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

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Visitors walk past a sign for Chinese ride-hailing service Didi Chuxing at the Global Mobile Internet Conference (GMIC) in Beijing in July 2021. Photo: AP

Published: 10:05am, 16 Feb 2023Updated: 4:46pm, 16 Feb 2023

Temasek Holdings made the biggest cut in its US-listed stocks in at least 17 years last year, taking money off the table from some of its troubled investments. Like other money managers, it made a bigger bet on Chinese e-commerce group JD.com in the final quarter.

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.

Temasek’s holding in Didi Global disappeared from its reporting list, versus a stake of about 30 million shares in the Beijing-based ride-hailing group worth US$55 million it previously disclosed in its third-quarter regulatory filing. Temasek still retained the shares, a company spokesperson said in an email on Thurssay to the Post.

Employees check packages at a logistics centre of JD.com in Beijing on January 10, 2023. Photo: Reuters

The non-reporting may be due to the stock delisting from the New York Stock Exchange in June last year. Didi, which now trades over the counter, rose 73 per cent last quarter to US$3.18. Still, the value has plunged since Temasek paid US$14 each for the shares leading up to its controversial stock offering in New York in June 2021.

“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.”

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