The share performance of recently listed Asian tech companies has diverged dramatically this year as investors reward managements that have cut costs and committed to improving profitability and punish those with less certain prospects.
The recent winners include several companies — such as Singaporean tech platform Grab and South Korea’s top e-commerce outfit, Coupang — that soared in 2021 and then plunged in 2022 as investors shifted their focus from the long-term promise of startups to their bottom lines.