SINGAPORE: Singapore’s Temasek Holdings Pte bought stakes or increased its holdings in several prominent Chinese technology companies shortly before sweeping moves to rein in the private sector caught the market by surprise.

       The state-owned investor disclosed its stake in ride-hailing service Didi Global Inc for the first time and added shares in a range of businesses from search giant Baidu Inc to online education providers in the second quarter, ahead of a sudden collapse in some Chinese stocks last month, according to its 13F filings with the US Securities and Exchange Commission. A spokesman for Temasek declined to comment.

       The bets underscore the dilemma facing even the most powerful institutional investors in the world as Beijing targets the nation’s technology companies. The cascade of policy changes makes for delicate strategic maneuvering in a region that offered seemingly unbound financial promise not long ago.

       Many of Temasek’s listed Chinese investments have dramatically slumped in value amid heavy crackdowns by Beijing and heightened scrutiny by US regulators.

       Temasek also held 44.1 million shares in 17 Education & Technology Group Inc as of Dec 31, according to the company’s prospectus.

       In the three months ending June 30, Temasek acquired 644,919 shares of the company. — Bloomberg