Moving away from banks: Temasek injects US$30m into two tech firms
The Chinese companies are backed by Mainland millionaires.
Sovereign investor Temasek holdings has raised its stake in two Chinese technology firms, in a move to diversify away from bank assets in the Mainland.
According to a report by Bloomberg, Temasek has bought 602,139 American depositary receipts (ADRs) of JD.com Inc., China’s second-largest e-commerce site. It has a market value of $17.2 million.
The investor also purchased a total 603,764 ADRs in Cheetah Mobile Inc., a security software maker. These ADRs are valued at $12.8 million.
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