Xi Pivot Fails to Stop Exodus by Big Investors in China Tech
- SoftBank, Prosus may be accelerating sales after bank routs
- Xi’s charm offensive falling short with some global investors
This article is for subscribers only.
Xi Jinping led a parade of officials this spring vowing to revive China’s economy, hoping to repair the damage wrought by years of Covid Zero and regulatory clampdowns. Some of the world’s biggest investors are selling anyway.
Two pioneering financiers of China’s private sector — and hence the country’s economic miracle — have signaled in recent days their intentions to continue pulling back from marquee investments in the country. European internet powerhouse Prosus NV registered more than $4 billion of stock in Tencent Holdings Ltd. for potential sale in Hong Kong, while news emerged that SoftBank Group Corp. is preparing to hasten its exit from Alibaba Group Holding Ltd. — the e-commerce leader that made Masayoshi Son’s name.