13/01/2026

BIZ & FINANCE TUESDAY | JAN 13, 2026

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Singapore defends Temasek, GIC returns as reasonable lawmakers in Parliament in a live-streamed address. Temasek reported a 10-year total

Semiconductor firm OmniVision climbs 6.7% in HK trading debut HO N G KO N G: Shares of OmniVision Integrated Circuits rose as much as 6.7% in their Hong Kong debut yesterday after the Chinese semiconductor design company raised HK$4.8 billion (RM2.5 billion) from a second listing. The Shanghai-listed firm opened at HK$108 each, 3.1% higher than its offer price of HK$104.80, before rising further to HK$111.80. Its offer price gave it a market capitalisation of around HK$131.7 billion. On the Shanghai bourse, shares of OmniVision were up 0.6% at 132.26 yuan (RM77) per share, giving it a market capitalisation of about 159 billion yuan. OmniVision is the third-largest digital image sensor provider globally, with a market share of 13.7% based on revenue from digital imaging solutions in 2024, it said in its Hong Kong listing prospectus, citing research and consultancy firm Frost & Sullivan. It planned to use about 70% of the listing proceeds for research and development, with the balance for global market expansion, investments and acquisitions, its prospectus showed. Its cornerstone investors include Boyu Capital’s Wildlife Willow, UBS Asset Management Singapore and China Post’s PSBC Wealth Management, according to its prospectus. Hong Kong saw a resurgence in IPOs last year, propelled by regulatory changes and pent-up demand from firms seeking access to capital after years of tough oversight from mainland Chinese authorities. Around US$37.2 billion was raised from 115 new listings, the most since 2021. Shares of MiniMax Group, the second of China’s so-called “AI tigers” to go public, doubled in value at their Hong Kong debut on Friday, and rose another 9% yesterday. – Reuters

and eventually cut pay for senior executives after an internal review, while its portfolio holding, Indonesian aquaculture tech startup eFishery, faces a probe into alleged misconduct including fraud. Temasek, which managed a S$434 billion (RM1.8 trillion) portfolio as of March 2025, will launch a new structure from April 1, it said in August. GIC was also in the spotlight last year after filing a US lawsuit against Chinese electric vehicle maker NIO, alleging NIO and two executives misled investors with false statements and withheld information about its business and prospects. Siow said the government does not intervene in Temasek’s individual investment decisions, and works with GIC’s board to ensure its mandate is met. The minister said given investment markets have been uncertain and volatile, “GIC’s returns over shorter periods could be low or even negative, but the government is able to absorb these short-term market fluctuations and risks because it has a strong balance sheet”. – Reuters

o Govt says prioritises long-term gains over short-term swings

shareholder return of 5% for the year ended March 31, 2025, which lagged the MSCI ACWI’s 9% and Singapore’s Straits Times Index’s 6%, though its 20-year return of 7% is broadly in line with both benchmarks. Asked why Temasek’s 20-year returns appeared to only match the broader market’s despite its unlisted assets shielding it from public market volatility, Siow said such comparisons are “not always appropriate or meaningful”. “Temasek is not quite the same as a typical sovereign wealth fund, it is an active bottom-up investor and has a history as a holding company for Singapore portfolio companies.” GIC’s 20-year annualised real return came in at 3.8% for the year to March 31, 2025, marginally below the 3.9% it posted a year earlier, its weakest performance since 2020 when returns hit 2.7%. Temasek wrote down its US$275 million investment in collapsed crypto exchange FTX

SINGAPORE: Returns generated by Singapore sovereign wealth fund GIC and state investor Temasek are reasonable and within expectations given their mandates and risk profiles, a minister said yesterday, amid criticism of their performance. Lawmakers in the city-state queried the performance of the two globally influential investors, which cumulatively manage hundreds of billions of dollars of assets. A Financial Times report in December called Singapore’s sovereign wealth returns “poor” in comparison to peers. “Our focus has always been on long-term performance, rather than on short-term or year-to-year fluctuations,” Jeffrey Siow, a senior minister of state for finance, told

