Japan's SoftBank Group Corp (9984.T) on Tuesday reported a 39% fall in first-quarter net profit, even as Vision Fund returns were boosted by listings during the period.
Those companies listed in New York during the quarter but Chinese regulatory action has subsequently hammered valuations, underscoring SoftBank's China risk even as the group seeks to reduce its dependence on its largest asset, Chinese e-commerce giant Alibaba Group Holding LtdThe turmoil is clouding the outlook for the group, whose
shares have slipped a third from two-decade highs in March amid a record 2.5 trillion yen buyback which has since been completed. Shares closed up 0.9% ahead of earnings.Reporting by Sam Nussey; Editing by Christopher CushingSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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