SINGAPORE: Temasek Holding Pte’s holdings in China surpassed its home market of Singapore for the first time following gains in companies including Alibaba Group Holding Ltd., according to the state investor’s annual report.
Temasek’s exposure to China rose to 29% of assets as of March 31, compared with 24% for Singapore, the lowest exposure for its home market since the company was formed in 1974. The firm’s biggest local holdings, from Singapore Telecommunications Ltd to DBS Group Holdings Ltd, saw their valuations tumble this year as Covid-19 hit global markets.
The investment giant has been adding to assets in China despite the rising risk of a political and economic decoupling from the US. Its exposure to China, which includes stakes in Industrial and Commercial Bank of China Ltd and Meituan Dianping, compares with 17% in North America and 10% in Europe.
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