Temasek raised China exposure by SG$10 billion in FY2025; portfolio value hit record SG$518 billion

According to CNBC, Temasek Holdings increased its China exposure by SG$10 billion ($7.7 billion) in the fiscal year ended March 31, the biggest annual increase in five years, as it repositions toward a new growth cycle led by artificial intelligence and advanced technology. CEO Dilhan Pillay said at the firm’s annual review Wednesday that Temasek’s China exposure has grown by about SG$24 billion over the past decade; Temasek said its five-year total shareholder return was 4.6% for the year ended March. Temasek’s underlying country exposure to China declined to 17% from 24% in 2016, while Singapore was 27% and the Americas 26%, up from 24% a year earlier. The firm said it is rotating within China away from consumer and real estate toward “hard tech,” including AI-related hardware and infrastructure, robotics, biotech and the energy transition. New investments during the year included Luckin Coffee and logistics group ANE in China, Anthropic and OpenAI in the U.S., and Ermenegildo Zegna Group in Europe; Temasek disclosed a 6.4% stake in Luckin in a May regulatory filing and said it joined a consortium with Centurium Capital and True Light Capital that took ANE private in February. Temasek’s net portfolio value rose to a record SG$518 billion ($401 billion) for the year ended March 31, up SG$49 billion.