Temasek hikes stake in e-commerce companies Amazon, Pinduoduo

Temasek raised its stake in the e-commerce companies by more than 15 per cent. PHOTO: ST FILE

BENGALURU (REUTERS) - Singapore's Temasek has increased its stake in e-commerce companies and Pinduoduo by more than 15 per cent, according to a securities filing released on Monday (May 16).

Temasek, among the biggest investors in the world with major investments in Singapore Airlines, DBS Group and others, first disclosed a stake in Amazon in 2017 and in Pinduduo in 2020.

The investment company is anchored in Asia, with a large exposure to the region as measured by underlying assets, most of which are in China and Singapore. It has been stepping up investments in the United States, especially in the technology sector.

The fund has also sold all its shares in US chipmaker Intel as well as Draftkings just months after adding a position in the sports betting company, the filing showed.

It also cut its stake in home rental company Airbnb and telecommunications firm Lumen Technologies by 16.7 per cent and 25.3 per cent respectively as at March 31, compared with the quarter ended Dec 31.

It added Nvidia, S&P Global, 1Life Healthcare to its portfolio during the quarter.

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