Temasek Cuts Stake In Alibaba, DiDi, Baidu And Others

Singapore’s state-owned investor Temasek Holdings Pte sold shares of U.S.-listed Chinese technology companies from Alibaba Group Holding Ltd BABA and DiDi Global Inc 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 BIDU, TAL Education Group TAL, New Oriental Education & Technology Group Inc EDU, and jobs service provider Kanzhun Ltd 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.