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SoftBank to curb China deals amid regulatory uncertainty

Chairman and CEO Son to 'wait and see' after crackdown dents tech portfolio

SoftBank Group founder and CEO Masayoshi Son speaks during an online press conference on Tuesday. Chinese regulatory measures have cast some uncertainty over the company's China portfolio. (Screenshot from SoftBank's website)

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.

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