Temasek’s China Exposure Rises SG$10 Billion but Falls to 17 % of Portfolio

Temasek Holdings increased its China exposure by SG$10 billion in the fiscal year ended March 31, 2026, the largest annual increase in five years, Cnbc reported. The state investor shifted toward artificial intelligence and advanced technology sectors within the country.

Chief Executive Officer Dilhan Pillay said the firm saw a rebound in China and that its China exposure has grown by about SG$24 billion over the past decade.

Temasek's five-year total shareholder return reached 4.6 percent for the period, supported by a recovery in market valuations after earlier headwinds. Underlying country exposure to China fell to 17 percent as of March 31, 2026, from 29 percent in 2020. Singapore remained the largest market at 27 percent while the Americas rose to 26 percent from 24 percent a year earlier.

New investments during the year included Luckin Coffee and logistics group ANE in China, as well as Anthropic, OpenAI and Ermenegildo Zegna Group. Temasek disclosed a 6.4 percent stake in Luckin Coffee in a May regulatory filing after the chain resolved its legal and governance issues.

Temasek participated in a consortium with Centurium Capital and True Light Capital that took ANE private in February 2026.

The firm's net portfolio value reached a record SG$518 billion as of March 31, 2026, up from SG$49 billion a year earlier.