The decrease comes as global investors weigh whether China’s once-booming internet market remains investable after the government introduced rules that weakened business prospects. Temasek, which managed assets worth $381 billion as of March, told Bloomberg in September that it was holding off on further Chinese tech platform investments as it sought more certainty on the fallout from the regulatory tightening.
Singapore’s state-owned investor Temasek Holdings sold shares of US-listed Chinese technology companies from Alibaba Group Holding and Didi Global Inc to online education providers amid regulatory crackdowns.
Temasek cut 16% of its stake in e-commerce giant Alibaba and 11% of its shares in ride-hailing service Didi, according to a 13F filing for the three months ended Sept. 30. It exited Chinese search engine operator Baidu Inc, TAL Education Group, New Oriental Education & Technology Group Inc and jobs service provider Kanzhun.
