ceo.json ·/api/8473/financials.json ·/api/8473/financials/segment.json ·/api/8473/financials/pl.json ·/api/8473/financials/cf.json ·/api/8473/financials/bs.json ·/api/8473/financials/employee.json ·/api/8473/financials/stock.json ·/api/8473/financials.csv ·/api/8473/financials_history.csv

/api/companies.json ·/api/decisions.json ·/api/api-manifest.json