Live streaming giant 17LIVE Group has announced that Karen Chen Xiuling, one of three Singaporeans newly placed on the US Treasury Department’s Office of Foreign Assets Control (OFAC) sanctions list, has resigned as an independent director.
This development comes as the Singaporean firm is navigating a deepening financial downturn in 2025.
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Chen’s inclusion on the Specially Designated Nationals and Blocked Persons List effectively prohibits US entities and individuals from conducting business with her. The live-streaming major said Chen voluntarily stepped down on October 15, clarifying that her role was limited to oversight duties as a board and subcommittee member and was not involved in the firm’s daily operations.
The company further emphasised that it has no business relationships with Chen, her employer, DW Capital, or its founder Chen Zhi. The latter, described by US authorities as having built Prince Holding Group into “one of Asia’s largest transnational criminal organisations,” has drawn heightened scrutiny from regulators.
17LIVE noted that it would move swiftly to appoint a new independent director following Chen’s resignation. Shares of the company closed 1.08 per cent higher at 94 cents on the day of the announcement.
While governance challenges have placed 17LIVE in the spotlight, its financial performance in the first half of 2025 (H1 2025) underscores deeper structural issues. Despite a series of cost-cutting measures, the group posted a net loss as revenue slumped nearly 20 per cent year-on-year.
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Operating revenue fell to US$81.15 million, down from US$101.16 million a year earlier. The primary culprit was a steep decline in its core “Liver live streaming” business, while modest gains in “V-Liver” could not compensate for the overall downturn. The slump was broad-based across markets, with Japan — its largest segment — seeing revenues fall from US$71.2 million to US$56.5 million, and Taiwan declining from US$25.5 million to US$21.4 million.
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