Temasek develops taste for China tech, consumer companies

Temasek Holdings Pte, Singapore's ninth-biggest state-owned investment firm, has purchased US-listed stocks in Chinese technology and consumer firms backed by the country's billionaires as it diversifies away from bank holdings.

Temasek, directly or through its units, bought 602,139 American depositary receipts of China's second-largest e-commerce site JD.com Inc, with a market value of $17.2 million, according to a filing on Thursday with the US Securities and Exchange Commission. It also purchased a net 603,764 ADRs in security software maker Cheetah Mobile Inc, valued at $12.8 million. Both companies were listed in May.

The transactions have helped the city-state's investment firm extend its reach in the world's second-biggest economy and ease its reliance on the nation's banks. While two of Temasek's six biggest listed global holdings by market value are still Chinese lenders, it also acquired stakes in consumer-related firms this year and last.