Soaring prices across the globe following Russia's invasion of Ukraine and rapid interest rate hikes have prompted investors to shy away from bets on young companies. (Nikkei montage/AP/GoTo)

Grab, Coupang shares rebound as investors cheer cost-cutting

IPO prospects remain uncertain despite gains by Asian tech stars

DYLAN LOH and TSUBASA SURUGA, Nikkei staff writers

January 30, 2023 06:02 JST

SINGAPORE -- 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.