Los Angeles, California, United States
Founded in 1974, Temasek Holdings is the most visible of several companies wholly owned by the Singapore government, but it has remained secretive. As an exempt private company, Temasek Holdings is not required to disclose its annual financial statements like a listed company, so rumors about the company have been rife. The company controls almost all of Singapore's most important and largest turnover companies, including SingTel, Singapore Airlines, DBS Bank, Singapore MRT, Singapore International Port Group, Singapore Power, Keppel Group, Raffles Hotels, etc. Some foreign media have estimated that the market value of Temasek Holdings' holdings accounts for 47% of the entire Singapore stock market, and can be said to almost dominate Singapore's can be said to almost dominate Singapore's economic lifeline. Because of this, Singapore's economic model is known as "state capitalism," which means that investments are made through state-controlled private companies that dominate the private sector capital markets. In addition to investing in the local Singapore market, Temasek Holdings sees Asia and developed markets as the end point of its investments, with about half of its assets currently located outside Singapore. Its major investments include Telekom Malaysia, India's ICICI Bank and Optus, Australia's second largest telecommunications company. in recent years, the company has increased its investments in the Chinese market, showing interest in China's first private bank, Minsheng Bank.