17Live Records First Sequential Revenue Growth Since IPO, Declares Maiden Dividend

Live-streaming platform 17Live has posted its first quarter-on-quarter revenue growth since debuting on the Singapore Exchange in December 2023 — the city-state’s only SPAC listing to date — marking what CEO Jiang Honghui describes as “a turning point” for the company.

For the quarter ended June 30, 2QFY2025 operating revenue rose to US$41 million, up from US$40.1 million in 1QFY2025, breaking a multi-year streak of sequential declines. First-half revenue still fell 19.8% year-on-year to US$81.1 million, while net loss attributable to owners came in at US$4.6 million, mainly due to foreign exchange accounting effects.

Jiang maintains that the business is operationally profitable, with operating income rising to US$2.4 million in 1HFY2025 from US$1.3 million a year earlier, prompting the group to declare a maiden interim dividend of 1.5 cents per share. “This [profitability] is not a one-time thing,” he said, crediting the company’s 3QFY2024 strategic reset.

PhillipCapital analyst Liu Miaomiao kept her “buy” rating and $1.28 target price, noting that cash holdings of US$82.2 million — more than 50% of market cap — and a consistent dividend policy could support valuations despite 1HFY2025 earnings falling short of expectations.

Forward Strategy Gains Traction
Since taking the helm in August 2024, Jiang has driven a three-pronged “Forward Strategy” — strengthening the core live-streaming business, diversifying revenue, and forging partnerships.

Key initiatives include expanding the “Liver” talent pool in Japan, Taiwan and Hong Kong through selective onboarding, regional outreach in cities like Osaka and Nagoya, and running over 60 online and offline events monthly to boost engagement.

The company has also enhanced its V-Liver virtual streamer unit with features such as “V-Expression” custom animations and “V-Fusion” real-world background integration, complemented by AI-enabled co-hosts and interactive tools. IP management has been bolstered through acquisitions like N Craft and the launch of esports persona Nana Hoshi Nana-san.

On the commerce front, 17Live has grown its live-shopping segment from a Japan–Taiwan pilot into a full-service offering for Japanese clients, integrated with TikTok Shop and OrderPally in Taiwan.

Strong Cash Flow, Cautious M&A
Operating cash flow rose to US$4.1 million in 1HFY2025, while cash reserves increased despite share buybacks. Jiang says the group will be “very cautious” on acquisitions, focusing on deals that strengthen its Japanese and Taiwanese core or open new geographies.

Looking ahead, 17Live plans to deepen creator engagement, enhance its Voice of Customer systems, and scale AI-driven features to capture long-term growth in Asia’s creator economy.

Shares of 17Live closed at $1.05 on Aug 13, far below the SPAC listing price of $5.

📈 CGSI Sees Jumbo IPO Wave Powering HKEX to Global No.1 in Fundraising for 2025

HK:0388.HK:Hong Kong Exchanges and Clearing (HKEX)
CGS International analysts Laura Li and Michael Chang expect another surge of “jumbo IPOs” — those raising over US$1 billion — on the Stock Exchange of Hong Kong in 2HFY2025 and 1HFY2026, projecting HK$136 billion in jumbo IPO volume this year, 30% above their June estimate. This momentum could return Hong Kong’s IPO market to the highs of 2019 and 2021.

HKEX’s upcoming 2HFY2025 results are likely to spotlight the jump in jumbo IPOs and structural gains in average daily turnover (ADT), a potential re-rating trigger. CGSI maintains an “add” rating and HK$520 target price, forecasting 9%–25% net profit growth from FY2025 to FY2027 driven by ADT expansion.

By end-July, Main Board IPO filings hit 207, up 130% year-on-year, while fundraising reached HK$128 billion by August — already 80% of CGSI’s initial FY2025 forecast. The analysts now see total IPO proceeds reaching HK$220 billion, positioning HKEX ahead of Nasdaq and NYSE in global fundraising.

Southbound trading flows remain a key ADT driver, with net inflows of HK$901 billion from January to August, 75% of the FY2025 forecast. From July to mid-August, southbound trades made up 27.5% of HKEX’s total ADT. Bloomberg consensus FY2025 ADT estimates have been lifted 15% since June to HK$208 billion.

