(Bloomberg) — South Korea’s e-commerce giant Coupang Inc. lost nearly half of its value since it’s mega listing in the U.S. one year ago, an anniversary heralding little cheer for holders including Softbank Group Corp.

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The shares are down 46% from the price they sold at in the $4.6 billion initial public offering, the largest by an Asian company in the U.S. last year. It’s the biggest slump for such period among Asian listings that raised more than $3 billion since Japan Display Inc.’s full year in 2015.

Losses piled up last year amid a broader selloff for tech shares as investors rotated to value stocks. Additionally, Coupang holders grew concerned about the company’s ability to improve profitability.

The Seoul-based firm reported a wider loss in the fourth quarter as it continued to aggressively spend on infrastructure and services amid increasing competition.

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