51 years ago today, on June 25, 1974 (May 6, 1974 in the lunar calendar), Temasek Holdings was established. Temasek Holdings, also known as Temasek Holdings Pte Ltd, is an investment company of the Singapore government, 100% owned by the Ministry of Finance of Singapore. Since financial statements have never been published since its establishment until September 2004, it is considered one of the most mysterious companies in Singapore. The three word "Temasek" is a transliteration of the Malay "Temasek". Temasek was established in 1974. It is a holding company supervised by the Ministry of Finance of Singapore and registered in a private name. So why did the Singapore government establish such a company in the early 1970s? What is the background of its establishment? What is its mission? What does it have to do with the Singapore government? To answer these questions, we need to briefly review the history of Singapore's economic development. Singapore obtained autonomy from the United Kingdom in 1959. Especially since it separated from Malaysia in 1965, it established the Republic of Singapore. National sovereignty and economic development are completely in its own hands. The primary task facing the newly born Singapore government is to create job opportunities and reduce employment pressure. To this end, Singapore has adopted a government-led economic policy of vigorously developing labor-intensive manufacturing. At that time, some basic industries in Singapore, such as transportation and shipbuilding, were state-owned enterprises established by the government. In Singapore, people call such companies connected to the country, or "Guolian Enterprises" for short. After nearly 10 years of recovery and development, by the early 1970s, Singapore achieved full employment. The government adjusted its economic development policies, that is, from labor-intensive to capital-intensive and high-tech industries. Due to the oil crisis in the early 1970s, Singapore took advantage of its special strategic position and decided to develop Singapore's crude oil processing industry. So in 1977, the Singapore Petroleum Company (SPC) was established with government funding, and soon after the Singapore Chemical Group (PCS) was established. At the same time, the government has also invested in building a number of high-tech electronics and computer industries. By the mid-1970s, there were more and more enterprises established by various government departments in Singapore (i.e., the League of Nations Enterprises). How to strengthen the management and supervision of these enterprises so that they could continue to grow and grow in the fierce market competition instead of lying on the government and relying on the government for protection and assistance everywhere was a very urgent and arduous issue facing the Singapore government at that time. Before the mid-1970s, in order to further promote the development and management of national infrastructure, the Singapore government established a number of so-called "statutory bodies." These statutory bodies integrated government functions and corporate operations, such as the Power Bureau, Post and Telecommunications Administration, Petroleum Administration, etc.(similar to my country's Ministry of Electricity, Railways, Posts and Telecommunications). Implement the unification of government and enterprises, which not only formulates regulations and policies, but also conducts industry management and operations. With the increase in the scale of development of various industries and the number of enterprises, the government feels that the burden and difficulty of managing the many enterprises of the League of Nations is becoming heavier and more difficult. To this end, the government has gradually separated the functions of formulating industrial policies and regulations from the operations of enterprises, and merged the management agencies of relevant industries. In order not to affect the development of enterprises and ensure that the original state-owned assets will not be lost and can be added in value, in 1974, the Singapore government decided that the Ministry of Finance (Investment Department) will be responsible for establishing a national asset management and management company specializing in the management and management of the capital invested by the original state in various allied enterprises. This company is Temasek, a holding company registered in a private name in accordance with the relevant provisions of the Singapore Companies Law. According to the entrustment of the government at that time, the equity of 36 allied companies such as the Development Bank of Singapore (totaling S$345 million, or more than US$70 million) was authorized to be operated by Temasek. The purpose given to it by the government is to "cultivate world-class companies through effective supervision and commercial strategic investment, thereby contributing to Singapore's economic development." A brief history of development Temasek Holdings was established in 1974. It is the most well-known among the several companies wholly owned by the Singapore government, but it has always remained mysterious. As an exempted private company, Temasek Holdings does not have to disclose its annual financial statements like a listed company, so rumors about the company have always been constant. The company controls almost all of Singapore's most important and most profitable companies, including Singapore Telecom, Singapore Airlines, DBS Bank, Singapore Metro, Singapore Port, Neptune Shipping, Singapore Power, Keppel Group and Raffles Hotel. Foreign media once estimated that the market price of shares held by Temasek Holdings accounts for 47% of the entire Singapore stock market, almost dominating the economic lifeline of Singapore. In addition to investing in the local market of Singapore, Temasek Holdings also regards Asian markets and developed country markets as investment destinations. About half of its assets are located outside Singapore. The main investments include Malaysia Telecom, India's ICICI Bank, and Optus, the second largest telecommunications company in Australia. Later, the company increased its investment in the China market, successively investing in the purchase of shares in China Minsheng Bank, China Construction Bank and China Bank. Temasek Chronicle of Events On June 25, 1974, Temasek Holdings (Private) Co., Ltd. was established, and the government transferred the equity of 36 state-owned companies to Temasek. From 1975 to 1997, it controlled dozens of large enterprises such as DBS Bank, Singapore Airlines, Singapore Telecom, Singapore Technology Telecom Media Company, and PSA International Port Group. In 1996, Danaban served as chairman of Temasek Holdings. In 2001, Temasek decided to change its business strategy and obtain more returns through active investment. In 2002, He Jing became executive director and CEO of Temasek. Since June 2003, it has begun to participate in financial institutions in countries and regions other than Singapore, including Financial Bank of Indonesia, Minmin Bank of Korea, China Minsheng Bank, China Construction Bank, Bank of China, Standard Chartered Bank, etc. The annual results, first released in October 2004, showed a total shareholder return of 46% for the 2003 fiscal year.