Temasek Holdings, founded in 1974, is the most well-known of several companies wholly owned by the Singapore government, but it has remained mysterious. Temasek Holdings, as an exempted private enterprise, does not have to disclose annual financial statements like listed companies, so there have been rumors about the company. The company controls almost all the most important and largest turnover enterprises in Singapore, including Singapore Telecom, Singapore Airlines, DBS Bank, Singapore Metro, Singapore Port, Seafood Shipping, Singapore Power, Keppel Group and Raffles Hotel. Some foreign media estimate that the market price of shares held by Temasek Holdings accounts for 47% of the entire Singapore stock market, which almost dominates the economic lifeline of Singapore.
In addition to investing in Singapore's local market, Temasek Holdings also takes Asian markets and developed countries' markets as investment destinations, and about half of its assets are outside Singapore. Major investments include Malaysia Telecom, ICICI Bank of India and Optus, Australia's second largest telecommunications company. Later, the company increased its investment in the China market and successively invested in shares of China Minsheng Bank, China Construction Bank and China Bank.