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15-08-2014, 10:06 AM
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Temasek Acquires JD.com, Cheetah Stakes Diversifying China Bets
2014-08-14 17:32:58.898 GMT
By Klaus Wille
Aug. 15 (Bloomberg) -- Temasek Holdings Pte, Singapore’s state-owned investment firm, purchased U.S.-listed stocks in Chinese technology and consumer firms in the second quarter as it diversifies away from bank holdings in Asia’s biggest economy.
Temasek, directly or through its units, bought 602,139 American depositary receipts of China’s second-largest e- commerce site JD.com Inc. with a market value of $17.2 million, according to a filing yesterday with the U.S. Securities and Exchange Commission. It also purchased a net 603,764 ADRs in security software maker Cheetah Mobile Inc., valued at $12.8 million. Both companies were listed in May.
The transactions help the city-state’s investment firm extend its reach in China and ease its reliance on the nations’
banks. While two of Temasek’s six biggest listed global holdings by market value are still Chinese lenders, it also acquired stakes in consumer-related firms this year and last.
“In terms of region they are increasing their exposure to China,” said Song Seng Wun, an economist at CIMB Research in Singapore. “In terms of investment themes, they are buying consumer-oriented assets which helps them go beyond financial assets in the country.”
JD.com had its U.S. initial public offering in May when it raised $1.78 billion by selling 93.7 million American depositary receipts. The firm is controlled by Richard Liu, who is China’s sixth-richest person, with a net worth of $8.8 billion, according to the Bloomberg Billionaires Index.
June Surge
Software maker Cheetah is backed by Kingsoft Corp. and Tencent Holdings Ltd. and raised $168 million in its U.S. IPO on May 8.
Temasek held 1 million shares in Cheetah Mobile in May after the IPO, according to data compiled by Bloomberg at the time. Yesterday’s filing shows it owned 603,764 shares at the end of June, indicating it sold 396,236 shares. The share price gained 52 percent until the end of June.
Money managers who oversee more than $100 million in equities must file a Form 13F with the SEC within 45 days of each quarter’s end to show their U.S.-listed stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.
Temasek, the biggest foreign investor in China’s largest banks, has stakes in Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Bank of China Ltd. valued at
$20 billion, according to data compiled by Bloomberg.
Sabre, Mosaic
Temasek in March agreed to buy a 25 percent stake in Hong Kong-based Hutchison Whampoa Ltd.’s retail arm A.S. Watson & Co., which has more than 10,500 retail outlets in Asia and Europe, for HK$44 billion ($5.7 billion).
Temasek is also invested in China’s biggest e-commerce operator, Alibaba Group Holding Ltd., which is headed toward what may be the largest U.S. IPO in history.
Among Temasek’s other transactions in U.S.-listed companies in the second quarter was the purchase of 1.5 million shares in travel software and data company Sabre Corp. which had its IPO in April, according to yesterday’s filing.
Temasek sold 5.8 million shares in fertilizer company Mosaic Co. and increased its holdings in enzyme product developer BioMarin Pharmaceutical Inc. by 580,924 shares. The investment firm sold its 200,000 shares in online classified ads provider 58.com, according to the filing.
“Some adjustments occur to our holdings in various companies as we rebalance our portfolio and where we have opportunities to invest in companies consistent with our investment themes,” Temasek spokesman Stephen Forshaw said in an e-mailed statement.
Temasek, wholly owned by Singapore’s Ministry of Finance, is the ninth-biggest state investor with an estimated $177 billion of assets, according to the website of the Sovereign Wealth Center.
The investment company said last month that total shareholder return for the 12 months ended March 31 shrunk to
1.5 percent from 8.9 percent in the previous fiscal year as Asia holdings weighed on the performance.
For Related News and Information:
Temasek Asset Growth Slows as Asia Holdings Damp Performance FIFW NSN N8DWDX6KLVRI <GO> Temasek Holdings Boosted Stake in U.S. Health-Care Industry FIFW NSN N5NB1M6JIJUV <GO> DBS Tops Southeast Asia M&A Advisers With Help From Temasek FIFW NSN N9K9K26JIJVT <GO> Sovereign wealth fund news: NI SWF <GO> 13F Alerts: NI 13F <GO>
To contact the reporter on this story:
Klaus Wille in Singapore at +65-6231-3658 or kwille@bloomberg.net To contact the editors responsible for this story:
Andreea Papuc at +852-2977-6641 or
apapuc1@bloomberg.net
Josh Friedman, Mary Romano
Temasek Acquires JD.com, Cheetah Stakes Diversifying China Bets
2014-08-14 17:32:58.898 GMT
By Klaus Wille
Aug. 15 (Bloomberg) -- Temasek Holdings Pte, Singapore’s state-owned investment firm, purchased U.S.-listed stocks in Chinese technology and consumer firms in the second quarter as it diversifies away from bank holdings in Asia’s biggest economy.
