Finally , I have completely sold all my remaining share of M1 at lost of -$14,226.78 , while some might still waiting or hoping for a better counter-offer from another major shareholder. Yes it is a negative XIRR of -5.5% after close to 4 years of investing.
Have to admit that I have underestimated the impact of “regulatory risk “ after the government  announced the new permit for 4th Telco and the subsequent disruption from severe “price war” not even the start of operation of 4th Telco.  Share price of all the Telco dropped by more than 40-50% from the peak since after the announcement of possible 4th telco in 2015 and confirmation of successful bidding of NESA from TPG Telecom of Australia in Dec 2016.

Strategy of “Averaging down ” simply doesn’t work here and the price not “reverting to mean  at all , till now. As a result , I lost total -$16,633 ( including dividend ) in investing in both both M1 and StarHub.