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Singapore Wealth Fund Sees China as Silicon Valley's Equal

  • Singapore’s sovereign fund has invested in Alibaba, Xiaomi
  • Objective is a ‘lifetime relationship’ with emerging companies
Inside Huawei Technologies Co.'s Campus Ahead Of Industrial Production Figures
Photographer: Brent Lewin/Bloomberg
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After hitting pay dirt with investments in Alibaba Group Holding Ltd. and Xiaomi Corp., Singapore sovereign wealth fund GIC Pte is giving China as much attention as it does Silicon Valley in the search for the next big thing in tech.

Valuations for some tech companies globally may be too high, and what differentiates a good investor from an average one is the ability to identify the game changers worth betting on, Chief Executive Officer Lim Chow Kiat said in an interview. GIC invested in Alibaba before its 2014 IPO -- the stock has since almost tripled -- and also backs smartphone maker Xiaomi, which plans to go public this year with a valuation of as much as $100 billion.