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The Japanese billionaire said at an earnings presentation Tuesday that he would take a cautious approach until the impact of new regulations are clear.
Chinese companies accounted for 23% of SoftBank’s massive Vision Fund investment portfolio at the end of July. But only 11% of Vision Fund investment has been directed to the country since April, Son said.
“It’s because we would like to wait and see a while,” he added.
Taking questions from reporters, Son acknowledged that the company was “facing tough challenges when it comes to investments in China.”
“That’s true,” he said. “That’s something we’d like to be careful about, and be cautious. Once we have a better view, then we’d like to resume [further] investments.”
In recent months, China has embarked on a major clampdown on private enterprise, which has engulfed some of the country’s top players. Initially, it appeared that regulators’ main target was the booming tech sector, but lately that has expanded to reach other industries,…
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