As of midday trading on Aug 13, HKEX shares were up HK$1.20 at HK$441, extending a 54% gain year-to-date.

💰 Meta’s Billion-Dollar Talent Hunt: Zuckerberg Bets Big on AI Superintelligence

US:META:Meta Platforms Inc.
Meta Platforms is waging an unprecedented talent war in artificial intelligence, with CEO Mark Zuckerberg personally leading a recruitment drive that has seen offers of up to US$1 billion to lure top engineers. The social media giant — owner of Facebook, Instagram and WhatsApp — is chasing “personal superintelligence for everyone”, a vision that relies on massive AI infrastructure spending, projected at US$72 billion this year and nearly US$100 billion in 2026.

Meta’s recent US$14.8 billion acquihire of Scale AI for a 49% stake was aimed at bringing founder Alexandr Wang onboard, marking the largest acquihire in history. The move echoes Apple’s 1996 NeXT buyout that brought back Steve Jobs. Alongside Wang, Meta has recruited Daniel Gross, Nat Friedman and nearly 40 AI experts from rivals including Google, Apple and OpenAI.

Zuckerberg’s direct outreach — via WhatsApp messages, calls and personal meetings — has resulted in eye-watering packages, including US$250 million for engineer Matt Deitke and billion-dollar proposals to Thinking Machines Lab founder Mira Murati and her team. Many offers are structured with multi-year stock options, giving Meta flexibility to part ways if hires don’t fit.

This aggressive push comes after Meta’s foundational model Llama 4 underperformed competitors like OpenAI’s GPT-4 and Anthropic’s Claude 3, sparking internal morale issues. The company is now betting its open-source strategy can undercut proprietary AI models.

While rivals Microsoft, Amazon, Google and xAI are also spending heavily — hyperscaler AI capex is expected to top US$400 billion this year — Meta’s focus is on consumer applications, from more precise ad targeting to wearable devices that integrate AI into daily life.

However, analysts warn of risks. Sky-high pay gaps could breed resentment among Meta’s 76,000 staff, and industry veterans like Michael Dell caution that internal friction could offset the gains. With global social media ad spend set to rise 9.3% annually to 2030, Meta’s challenge is to turn its colossal AI outlay into returns that outpace enterprise-focused rivals. Whether Zuckerberg’s billion-dollar bets deliver superintelligence supremacy — or a costly cautionary tale — remains to be seen.

🔌 Aztech Global Eyes AI-Driven IoT Expansion Despite 1H Profit Dip

SGX:8AZ.SI:Aztech Global
Aztech Global, a Singapore-based designer and manufacturer of Internet of Things (IoT) devices and data-communication products, reported 1HFY2025 revenue of $185.4M and net profit of $16.1M, down 50.3% and 65.5% y-o-y respectively on subdued demand. Sequential improvement in 2QFY2025 saw revenue climb to $143.4M with net profit of $14.6M, delivering a 10.2% net margin. The group maintained a strong net cash position of $214.5M.

The company, serving over 20 countries and spanning segments from security to automotive, has secured seven new customers in 2025 and 12 new product orders — including an AI occupancy sensor, AI-controlled cat flap, and smart air purifier — with commercial production starting in 2H. These wins mark a deeper push into AI-enabled IoT solutions under its proprietary “Kyla” brand.

Aztech reiterated its intent to recommend dividends of at least 30% of net profit, with historical payouts exceeding 50%. In FY2024, it returned 164% of profit via dividends, and for 1H2025 declared a 1-cent interim payout.

To sustain growth, the group is enhancing R&D, AI integration, and smart manufacturing capabilities, targeting faster time-to-market and scalable production for customers. Its diversification strategy aims to reduce reliance on two major clients, which contributed 90% of FY2024 revenue.

On the ESG front, Aztech’s “Climate Action 2050” roadmap commits to 100% renewable energy in manufacturing by 2030, with Scope 1–3 emissions reporting aligned to GHG Protocol standards.

Management sees its value proposition in combining strong balance sheet discipline with exposure to the fast-growing AI-powered IoT market, supported by awards for transparency, governance, and operational excellence.

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