SoftBank’s two Vision Funds posted a historic investment loss of ¥3.5tn ($27bn) for the full year as its biggest holdings were pummelled by rising interest rates and Beijing’s crackdown on the tech sector.
Those losses plunged Masayoshi Son’s conglomerate as a whole into its biggest-ever quarterly net loss of ¥2.1tn. In the lead up to the announcement, shares in the group had tumbled 8 per cent to their lowest level in nearly two months.
The biggest losers for the past quarter included Chinese ride-hailing giant Didi Chuxing, whose shares lost about half their value, and South Korean ecommerce platform Coupang, which fell about 40 per cent.
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