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Temasek Holdings Buys More ICBC

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ChinaTemasek Holdings, Singapore’s sovereign wealth fund said it was purchasing US$ 2.3 billion worth of Industrial and Commercial Bank of China’s (ICBC) shares from Goldman Sachs. The amount of shares to be sold is 3.55 billion Hong Kong-listed shares.

Temasek Holdings is continually realigning its financial portfolio after announcing plans to sell Indonesian bank Danamon to DBS Group of Singapore. Temasek Holdings is counting on further development of China’s financial banking industry. China’s state-owned banks continue to enjoy monopolistic advantages and are able to generate growing profits.

The Singapore sovereign wealth fund has positions in many banks both in developed and emerging markets. Temasek Holdings currently owns significant stakes in Chinese financial institutions such as the Bank of China and China Construction Bank.

Temasek Holdings believes the purchase price was reasonable and is optimistic about the industry and future growth prospects.

Goldman Sachs purchased around 4.9% in ICBC before its initial public offering in 2006. After the sale to Temasek Holdings, Goldman Sachs will have around US$ 3 billion left in ICBC shares. Major Western banks such as UBS, Royal Bank of Scotland, and Bank of America have been shedding their positions in Chinese banks over the past few years to shore up liquidity on their own balance sheets.

Ping An Good Doctor Lures Big Public Asset Owners

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Ping An Good Doctor, formerly known as Ping An HealthCare and Technology Company, is a Chinese online healthcare platform that is part of Ping An Insurance (Group) Company. This unit is planning to be offered in a Hong Kong initial public offering that could raise as much as 8.8 billion HKD in shares at 50.80 or 54.80 HKD per share.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek and Schneider Electric Eye L&T Electrical Unit

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Singapore’s Temasek Holdings and France-based Schneider Electric are in talks to acquire Larsen & Tourbo’s electrical and automation business. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CalPERS Allocates $1 Billion Internally to a Global ESG Strategy

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In February 2018, the California Public Employees’ Retirement System (CalPERS) allocated US$ 1 billion to an internally-managed QSI Global ESG strategy. The internally-managed strategy was developed by New York-based QS Investors, LLC, a subsidiary of Legg Mason. CalPERS entered into a 5-year contract with QS Investors, with a possible spend of over US$ 1 million per annum.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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