Blizzard-hit SoftBank launches $9-bn buyback after $10-bn Vision Fund loss

SoftBank Group Corp slumped to a quarterly loss on Monday, as its Vision Fund unit took a $10 billion hit from a decline in the share price of its portfolio companies and as China’s regulatory crackdown on tech firms weighed.

Even as the value of its assets slide, the Japanese tech conglomerate said its stock is undervalued and will spend up to 1 trillion yen ($9 billion) buying back nearly 15% of its shares.

While CEO Masayoshi Son has likened SoftBank to a goose laying “golden eggs”, Monday’s results underscore the headwinds for the investment business.