- Singapore’s state-owned investor Temasek Holdings Pte sold shares of U.S.-listed Chinese technology companies from Alibaba Group Holding Ltd (NYSE:BABA) and DiDi Global Inc (NYSE:DIDI) to online education providers amid regulatory crackdowns, Bloomberg reports.
- Temasek cut 16% of its stake in e-commerce giant Alibaba and 11% of its shares in ride-hailing service Didi.
- It exited Chinese search engine operator Baidu Inc (NASDAQ:BIDU), TAL Education Group (NYSE:TAL), New Oriental Education & Technology Group Inc (NYSE:EDU), and jobs service provider Kanzhun Ltd (NASDAQ:BZ).
- The selloff follows as global investors weigh the feasibility of investing in China’s once-booming internet market post the regulatory crackdown.
- Temasek held off on further Chinese tech platform investments as it sought more conviction on the fallout following the crackdown.
- Clarity is sought whether the selloff represents exchange for their Hong Kong-traded equivalents at dual-listed companies like Alibaba, something Temasek has done in the past.
- Related Content: Alibaba, Baidu, JD.com, Tencent, Bilibili Stocks Lose Further Ground Amid Regulatory Crackdown
- Price Action: BABA shares traded higher by 1.38% at $168.84 in the premarket session on the last check Tuesday.
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