Japan’s SoftBank sinks into losses over China investments

KIFI

Published November 8, 2021 1:34 AM

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — SoftBank Group says it sank into red ink for the July-September period, hit by losses on its investments in China. The Japanese technology conglomerate is reporting a $3.5 billion loss for the fiscal second quarter. Its investment portfolio Vision Fund suffered losses, including the value of its stake in South Korean online retailer Coupang. SoftBank said the recent crackdown in China on the technology sector has weighed on Chinese share prices. But it said it booked gains on its shares in DoorDash, an online food-ordering service based in San Francisco. Chief Executive Masayoshi Son said a big factor was the decline in the value of Chinese e-commerce company Alibaba.

Article Topic Follows: AP National Business

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