• Singapore’s state-owned investor Temasek Holdings Pte sold shares of U.S.-listed Chinese technology companies from Alibaba Group Holding Ltd (NYSE: BABA) and DiDi Global Inc (NYSE: DIDI) to online education providers amid regulatory crackdowns, Bloomberg reports.

  • Temasek cut 16% of its stake in e-commerce giant Alibaba and 11% of its shares in ride-hailing service Didi.

  • It exited Chinese search engine operator Baidu Inc (NASDAQ: BIDU), TAL Education Group (NYSE: TAL), New Oriental Education & Technology Group Inc (NYSE: EDU), and jobs service provider Kanzhun Ltd (NASDAQ: BZ).

  • The selloff follows as global investors weigh the feasibility of investing in China’s once-booming internet market post the regulatory crackdown.

  • Temasek held off on further Chinese tech platform investments as it sought more conviction on the fallout following the crackdown.

  • Clarity is sought whether the selloff represents exchange for their Hong Kong-traded equivalents at dual-listed companies like Alibaba, something Temasek has done in the past.

  • Related Content: Alibaba, Baidu, JD.com, Tencent, Bilibili Stocks Lose Further Ground Amid Regulatory Crackdown

  • Price Action: BABA shares traded higher by 1.38% at $168.84 in the premarket session on the last check Tuesday.

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