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Alibaba Stake Was Biggest Drag on Softbank's Third-Quarter Net Asset Value

   By Dave Sebastian 
 

SoftBank Group Corp.'s net asset value, or NAV, fell to $168 billion as of Dec. 31 from $187 billion on Sept. 30, according to a slide presented at the Japanese investment firm's third-quarter earnings briefing.

The biggest drag was SoftBank's investment in Alibaba Group Holding Ltd., SoftBank Chief Executive Masayoshi Son said Tuesday.

Alibaba once accounted for 60% of Softbank's total NAV, but was recently at 24%, Mr. Son said at the briefing.

Shares of Alibaba and other Chinese internet stocks fell heavily last year amid regulatory actions from Beijing that have included financial penalties.

"In China, we have seen the biggest loss since the peak in terms of net asset value," Mr. Son said.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

February 08, 2022 04:46 ET (09:46 GMT)

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