FINANCE

Temasek Raises China Exposure by $7.7 Billion as Valuations Recover

Published: Jul. 16, 2026 12:13 a.m. GMT+8

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For the fiscal year ended March 31, Temasek reported a net portfolio value of S$518 billion and a one-year total shareholder return of 10.5%. Photo: VCG

Temasek Holdings Pte. Ltd. increased its exposure to Chinese assets by S$10 billion ($7.7billion) in its latest fiscal year, its largest annual increase in five years, as valuations recovered and the Singapore state investment firm stepped up its long-term bet on China.

The renewed push underscores Temasek’s view that China’s undervalued equities, expanding life-sciences industry and growing artificial-intelligence capabilities can generate durable returns despite recent economic and market headwinds.

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Temasek raised China exposure by S$10 billion, its largest annual increase in five years, citing cheap valuations and innovation.
AI investments now 6% of its S$518 billion portfolio, with a target of 10%–15% by 2031.
The firm sees durable returns from China's undervalued equities, life sciences, and manufacturing competitiveness.

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Who’s Who

Temasek Holdings Pte. Ltd.: Temasek Holdings Pte. Ltd. increased its Chinese asset exposure by S$10 billion ($7.7bn) in its latest fiscal year, the largest jump in five years. The Singapore state investment firm's net portfolio value hit S$518 billion, yielding a 10.5% one-year return. CEO Wu Yibing cited undervalued equities, life sciences innovation, and AI. Temasek backed Anthropic and OpenAI, targeting 10-15% AI portfolio exposure by 2031.

Pfizer Inc.: Pfizer Inc. chairman and CEO Albert Bourla noted at a Goldman Sachs conference that AI and China’s rise as a research hub are reshaping pharma. He urged drugmakers to leverage Chinese innovation, acknowledging future competition from both global players and major Chinese pharmaceutical firms.

Goldman Sachs: Goldman Sachs hosted a healthcare conference in June. At this conference, Pfizer CEO Albert Bourla stated that AI and China's emergence as a research powerhouse are rapidly reshaping the pharmaceutical industry.

Anthropic: According to the article, Anthropic is a U.S.-based AI developer that Temasek backed in its latest fiscal year, alongside OpenAI. Temasek's AI investments, which include Anthropic, now account for 6% of its portfolio, with plans to increase this share.

OpenAI: According to the article, Temasek Holdings invested in OpenAI during its latest fiscal year as part of its increased focus on artificial intelligence. AI-related investments now account for 6% of Temasek's total portfolio, with plans to raise this to 10-15% by 2031, targeting both U.S. and Chinese AI markets.

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What Happened When

Fiscal year ended March 31, 2026：: Temasek increased its exposure to Chinese assets by S$10 billion ($7.7 billion), its largest annual increase in five years.

Fiscal year ended March 31, 2026：: Temasek reported a net portfolio value of S$518 billion and a one-year total shareholder return of 10.5% (five-year return at 4.6%).

Fiscal year ended March 31, 2026：: Temasek backed U.S.-based AI developers Anthropic and OpenAI.

June 2026：: Pfizer CEO Albert Bourla spoke at a Goldman Sachs healthcare conference, highlighting AI and China's emergence as a research powerhouse in pharmaceuticals.

AI generated, for reference only