The single largest bet on Chinese tech by SoftBank’s Vision Fund is now $4bn in the red as Beijing punishes ride-hailing group Didi Chuxing for alleged data security lapses on the back of its blockbuster New York listing.
The Vision Fund’s 20.1 per cent stake in the taxi app, for which it paid $11.8bn in 2019, is now worth $7.8bn after Chinese regulatory pressure hit Didi’s business prospects, cutting its market value almost in half.
The Japanese group’s heavy investment in China’s tech sector, which makes up more than one-quarter of the Vision Fund’s portfolio, has left it exposed to shifting regulatory winds in the country.
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