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Singapore's Temasek Holdings, one of the world's largest sovereign wealth funds, opened positions in two of China's leading autonomous driving companies in the third quarter of this year.
The state-owned company bought about 1.4 million shares of WeRide and 14,500 shares of Pony.ai in the September quarter, according to its 13F filings released on Friday. The total value of the shares was around US$13.7 million.
Temasek has a history of investing in autonomous driving companies. These included the Swedish transport firm Einride, a technology supplier for electric and self-driving trucks, and the Israeli artificial intelligence mobility start-up Autobrains.
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Robotaxi operators WeRide and Pony.ai, both of which went public in the US in 2024, last week started trading their shares in Hong Kong.
By the end of September, Temasek had a total of US$29 billion of investments in US securities, with about US$2 billion in 16 US-listed Chinese stocks.
Temasek's latest deals reflect the 51-year-old investment giant's focus on forward-looking technologies, while ensuring delivery of higher returns to shareholders.
WeRide founder and CEO Tony Xu Han speaks at the company's trading debut on the Hong Kong stock exchange on November 6, 2025. Photo: Nora Tam alt=WeRide founder and CEO Tony Xu Han speaks at the company's trading debut on the Hong Kong stock exchange on November 6, 2025. Photo: Nora Tam>
In the third quarter, Temasek also bought shares in Tencent Music, China's largest online music platform, and VNET Group, a leading data centre service provider in the country.
Temasek boosted its holdings in e-commerce platform operator PDD Holdings by 200 per cent, real estate brokerage service provider KE Holdings by 76 per cent and online travel agency Trip.com Group by 41 per cent.
It also maintained holdings in companies from electric vehicle (EV) maker Xpeng to Alibaba Group Holding, owner of the South China Morning Post.
Temasek generated more than US$30 million, as it divested from e-commerce firms JD.com and Vipshop.
In contrast to Temasek's latest moves, Saudi Arabia's sovereign Public Investment Fund (PIF) sold all of its Chinese holdings in the third quarter.
PIF divested about 158,000 shares in PDD and around 227,000 shares in Chinese drug developer BeOne Medicines.
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At the end of September, PIF's US equity portfolio was reduced to just 6 holdings, down from 57 at the end of June, with the total value falling to US$19 billion from US$24 billion. Its key holdings include ride-hailing leader Uber Technologies and video gaming firm Electronic Arts.
Major US fund managers had also stayed cautious on China last quarter.
Oaktree Capital Management, founded by notable investor Howard Marks, sold all of its KE Holdings shares valued at US$26.8 million. It also exited its US$6.9 million position in convertible bonds issued by Alibaba, as well as a US$7.3 million stake in bonds from hotel chain operator H World Group.
Still, Oaktree Capital boosted its positions in online recruitment service provider Kanzhun and holdings in convertible bonds issued by EV maker Li Auto, JD.com and Trip.com.
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.
Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.
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