Vision Fund Backing of Didi Goes $4bn into the Red: FT

(AF) SoftBank’s tech-supporting VisionFund has taken a $4 billion hit on its Didi Chuxing investment since a Beijing crackdown on the ride-hailing firm almost halved its market value, according to the Financial Times.

The Japanese fund’s $11.8bn backing of the app has fallen to $7.8bn since China insisted Didi remove its app from users’ devices pending a cybersecurity probe, the report said. With more than a quarter of its investments exposed to Chinese tech firms, the report said the Vision Fund is vulnerable to China’s “shifting regulatory winds”. Full Story: Financial Times

Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.