SoftBank Group shares fell 8 per cent on Monday, their seventh consecutive day of losses, as mounting problems at its portfolio companies Didi Chuxing and Arm revived concerns over the Japanese technology conglomerate’s business model.
SoftBank’s share losses were part of a broader regional sell-off of tech-related shares in Asia on Monday. Alibaba, the ecommerce company founded by Jack Ma and the most valuable of SoftBank’s investments, dropped 6.4 per cent.
SoftBank shares fell as low as ￥5,057 ($45) during the morning trading session in Tokyo, touching their lowest level since June 2020. Investors said that last week’s announcement by Chinese ride-hailing company Didi that it had begun the process of delisting its shares from the New York Stock Exchange had been especially chilling.