SoftBank reported a $3.5 billion loss as Beijing’s moves against Alibaba, Didi and others hit the value of the Japanese tech investor’s portfolio
TOKYO— SoftBank Group Corp. reported its first quarterly net loss in a year and a half after China’s stricter regulations on technology companies caused a sharp stock selloff and weighed on SoftBank’s investment portfolio.
The Japanese conglomerate, best known for its $100 billion Vision Fund and one of the world’s leading funders of Chinese startups, posted a loss of ¥398 billion, equivalent to $3.5 billion, for the quarter ended Sept. 30.
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