GIC and Temasek Holdings have snapped up about US$1 billion (S$1.38 billion) of Alibaba's shares, the Chinese e-commerce company said yesterday.
They are buying part of the US$8.9 billion of shares that Alibaba's largest shareholder, Japan's SoftBank Group, is selling.
The move to raise their stakes in the world's largest e-commerce platform is not surprising, CIMB Private Banking economist Song Seng Wun said.
"China's potential as a consumer market and Alibaba's leading position are a given. Beyond that, it has an evolving business model that is also tapping into consumer financing. It ticks all the right boxes as a tech investment for long-term growth," he added.
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