TOKYO -- Shares in SoftBank Group fell more than 5% on Monday morning after one of its major investments, Chinese ride-hailing giant Didi Global, was ordered by a Beijing regulator to remove its app from app stores.

The regulatory action by China's internet regulator comes just days after Didi carried out an initial public offering of its shares in New York. The move casts a shadow over the company, which is heavily dependent on China for its profits.

Didi is one of SoftBank's biggest bets in China. The Japanese tech investor poured nearly $11 billion into the company before it went public in the U.S. on June 30. SoftBank's Vision Fund is Didi's top shareholder, with a 20.2% stake, according to filings.

The Cyberspace Administration of China on Sunday said Didi had seriously violated laws regarding the collection and use of personal information. It said it ordered the removal of Didi's smartphone app.

The regulator had announced a review of the company late on Friday, sending Didi's shares down more than 5% in New York. They closed at $15.53, having begun trading at $14 on June 30. U.S. markets will be closed on Monday.

Monday's decline brought SoftBank shares to their lowest level since December. They are down about 30% from their high for the year in March.