For SoftBank Group Inc , financial technology firm OneConnect's IPO...
), financial technology firm OneConnect’s IPO should have been a vindication of an aggressive China investing strategy.
In ZhongAn Online P&C Insurance Co Ltd’s 2017 IPO, for example, SoftBank ploughed in $550 million as a cornerstone investor. But the deal was seen by some investors as way over-valued and now trades at about half its IPO price. Guazi.com said in a statement that talks for new funds were advanced, investors included the Vision Fund and other top international investment institutions and that it expected to be profitable in the fourth quarter.
Other big bets like TikTok owner ByteDance and artificial intelligence firm Sensetime are threatened by the fallout from the U.S.-China trade conflict. The Vision Fund has invested roughly $1 billion in both, sources have said.Sensetime in October was added to the U.S. “entity list” which bars it from buying U.S. components without U.S. government approval, over its alleged involvement in human rights abuses in China’s Xinjiang.
The Vision Fund opened a China office this year led by former Silver Lake managing director Eric Chen. Two sources familiar with the operation told Reuters that the pace of hiring for the China team has been slow, though SoftBank says the team has grown a lot since March to include about 20 investment professionals.
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