Legendary China Bets Unwind as Buffett, SoftBank Sell
- Tencent shares worth $7.6 billion are likely up for sale
- SoftBank sold off about $17 billion of its Alibaba stake
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For early backers, they’ve been some of the most profitable Chinese stock investments of all time: Tencent Holdings Ltd., Alibaba Group Holding Ltd. and BYD Co.
But now big-name investors who’ve made billions from these shares are taking money off the table, underscoring growing angst over the prospects for China’s biggest companies as President Xi Jinping tightens the government’s grip on the private sector and the economy falters under persistent Covid lockdowns.