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SoftBank pauses China investing as tech crackdown roils portfolio

SoftBank to wait and see on China, says Chief Executive Masayoshi Son

Softbank Group | China | Masayoshi Son

Reuters  |  Tokyo 

SoftBank Group Corp will pause its investing in China as it waits for regulatory action against the country's tech firms to play out, Chief Executive Masayoshi Son said on Tuesday. "Until the situation is clearer we want to wait and see," Son told a news conference. "In a year or two I believe new rules will create a new situation." When the Japanese conglomerate posted record annual profit in May executives pointed to further upside from Vision Fund investments such as Chinese ride-hailing firm Didi Global Inc and "Uber for trucks" startup ...

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First Published: Tue, August 10 2021. 18:51 IST