The WeChat operator held onto its stake even as shares plummeted nearly 70% last year from the 2019 listing after China’s private-tutoring crackdown. Selling now looks smart. Last week’s jump implied Koolearn’s livestreaming studio would be able to sustain 1.
3 million daily orders and 80 million daily active users, according to Haitong Securities analysts, a tough act to pull off in a competitive market. There’s also key-man risk in Chinese live-streaming: top stars who may have either committed tax fraud or flouted vague political red lines have disappeared off the screens. Tencent has timed its move just right.
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