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Business trends

Singapore's Temasek and GIC prowl Asia for the next Alibaba

State investors step up investment into cafe chains and fintech in China

A barista packs an online order at a Luckin Coffee shop in Beijing. GIC has taken a stake in the Chinese cafe operator.   © Reuters

SINGAPORE -- Temasek Holdings and GIC, managers of Singapore's sovereign wealth, are putting more emphasis on private equity investments in Asia, which have produced a number of $1 billion unlisted startups in the past few years.

The pair together have taken part in 23 private equity deals in Asia this year, according to Dealogic, and are on track to surpass last year's tally of 26.

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