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Technology

Asia braces for 'tech winter' after SoftBank losses

'Break-even' replaces 'growth' as the new mantra for startups in the region

SoftBank Group Chairman and CEO Masayoshi Son stands in front of a list of Vision Fund investments at a news conference in Tokyo on Nov. 6 when the company posted a $6.4 billion loss. (Photo by Ken Kobayashi)

TOKYO/JAKARTA -- SoftBank Group's massive $9 billion loss on Vision Fund investments such as WeWork is rippling across Asia's technology scene, with startups scrambling to change their business plans amid a new "tech winter" that can no longer count on endless capital from Masayoshi Son.

From Indonesia to India, technology companies that recently pursued a visionary strategy of growth-at-all-costs are now pulling in their belts and making "profitability" the new mantra, according to interviews with executives and employees at SoftBank-backed companies across Asia.

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