Singapore state investor Temasek Holdings increased its stake in e-commerce companies Amazon.com Inc and Pinduoduo by more than 15 per cent, according to a securities filing released on Monday.
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 firm 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 tech sector.
The fund has also sold all its shares in Intel Corp as well as Draftkings Inc 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 of March 31, compared with the quarter ended Dec. 31.