Singapore’s Temasek bulks up JD.com stake as Didi exits official list, portfolio shrinks by US$10 billion in 2022
- Temasek increased its holding in e-commerce giant JD.com by 440 per cent by the end of the fourth quarter
- Singapore’s state investment arm held omitted Didi Global from its 13F reporting list following the stock’s NYSE delisting in June last year
The Singapore state investment arm bulked up its stake in Alibaba Group’s biggest rival by 440 per cent to 938,228 shares, the biggest change in its 13F filing in the US for the fourth quarter. JD.com rose about 12 per cent to US$56.13 in the three months to December 30, valuing the stake at US$52.6 million.
The stock surged 5.2 per cent to HK$212.60 in Hong Kong trading on Thursday, the most since January 4.
“We do not have anything further to add to the filings,” the spokesperson said in an email on Wednesday when asked to comment on its stock investments. “As an active investor, we may rebalance our portfolio from time to time.”
Temasek shrank its overall portfolio by more than US$10 billion in 2022, the biggest annual drop since at least 2006, according to its 13F regulatory filings to the Securities and Exchange Commission. It held a total of 72 stocks worth US$17 billion on December 31, versus 95 stocks valued at US$27.7 billion a year earlier.
The cutback followed one of the worst beatings in Chinese equities at home and abroad since 2008, as Beijing’s zero-Covid policy, the most aggressive rate hikes by the Federal Reserve since the mid-1990s and geopolitical concerns battered investor sentiment. The MSCI World Index crashed nearly 20 per cent last year.
Temasek held eight US-listed Chinese stocks in its portfolio on December 31, including Yum China, Alibaba Group and Beigene. The MSCI China Index has surged nearly 50 per cent from late October, on back of reopening optimism after the country abandoned its zero-Covid policy to revive the economy.