Anyone watching the stock must be wondering what went wrong. Ordinarily, listed companies that are the best in what they do have no lack of followers. If so, 17Live as the market leader by revenue in Japan and Taiwan should have had a much warmer reception from investors.
Shareholders of 17Live Group must be feeling they have gotten a raw deal. Since its Dec 8 trading debut as the first pure-play live-streaming platform on the Singapore Exchange (SGX:S68
) (SGX), the stock has tumbled more than 60%. Based on the $5 IPO price of the special purpose acquisition company (spac) that 17Live was folded into, the pullback has been even more severe.
That is one of the worst performances in the history of the local market for a new listing. Even proponents of value investing appear apprehensive about taking a nibble, for fear of catching a falling knife.
