Grab 的股价在 2026 年下跌超过 40%，对于在 IPO 时买入的投资者来说，这家公司是一场灾难，累计亏损达 74%。当一只股票跌到这个程度时，人们自然会想：这家公司是便宜了，还是投资逻辑已经失效？
Grab's stock fell by more than 40% in 2026, and the company was a disaster for investors who came in at the IPO, incurring a total loss of 74%. When a stock falls this much, it's natural to wonder: Is this company cheap, or has the investment hypothesis failed?
如果你此前没有接触过 Grab，那是因为它的业务区域遍布全球。该公司主要在东南亚运营。其最大市场是马来西亚，占其业务的 30%，但公司也在新加坡、印度尼西亚、菲律宾、泰国以及东南亚其他地区运营。
Now, if you haven't dealt with "Grab" before, it's because of its areas of operation around the world. The company operates primarily in Southeast Asia. Its largest market is Malaysia, accounting for 30% of its business, but the company also operates in Singapore, Indonesia, the Philippines, Thailand, and other geographic areas in Southeast Asia.