WATCH: Japan's SoftBank Group 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 but Chinese regulatory action has subsequently hammered valuations, underscoring SoftBank's China risk even as the group seeks to reduce dependence on its largest asset, a stake in Chinese e-commerce giant Alibaba Group Holding LtdThe shift has cast a chill on SoftBank's investing in China, which makes up about a quarter of its funds' portfolio.
The China turmoil is clouding the outlook for the group, shares of which have slipped a third from two-decade highs in March amid the completion of a record 2.5 trillion yen buyback. Shares closed up 0.9% ahead of earnings. "Until now we have sold assets and announced a buyback. This time there was no event like that," Son said.Japan's SoftBank Group Corp Chief Executive Masayoshi Son attends a news conference in Tokyo, Japan, Nov. 5, 2018. REUTERS/Kim Kyung-Hoon/File PhotoGiven the gap between the group's share price and the value of its assets, he added, "I guess we will do a buyback sometime. The timing and size is something we consider daily.
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