Foreign Media: Singapore's sovereign wealth fund Temasek and Saudi Arabia's Public Investment Fund (PIF) have adjusted their holdings in the Chinese stock market.
Temasek significantly reduced its stakes in Alibaba, JD.com, and NetEase during the quarter ending in June, cutting them by two-thirds, 87%, and 38% respectively, while increasing its holdings in consumer stocks such as Pinduoduo and Yum China. It also made its first investment in real estate brokerage company Beike Zhaofang and electric vehicle manufacturer XPeng Motors.
Temasek's portfolio of 12 Chinese stocks listed in the U.S. fell by more than a third to $1.32 billion by the end of June, but its overall portfolio of 131 stocks increased by 4.4% in June, reaching $26 billion. The PIF of Saudi Arabia sold all 1.61 million shares of Alibaba it held by the end of June, cashing out $212 million.
Original article: www.toutiao.com/article/1840594353042519/
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