Shares were down another 2.7% in Tokyo, extending earlier losses. The stock closed down 2.5% Wednesday.
SoftBank will pump $5 billion into The We Company and accelerate a $1.5 billion equity investment originally due to the company next year. SoftBank, already WeWork’s largest investor, is also offering to buy up to $3 billion worth of stock from existing investors and shareholders. The Japanese tech company will take ownership of about 80% of WeWork.
Asian stocks were otherwise mixed Thursday, with shares in South Korea edging lower after the country reported weak economic growth.
SK Hynix, a South Korean chipmaker that is one of the world’s largest, reported a net profit of 495 billion Korean won ($423 million) in the third quarter, an 89% drop compared to a year earlier. But that profit beat analyst estimates, according to Refinitiv data. The company’s stock advanced 1.8% in Seoul.