Rakuten Slides Most Since May on Fintech Reorganization Delay
- E-commerce firm’s grappling with growing debts from mobile arm
- Rakuten’s bank and securities ops among Tokyo fintech leaders
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Rakuten Group Inc.’s shares slid as much as 6.7% in their biggest intraday drop since May on delays to the Tokyo-based online shopping mall operator’s plans to combine its fintech operations.
A plan to reorganize Rakuten’s banking, securities, credit card and insurance businesses under one umbrella had fueled optimism around the debt-ridden company, which for years has been trying to turn around its loss-churning wireless business.