TOKYO -- SoftBank Group will significantly cut back on new investments in China due to regulatory uncertainty, Chairman and CEO Masayoshi Son said on Tuesday, after a crackdown by Beijing dented the valuation of its investments.
The retreat of SoftBank marks the loss of one of the most aggressive tech investors in China and signals a correction in startup valuations there. The Japanese company has poured billions of dollars into some of the country's biggest tech companies, including Didi Global, ByteDance and Alibaba Group Holding.