Vietnam central bank cuts 2026 credit growth target to 15% HA N OI: Vietnam’s central bank has cut its target for credit growth to around 15% this year, it said over the weekend, after warnings of financial risks from last year’s credit splurge. Last year, the country reported rapid credit growth of about 20%, as authorities sought to support economic expansion, though economists expressed concerns about price bubbles. In the Communist-run country, the central bank’s projections are effectively instructions given to lenders and are viewed as both a target and a ceiling. The new target is lower than the 16% the bank initially set for 2025 before raising it during the year. It did not disclose the adjusted target for last year. target may shift later in the year or may be scrapped. The central bank said it had asked lenders to tighten controls over loans to risky sectors. Shares of several real estate companies fell last week after rumours began circulating about the central bank’s imminent tweak to its loan policy, stock traders said.

Shares of Vinhomes, Vietnam’s largest property firm, were down 6.4% yesterday morning, driving down Vietnam’s real estate sector, which fell about 5%. – Reuters

“In our view, the State Bank of Vietnam has tried to be receptive to market feedback,” said Willie Tanioto of Fitch Ratings, noting that the

The bank “projects system-wide credit growth at approximately 15%” this year, it said in a statement dated Jan 10.

Japan aims to dig deep-sea rare earths to reduce dependence on China TOKYO: A Japanese research vessel yesterday began a historic voyage to attempt to dig deep-sea rare earths at a depth of 6,000 metres to curb dependence on China. specific countries,” he told reporters at the port as the ship prepared to leave. “One approach I believe could be pursued is establishing a process to achieve domestic production of rare earths,“ he said.

A scientific drilling boat called the Chikyu left Shimizu Port in Shizuoka around 9am (8am in Malaysia) for the remote island of Minami Torishima in the Pacific, where surrounding waters are believed to contain a rich trove of valuable minerals. The test cruise comes as China – by far the world’s biggest supplier of rare earths – ramps up pressure on its neighbour after Prime Minister Sanae Takaichi suggested in November that Tokyo could react militarily to an attack on Taiwan. Beijing claims self-ruled Taiwan as part of its territory and has vowed to seize it by force if necessary. China has long used its dominance in rare earths for geopolitical leverage, including in its trade war with US President Donald Trump’s administration. Chikyu’ s voyage, delayed by one day due to bad weather, could lead to domestic production of rare earths, said Shoichi Ishii, programme director at the Cabinet Office. “We are considering diversifying our procurement sources and avoiding excessive reliance on

Rare earths – 17 metals difficult to extract from the Earth’s crust – are used in everything from electric vehicles to hard drives, wind turbines and missiles. The Japan Agency for Marine-Earth Science and Technology (JAMSTEC) has touted the test as the world’s first at such depths. The area around Minami Torishima, which is in Japan’s economic waters, is estimated to contain more than 16 million tons of rare earths, which the Nikkei business daily says is the third-largest reserve globally. These rich deposits contain an estimated 730 years’ worth of dysprosium, used in high-strength magnets in phones and electric cars, and 780 years’ worth of yttrium, used in lasers, Nikkei said. “If Japan could successfully extract rare earths around Minami Torishima constantly, it will secure domestic supply chain for key industries,” Takahiro Kamisuna, research associate at The International Institute for Strategic Studies, told AFP.

Chikyu departs from Shimizu port to conduct a test recovery of rare-earth rich mud near Minami Torishima. – REUTERSPIC

to Japan of “dual-use” items with potential military uses, fuelling worries in Japan that Beijing could choke supplies of rare earths, some of which are included in China’s list of dual-use goods. – AFP

Recent media reports said Beijing was delaying Japanese imports as well as rare-earth exports to Tokyo, as their two-month-old spat escalates. China this month blocked exports

“Likewise, it will be a key strategic asset for Takaichi’s government to significantly reduce the supply chain dependence on China.” The cruise is scheduled to last until Feb 14.