Temasek, directly or through its units, bought 602,139 American depositary receipts of China’s second-largest e- commerce site JD.com Inc. with a market value of $17.2 million, according to a filing yesterday with the U.S. Securities and Exchange Commission. It also purchased a net 603,764 ADRs in security software maker Cheetah Mobile Inc., valued at $12.8 million. Both companies were listed in May.
The transactions help the city-state’s investment firm extend its reach in China and ease its reliance on the nations’
banks. While two of Temasek’s six biggest listed global holdings by market value are still Chinese lenders, it also acquired stakes in consumer-related firms this year and last.
“In terms of region they are increasing their exposure to China,” said Song Seng Wun, an economist at CIMB Research in Singapore. “In terms of investment themes, they are buying consumer-oriented assets which helps them go beyond financial assets in the country.”
JD.com had its U.S. initial public offering in May when it raised $1.78 billion by selling 93.7 million American depositary receipts. The firm is controlled by Richard Liu, who is China’s sixth-richest person, with a net worth of $8.8 billion, according to the Bloomberg Billionaires Index.
June Surge
Software maker Cheetah is backed by Kingsoft Corp. and Tencent Holdings Ltd. and raised $168 million in its U.S. IPO on May 8.
Temasek held 1 million shares in Cheetah Mobile in May after the IPO, according to data compiled by Bloomberg at the time. Yesterday’s filing shows it owned 603,764 shares at the end of June, indicating it sold 396,236 shares. The share price gained 52 percent until the end of June.
Money managers who oversee more than $100 million in equities must file a Form 13F with the SEC within 45 days of each quarter’s end to show their U.S.-listed stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.
Temasek, the biggest foreign investor in China’s largest banks, has stakes in Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Bank of China Ltd. valued at
$20 billion, according to data compiled by Bloomberg.
Sabre, Mosaic
Temasek in March agreed to buy a 25 percent stake in Hong Kong-based Hutchison Whampoa Ltd.’s retail arm A.S. Watson & Co., which has more than 10,500 retail outlets in Asia and Europe, for HK$44 billion ($5.7 billion).
Temasek is also invested in China’s biggest e-commerce operator, Alibaba Group Holding Ltd., which is headed toward what may be the largest U.S. IPO in history.
Among Temasek’s other transactions in U.S.-listed companies in the second quarter was the purchase of 1.5 million shares in travel software and data company Sabre Corp. which had its IPO in April, according to yesterday’s filing.
Temasek sold 5.8 million shares in fertilizer company Mosaic Co. and increased its holdings in enzyme product developer BioMarin Pharmaceutical Inc. by 580,924 shares. The investment firm sold its 200,000 shares in online classified ads provider 58.com, according to the filing.
“Some adjustments occur to our holdings in various companies as we rebalance our portfolio and where we have opportunities to invest in companies consistent with our investment themes,” Temasek spokesman Stephen Forshaw said in an e-mailed statement.
Temasek, wholly owned by Singapore’s Ministry of Finance, is the ninth-biggest state investor with an estimated $177 billion of assets, according to the website of the Sovereign Wealth Center.
The investment company said last month that total shareholder return for the 12 months ended March 31 shrunk to
1.5 percent from 8.9 percent in the previous fiscal year as Asia holdings weighed on the performance.
For Related News and Information:
Temasek Asset Growth Slows as Asia Holdings Damp Performance FIFW NSN N8DWDX6KLVRI <GO> Temasek Holdings Boosted Stake in U.S. Health-Care Industry FIFW NSN N5NB1M6JIJUV <GO> DBS Tops Southeast Asia M&A Advisers With Help From Temasek FIFW NSN N9K9K26JIJVT <GO> Sovereign wealth fund news: NI SWF <GO> 13F Alerts: NI 13F <GO>
To contact the reporter on this story:
Klaus Wille in Singapore at +65-6231-3658 or kwille@bloomberg.net To contact the editors responsible for this story:
Andreea Papuc at +852-2977-6641 or
apapuc1@bloomberg.net
Josh Friedman, Mary Romano