Singapore's Temasek Holdings has invested US$17.2 million in China's second-largest e-commerce site, JD.com, as well as US$12.8 million in Chinese IT security player, Cheetah Mobile.
The state-owned investment company bought out 602,139 American depositary shares of JD.com worth US$17.2 million in market value, reported Bloomberg on Friday, citing a filing with the U.S. Securities and Exchange Commission. The Singapore firm also forked out US$12.8 million for 603,764 American depositary shares in , which in June reported a revenue increase of 131.6 percent to US$50.8 million in first-quarter 2014. It has a monthly active mobile users of 222.5 million.
Bothand Cheetah Mobile earlier this year listed on the Nasdaq and New York Stock Exchange, respectively. The two investments will extend Temasek's reach in China and reduce its dependence on banks, Bloomberg noted.
According to Temasek's website, 30 percent of its portfolio value are from the financial services sector. Telecommunications, media, and technology account for 23 percent of its total portfolio, which is valued at S$223 billion (US$178.84 billion) as of March 31, 2014. Some 41 percent of its investment are in Asian markets, excluding Singapore which accounts for 31 percent.
The report added that Temasek also bought into China's biggest e-commerce operator and JD.com rival,, which is later this year.
Alibaba in MayS$312.5 million (US$248.88 million) for a 10.35 percent stake in Singapore's postal service, SingPost, which is an associate company of local telco SingTel. The public-listed Singapore carrier, is majority-owned by Temasek.