SoftBank Group Corp., one of the biggest foreign investors in China, plans to take a more cautious approach to backing the country’s startups but will continue to cut deals, according to Chief Operating Officer Marcelo Claure.

The Japanese conglomerate’s stock came under pressure in recent weeks as a widening crackdown by Beijing regulators on China’s technology sector battered the value of some of its biggest investments, including Alibaba Group Holding Ltd.

Now the debt crisis at troubled developer China Evergrande Group is threatening broader fallout in the world’s second-largest economy.