In 2017, it merged with Singapore dating service Paktor to form M17 Entertainment, but subsequently failed to be listed on the New York Stock Exchange. 17LIVE earlier announced a merger with Singapore special purpose acquisition company Vertex Technology (Xiangfeng Technology Acquisition Enterprise Company) and is expected to be listed in Singapore in December this year.
Since the Singapore Stock Exchange has approved SPAC-style listings since 2021, Vertex Technology's merger with 17LIVE will become Singapore's first SPAC-style listed company. Vertex Technology is a subsidiary of Temasek Holdings, a wholly-owned subsidiary of the Singapore government, so the merger is expected to be successful.
In this transaction, Vertex Technology acquired and merged 9.251LIVE for S$217 million (approximately NT$17 billion), bringing its own market valuation to S$9.99 million to S$11.6 billion. The merged company will be named 17LIVE Group Ltd. The transaction is expected to be completed as early as December this year and will be listed on the Singapore Stock Exchange.
The reasons why Vertex Technology acquired 17LIVE include that 17LIVE has AR and VR technologies, and also has the technology to use automatically generated artificial intelligence to generate the virtual appearance of live broadcasters, or directly generate virtual live broadcasters. At the same time, its overall revenue performance is stable. Not only did it turn losses into profits in 2020, but its revenue exceeded US$2022 million in 3.6. Therefore, it is believed that it has growth potential, and it is expected that the market value of 17LIVE's live broadcast and e-commerce business will accumulate to more than US$2027 billion in 180.
Currently, 17LIVE has approximately 55 monthly active users, with users spending an average of 93 minutes on the service daily. Taiwan and Japan are its main development markets.
