A somewhat mixed picture from Japan's SoftBank on Tuesday (August 10).

First-quarter group net profit fell 39% to 762 billion yen, or $6.9 billion dollars.

Still, SoftBank said its Vision Fund unit recorded gains.

The unit posted a $2.14 billion profit in the first quarter.

It's after gains from listing portfolio companies were offset by falling shares in firms like e-retailer Coupang.

The Japanese conglomerate posted record annual profit in May with executives pointing to further upside from Vision Fund investments.

These include Chinese ride-hailing firm Didi Global and start-up Full Truck Alliance.

Those companies listed in New York during the quarter.

But Chinese regulatory action has subsequently hammered valuations, underscoring SoftBank's China risk.

The group is also seeking to reduce dependence on its largest asset, a stake in Chinese e-commerce giant Alibaba.

The turmoil is clouding the outlook for the group, whose shares have slipped a third from two-decade highs in March.

SoftBank has also been investing in publicly listed shares through its SB Northstar trading unit.

It held stakes in firms worth $13.6 billion at the end of June with the portfolio no longer including Microsoft or Facebook.