Singapore Inc buys Alibaba shares

Big investment: An employee walks past a logo of Alibaba Group at its base on the outskirts of Hangzhou, Zhejiang province, China. Two Singapore state-owned firms are buying a combined 6.76 million shares in Alibaba Group. – EPA

State-owned firms Temasek and GIC invest US$1bil in Chinese e-commerce giant

SINGAPORE: Singapore's state-owned investment firms Temasek Holdings Pte and GIC Pte, long-term Alibaba Group Holding Inc investors, bought a combined US$1bil of stock in the Chinese e-commerce behemoth, the second-biggest stakes being sold by SoftBank Group Corp.